Noob Cash ISA query

[slinxy]

Hi
I've opened an cash ISA account many years ago, when online only cash ISA accounts wasn't a thing.
Which I made into it last year financial year but not paid anything into it this year (April to April) so far.

I've noticed that Online only Cash ISAs are now available with higher interest rates.
Am I right to think it's ok for me to open an only cash ISA this year as I've not paid anything towards my other ISA?
And I'm ok to move the amount from my Cash ISA to a online only cash ISA as long as it doesn't hit the threshold for this years ISA?

Thanks In Advance..

 

[Vulcan]

Yes you can open a new ISA.

Yes you can transfer from your existing ISA into a new one, it doesn't matter how much is in it because it's all previous years subscriptions and as long as it remains in the ISA wrapper it won't count towards your £20k cap for this year. You'll need to provide instructions to your old ISA bank to do this.

If it's under £20k and you don't plan on reaching the 20k limit this financial year, then you could just do a normal bank transfer and it would count towards your current year subscriptions.

 

[AlphariusOmegan]

I did this years ago, make sure that you don't remove the cash from the current ISA, it has to be a transfer, open the new one and then get the new ISA holder to make the transfer request they'll do the hard work for you it'll take usually 5-10 working days

Individual Savings Accounts (ISAs)

Types of ISA available, the tax-free ISA allowance, withdrawing money and transferring ISAs

www.gov.uk