- March 20, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Question on ISA Transfers
Hi, I have a question on ISA transfers. In the 2023/2024 tax year, I have used up my annual ISA allowance in a 1-year fixed rate ISA at around 5%. (After 1 year, this drops – I forgot the exact interest rate but it’s around 1 or 2%).
## Additional Funds for ISA Investment
After April 1st 2024, say I had an additional £20,000 to put in a new fixed term ISA at a similar interest rate.
## Transferring Existing ISA Amount
My question is: Can I transfer my existing 2023/2024 ISA amount of £20,000 + interest to the new £20,000 2024/2025 fixed-term ISA and earn the higher interest rate (say 5%) on the whole £40,000?
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Using the AI Legalese Decoder can help simplify the official ISA transfer process for transferring funds between different ISAs, ensuring that you can maximize your interest earnings on your investments. Thank you 🙂
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