Numpty ISA question

[RotorRambler]

Hi

I’m a little confused, more confused after talking to bank, wondered if my basic question could be cleared up..

First ISA 24/25 matures in the coming days, £900ish annual interest will appear.
I want to take out the interest & transfer £20k to a new 24/25 ISA.
I can’t see how to do that with Barclays as part of the transfer.
So do I just let the interest go in, take that out, then transfer the £20k afterwards to a new 24/25 ISA? (as it will default into a rubbish one)

Also want to start a new ISA 25/26.
Which can do in the coming days, £20k again.

Is there a closing date to do both of the above please?

[RicksAlfas]

Set up your new ISA and then use the transfer in option.
Ideally today!

[superpp]

it's important to move ISA amounts as a transfer, if you withdraw and then deposit somewhere else you have lost that years ISA tax shield.

[Greenmantle]

Transfer the whole £20900 into the new ISA as explained above. (transfer In method)
If you need the £900 then reduce this years (25/26) amount by £900 and add £19100.
You can always top it back up to £20000 anytime during the 25/26 tax year.
Your way would mean you would lose that ability.

[RotorRambler]

RicksAlfas said:

Set up your new ISA and then use the transfer in option.
Ideally today!

Thanks both

So the 24/25 transfer, I can’t transfer it after the weekend? (as in take out the interest when it goes on, then transfer)

Of do I need to transfer the £20k + the interest now, take out the interest afterwards.

[RotorRambler]

Greenmantle said:

Transfer the whole £20900 into the new ISA as explained above. (transfer In method)
If you need the £900 then reduce this years (25/26) amount by £900 and add £19100.
You can always top it back up to £20000 anytime during the 25/26 tax year.
Your way would mean you would lose that ability.

Sounds sensible, i’ll get onto that now

[Hustle_]

All will become clear when you start the process of opening and transferring into a new ISA I feel. If it's a fixed ISA the transfer will take place after the maturation date. There'll be verbiage or a selectable option to that effect. You don't need to wait for the maturation date before you can open your new ISA.

[Simpo Two]

RotorRambler said:

RicksAlfas said:

Set up your new ISA and then use the transfer in option.
Ideally today!

Thanks both

So the 24/25 transfer, I can’t transfer it after the weekend? (as in take out the interest when it goes on, then transfer)

Of do I need to transfer the £20k + the interest now, take out the interest afterwards.

The latter. Transfer before the FY end which is 5 April, tomorrow. Next week it would be a 25/26 ISA (which you can do too, but you'll have lost 24/25).

Think of the investment first, deal with withdrawals later. Or leave the interest in to grow.