I already have a monzo ISA and want to transfer it to another monzo ISA provider, so it doesn’t count towards the £20k yearly limit as a new deposit. I can’t see any option in the app to transfer like this and don’t fully trust the close pot open a new one advice in the email from Monzo today as that feels like HMRC would view it as new ISA deposit. Any thoughts/advice?
ask Monzo how this works through the app chat …please let us know the answer as Im sure others will want to know
I’ve also asked in chat. Happy to share the response
That sounds distinctly iffy. The procedure around transferring ISA funds to another ISA account is very strict.
First step is contact the proposed new account provider. They initiate the transfer on your say so.
That was my thought too. There’s no way of contacting the new provider in Monzo as ISA isn’t an option for me, assuming it’s because I already have one. I know the ISA option is still in the app as others, who don’t have a monzo isa, have it available when opening a pot.