Can I withdraw my old ISA into current account for it to be classed as new money?

1 hour ago 0 replies 2

I’m not going to use my allowance this year, so I’m not worried about that. Need to move some money about and not sure whether this is a legitimate loophole to get a better rate compared to transferring. Thanks in advance!

ETA: Sorry if my post isn’t clear. I have 2 old isa’s that I want to allocate into (a) new ISA(s). T212 is currently offering the best rate, but it is for new money only (5.01%) vs transfers (3.6%). I wanted to know if I withdraw my old ISA into my current account, and open a new ISA with T212 or comparable bank, will I be eligible for the higher rate if depositing from my current account or is this some sort of fraud?

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sophomore_ann OP Regular 124

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