Another Query About Transferring In A Cash ISA

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Hello, I would be grateful for any advice regarding the following. I currently have the max in a ISA Savings account with 212, opened in the 24-25 tax year and topped this account up to £20k maximum in the current 25-26 tax year. In May 25 I opened another ISA savings account with Moneybox and this account now holds £11k which is the maximum allowed of my £20k for the current tax year. I am somewhat confused as to the best time to request a transfer in to 212 of the £11k from the Moneybox account, do I have to wait till after 5th April so that the £11k can be transferred AFTER the start of the next tax period and will it count towards the 26-27 tax year allowance?. Also will the Moneybox transfer open an additional new account with 212 or is it added to the current £20k account already existing. If it is added to the existing account am I able to open a new cash ISA to commence saving with 212 in the new tax year?. Thanks for your help.

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You can move it at any time as long as it’s between ISA accounts. Moving it around does not affect the total (40K) you already have invested. Moving it after April will not affect your 26/27 allowance.

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There is a £20K subscription limit to ISA’s of all types within a single tax year. A subscription is new money being paid into an ISA from a normal bank account. A transfer from one ISA to another ISA is not a subscription. Your subscription limit resets every tax year on the 6th April, but there is no way to “carry forward” any unused allowance from previous tax years. Once it’s gone it’s gone, simply.

Therefore, if I’m reading your post correctly:

  • You can transfer your Moneybox ISA to T212 now.
  • It should transfer into your existing T212 account.
  • It’s crucial to use the ISA transfer process rather than just withdrawing the money from Moneybox and paying it in to T212.
  • After 6th April 2026 you can pay another £20K into your T212 ISA, which will also go into the same account.

Note that from the 27-28 Tax Year (starting 6 April 2027) there are a number of important rule changes. If you are under 65, the Cash ISA subscription limit reducing to £12K is the main one to be aware of. This does not affect previous years.

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Thanks Archer, that answers my query.

Paul

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