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ISAs - How many can I invest in at once?
thespringfield
Posts: 5 Forumite
Hi new to this just joined up as can't find the answer to my ISA question.
1/ Can you invest in multiple cash ISA accounts providing that you do not go over your £3,600 limit? I keep reading that you can open one per year or have one open but no investments going in and one open with investments going in. Someone else says you can invest in as many as you like providing you invest no more than £3600 in all of them. Does anyone know? Even the HMRC site is not clear on this.
Thanks
1/ Can you invest in multiple cash ISA accounts providing that you do not go over your £3,600 limit? I keep reading that you can open one per year or have one open but no investments going in and one open with investments going in. Someone else says you can invest in as many as you like providing you invest no more than £3600 in all of them. Does anyone know? Even the HMRC site is not clear on this.
Thanks
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Comments
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You can open AND fund one Cash ISA account per tax year, with up to £3600.
You could open other accounts, for example to transfer previous tax years'/year's funds into them but you cannot pay any new money into them - I fail to see why anyone would want to open a non-operational account as, if it's not funded within a year, you would have to apply to reactivate it anyway.0 -
OK fair enough. I've opened multiple high interest savings accounts so that I can divide my finances easily - ie. one for car insurance, one for my open uni fees etc etc. I think in future I will just keep it is one account though and figure out the balances as a percentage of the overall account balance.
Cheers again0 -
an you invest in multiple cash ISA accounts providing that you do not go over your £3,600 limit?
The investment limit is £7200. The savings limit is £3600 (which eats into the £7200 if used).
With cash ISAs, it is one provider per tax year. With investment ISAs it is still one administrator but you can have access to whatever investments are available through that administrator. That can be almost limitless with some providers.
Perhaps your confusion is mixing up investing and saving?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I fail to see why anyone would want to open a non-operational account as, if it's not funded within a year, you would have to apply to reactivate it anyway.
What happens if you have 3 or 4 Isa's that you have got to the safe limit of £35000 . You can only fund one of them.
So if you want to take some money out of one that has been unused for 3 or 4 years does that mean you would need to reactivate it?0 -
Hi thespringfield, I've moved your thread over to the ISAs sub-board.
You may find the Cash ISAs article useful
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No, if it's funded, it's active - see ISA Guidance Notes, Chapter 4, paragraphs 4.1 & 4.2,What happens if you have 3 or 4 Isa's that you have got to the safe limit of £35000 . You can only fund one of them.
So if you want to take some money out of one that has been unused for 3 or 4 years does that mean you would need to reactivate it?0 -
If they're from previous years, you can't fund any of them.What happens if you have 3 or 4 Isa's that you have got to the safe limit of £35000 . You can only fund one of them.
You can only contribute to one open ISA per year. ISA's 'close' on April 5th each year and join the funds from previous years. (Which is why you 'open' another one each tax year. For convenience, institutions normally bundle your closed and your open ISA's into one account however, thus the confusion.)So if you want to take some money out of one that has been unused for 3 or 4 years does that mean you would need to reactivate it?
You don't need to 'reactivate' an account to withdraw, only to deposit, since you need to 'open' an ISA to make that deposit.Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0
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