yea combined 20k deposit in a year.
I think you can put in 20k, take out that 20k and then put 20k back again.
but I guess its kinda pointless unless you want to move to a different isa
That’s normally with same ISA provider…
Once you put money in with a provider, they they “punch your ticket” for that amount for the year; and if it’s a flexible isa… you can take money out then back in and move it around within their isa account, as long as come the end of the tax year the amount along with your other isa accounts don’t total more than 20k.
What you can’t do, is put 10k into an isa take it out and put it into another isa with a different company and expect to have 10k allowance left. That is what transfers are for…
I’m not 100% sure what happens with interest and additional earnings. say I put 10k into a flexible isa.. and I gain 10%… sold it and cashed out.. 11,000.
Normally if I kept the cash in my isa, there’s no issues. But if took it out then put it back in again, would that be £11,000 now used of my isa for the year or will it still only be 10k.
This whole putting cash in and taking it out to put it back in again, is just silly. ISAs are supposed to be long term investments vehicles, if you are putting in your last pound, only needing to take it out later, you are better off storing the money elsewhere, like a 7% regular savers account. Multiple transfers per year even between the same provider, is just “busy” work..