Does moving from my OakNorth Easy Access CISA to Monzo’s Instant Access Cash ISA use up my annual ISA allowance?

Help
1

Hello,

As in the title, could I check whether this transfer will eat into my annual 20k allowance, or not, given it is a transfer, not an addition?

Thank you

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2

If you’re transferring a previous year’s ISA, then it won’t affect your allowance for this year, as long as you use the official ISA transfer process.

If you’ve paid into your Oak North ISA this year, then it will count as part of this year’s ISA allowance.

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3

To be clear, it won’t double count? Say I deposited 1k, that won’t count as 2k by transferring?

Thank you

4

No, provided that this is a direct ISA to ISA transfer without money being withdrawn from the first then paid back into the second.

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5

I believe you need to keep track of limits though, especially when doing transfers that include this years money? You could have multiple ISAs so each one won’t know about the other. Use a spreadsheet?

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