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Stocks n Shares ISA

Quick question for all the investors on here. Im currently with trading 212 with a cash isa at 3.6% I have noticed a couple of others at 4.52% which is 3.45 + 1.97 bonus 12 month rate = 5.43% ( a big difference cinsidering the amount) but state that bonus rate does not apply on direct transfers from another isa fund...
My question is.. to get round this and gain the 1.97% bonus could I just withdraw from trading 212 into my bank ..set another isa up with someone else with the bonus rate paying in 20k before this financial year end then another 20k in the new tax year next month. Thus gaining the bonus rate for the next 12 months on all my investment gaining an extra circa 700+ pa
 

Ghengis Cant said:
Quick question for all the investors on here. Im currently with trading 212 with a cash isa at 3.6% I have noticed a couple of others at 4.52% which is 3.45 + 1.97 bonus 12 month rate = 5.43% ( a big difference cinsidering the amount) but state that bonus rate does not apply on direct transfers from another isa fund...
My question is.. to get round this and gain the 1.97% bonus could I just withdraw from trading 212 into my bank ..set another isa up with someone else with the bonus rate paying in 20k before this financial year end then another 20k in the new tax year next month. Thus gaining the bonus rate for the next 12 months on all my investment gaining an extra circa 700+ pa
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You could, but only if you didn't put the money into 212 this year. If you put 20000 into 212 this year then that's your allowance used up, withdrawing it instead of transferring would take it out the tax free wrapper.
 
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32nd of December said:
You could, but only if you didn't put the money into 212 this year. If you put 20000 into 212 this year then that's your allowance used up, withdrawing it instead of transferring would take it out the tax free wrapper.
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Ah thanks 20k has been in for over a year ie Feb 2025 so I presume I can move that after April 6 ?
 
Ghengis Cant said:
Ah thanks 20k has been in for over a year ie Feb 2025 so I presume I can move that after April 6 ?
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You'd be fine to move that now, that Feb deposit will have been before April 2025, so your new allowance started in April 2025, so long as you haven't made a deposit since April 2025 then you could withdraw it, open a new one now and fund it, with 20000 then fund it again in April with another 20000
 
32nd of December said:
You'd be fine to move that now, that Feb deposit will have been before April 2025, so your new allowance started in April 2025, so long as you haven't made a deposit since April 2025 then you could withdraw it, open a new one now and fund it, with 20000 then fund it again in April with another 20000
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Just checked i have 3k remaining to use for this year. Ie used 17k over the year So I presume I can only move that for now then 20k after April 6 ?
Which is not ideal but much better rate is a big incentive
 
Ghengis Cant said:
Just checked i have 3k remaining to use for this year. Ie used 17k over the year So I presume I can only move that for now then 20k after April 6 ?
Which is not ideal but much better rate is a big incentive
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The 20k limit is new money. You can transfer / move any amount between isa's, separate from your annual allowance.
 
Ghengis Cant said:
Just checked i have 3k remaining to use for this year. Ie used 17k over the year So I presume I can only move that for now then 20k after April 6 ?
Which is not ideal but much better rate is a big incentive
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Yeah best you'd be able to do is open a new one with the bonus rate now with 3k then in April either withdraw your old one and add the 20k to then new one, or what id do is keep the old one to preserve the tax wrapper and max the new one with fresh funds.

At some point there will be a best rate account that allows transfers. Then you open that and transfer the ones you've already got into it.

I hope that helps I'm starting to confuse myself 😄
archiesdad said:
The 20k limit is new money. You can transfer / move any amount between isa's, separate from your annual allowance.
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The account he wants has a reduced rate on transfered accounts
 
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32nd of December said:
Yeah best you'd be able to do is open a new one with the bonus rate now with 3k then in April either withdraw your old one and add the 20k to then new one, or what id do is keep the old one to preserve the tax wrapper and max the new one with fresh funds.

At some point there will be a best rate account that allows transfers. Then you open that and transfer the ones you've already got into it.

I hope that helps I'm starting to confuse myself 😄

The account he wants has a reduced rate on transfered accounts
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I’m similar, if I wait til after 6th April I can move the money in cash isa to a higher rate one and it’ll still be tax free?
 
Lawrenceslongthrowin said:
I’m similar, if I wait til after 6th April I can move the money in cash isa to a higher rate one and it’ll still be tax free?
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You should be able to open a new one now and transfer it. I think (don't quote me, have a google) the new 2024 rules let you open as many and transfer as many times as you like so long as you don't exceed 20k in new funding.

So you could get one with better rate, transfer, a month later see a one with a better rate, open it and transfer again, then next month a better ine becomes available, open it and transfer again.
 
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Another question..if i move 3k now ( my remaining allowance ) to a new non flexible isa with higher rare then after April 6 withdraw 20k from a flexible isa (212) deposit that into new higher rate isa ( moneybox) using flexible isa rules can I then replace that 20k from trading 212 without affecting any limits ?
 
Ghengis Cant said:
Another question..if i move 3k now ( my remaining allowance ) to a new non flexible isa with higher rare then after April 6 withdraw 20k from a flexible isa (212) deposit that into new higher rate isa ( moneybox) using flexible isa rules can I then replace that 20k from trading 212 without affecting any limits ?
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No if you've moved the ISA by withdrawing then putting in after April 26 you excused the 26/27 allowance. The only way it doesn't count is if you transfer rather than withdraw Also not sure if the limit for cash ISA deposits is reducing in April?? Someone will know.
As an aside if/when you open the new fixed ISA check the rate remains. I got a decent one with a long fix but it was only for money deposited 10 days after opening.
However if you dont need the money notlw the advice is stocks and shares are expected to be the better investment over 5+ years
 
TAD said:
No if you've moved the ISA by withdrawing then putting in after April 26 you excused the 26/27 allowance. The only way it doesn't count is if you transfer rather than withdraw Also not sure if the limit for cash ISA deposits is reducing in April?? Someone will know.
As an aside if/when you open the new fixed ISA check the rate remains. I got a decent one with a long fix but it was only for money deposited 10 days after opening.
However if you dont need the money notlw the advice is stocks and shares are expected to be the better investment over 5+ years
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The cash limit is being cut to £12,000 from April 2027 (unless there is another government u-turn)

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