elaine

Hi I opened a 1-year fixed term cash ISA account in the tax year 2023-2024. I was told I was to receive monthly interest by cheque since I did not have any personal account in that said bank. I understand any interest generated from an ISA account is tax-free. But in my case, I wonder how the tax-free is guaranteed if I deposit cheques to another bank (non-ISA account)? Does it mean I do NOT need to report my earned interest from the ISA account to HMRC? And theoretically, if the interest earned from the ISA account can be deposited into the same account (e.g. 100pounds interest earned) in 2023-2024 tax year and I get 20,100 pounds when the account matures, does it mean I can have a capital of 20100 + 20000 = 40100 pounds in a new ISA account opened in the next tax year? Thank you in advance for any reply