Hello all,
I inherited roughly £20k around 3 months ago and put it straight into a 1 year fixed rate ISA (maxed out allowance) which matures in JAN 2025. I did this as the rates were pretty good and happy to lock away for a year.
I have saved £20k in my personal savings account and am planning to put this in a stock and share ISA (max out allowance) in the new financial year APRIL 2024.
I am unsure and can’t find a clear answer on what I am allowed to do when it comes to my fixed rate ISA maturing. I will have the 20k + interest returned in JAN 2025 which is in the same financial year as when I put on 20k into a stocks and shares ISA.
Can I just do another fixed rate ISA with the same ISA manager/ company even though it’s in the same financial year as my 20k in a stocks and shares ISA (already maxed out full allowance)?
Can I transfer to another ISA with a new ISA manager/ company?
Am I not able to put this money into another ISA as I have maxed out my ISA allowance for April 24-25. If so what is the point in the fixed rate ISA?
Is there any other options anyone could add?
Thanks in advance for responses!
original posted by kyletheking12345 to r/personalfinance on Sat, 16 Mar 2024 11:46:19 GMT.