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Opening new ISA account
Em1982
Posts: 83 Forumite
I have been reading through the threads here but still a little bit confused. I had an ISA with A&L which I hadn't paid anything into since last year, but I recently closed it as there was less than £5 in it. Does that mean that I now have to wait until the next tax year to open a new ISA, or does the fact that I haven't contributed anything yet this tax year allow me to do this?
Many thanks,
Emma
Many thanks,
Emma
0
Comments
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You are allowed to open a maximum of 2 ISA account per tax year - 1 for cash and 1 for stocks, this can be with 2 seperate providers if you wish.
You do not have to contribute to your existing provider every year e.g. If opened a cash ISA with Lloyds in 2007, in 2008 I could open an ISA with HSBC if I so wished.
You can also transfer existing ISA allowances to new accounts for better rates of interest.
Did you open the ISA account with £5 in it before 5th April 2009?
If No, the way I understand it you now cannot open another ISA.
If Yes, you still have this years full £3,600 allowance if you are under 50, over 50 its £5,100
Plus the same again for a S&S Isa.0 -
Did you open the ISA account with £5 in it before 5th April 2009?
If Yes, the way I understand it you now cannot open another ISA.
If no, you still have this years full £3,600 allowance if you are under 50, over 50 its £5,100
Plus the same again for a S&S Isa.
Otherway around surely?0 -
Thank you for the extremely quick reply ses6jwg! I opened it a couple of years ago I think, definately before this tax year so from what you say I am able to open a new one.
Thank you!0 -
If you've not put any (new) money into an ISA since April, you're free to open one now.Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0
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