Transfer old ISA to old ISA

[raybarrow]

Hi Folks,

Assumption: ISA providers allow transfers in or out with no penalty.

I have an old previous year's Cash ISA 'A' that is about to loose it's 'bonus'. I have another old previous year's Cash ISA 'B' with another provider.

Can I transfer Cash ISA 'A' into Cash ISA 'B' without affecting my 2022/23 ISA allowance.
I have not opened an ISA for this year 2022/23. I have other plans for that.

Cheers,
Ray.

[Urbandreamer]

Hi Folks,

Assumption: ISA providers allow transfers in or out with no penalty.

I have an old previous year's Cash ISA 'A' that is about to loose it's 'bonus'. I have another old previous year's Cash ISA 'B' with another provider.

Can I transfer Cash ISA 'A' into Cash ISA 'B' without affecting my 2022/23 ISA allowance.
I have not opened an ISA for this year 2022/23. I have other plans for that.

Cheers,
Ray.

The simple answer is yes.

It gets more complicated if ISA 'B' does not actually exist, but my wife achieved that. It did take quite a bit of effort though.

The key point is that it's a TRANSFER, not a contribution. Hence, ISA B provider must request it of the provider of ISA A.

[raybarrow]

Hi,

Thanks Urbandreamer. That was my thinking but thought I'd better make sure. ISA 'B' has been in existence for a few years.

Cheers,
Ray.

[mc2fool]

As already noted, the simple answer is yes, but do note, if you weren't aware of it already, that an ISA transfer is a "pull" operation done by the providers.

I.e. you must ask ISA 'B' to transfer in the contents of ISA 'A' by following the ISA 'B' provider's procedures for incoming transfer, most usually filling in and submitting to them a transfer-in form.