I have two cash ISAs, is this breaking the law?

Jlawson118
Jlawson118 Posts: 1,132 Forumite
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in ISAs & tax-free savings
So around February 2015, I opened a Cash ISA account with First Direct and over that time I've saved quite a bit of money with them. Although the account is now empty but I'd like to start using it again. So I know that account was opened in tax year 2014/2015 I'm assuming? As it was before April.

Anyway, about a month ago, I opened a new current account with Barclays, and to accompany that, I opened another cash ISA to save money to. This tax year being 2016/2017 I assumed it would be alright.

But I haven't put money in either accounts yet, but I'm wondering if this is actually allowed, or am I breaking the law with this? Should I close one of them down? Please explain to me in words I'll understand

Comments

  • le_loup
    le_loup Posts: 4,047 Forumite
    You can only put new money into the current year's ISA.
  • Jlawson118
    Jlawson118 Posts: 1,132 Forumite
    First Anniversary Name Dropper First Post
    le_loup wrote: »
    You can only put new money into the current year's ISA.

    I'll close the Barclays one down Immediately then
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Jlawson118 wrote: »
    I'll close the Barclays one down Immediately then

    If you only put money into one, there's no need to close the other. You could open a different Cash ISA with a different provider each Tax year, but you can only contribute into one per fiscal year.
  • dunstonh
    dunstonh Posts: 116,358 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    You can have as many ISAs as you like. However, you can only contribute to one of that type in a tax year.
    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.
  • Jlawson118
    Jlawson118 Posts: 1,132 Forumite
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    Sleazy wrote: »
    If you only put money into one, there's no need to close the other. You could open a different Cash ISA with a different provider each Tax year, but you can only contribute into one per fiscal year.

    I am better off making payments into a normal savings account, I'd rather contribute to my First Direct account because I've used that one for a few years and their interest rates on it are good, despite them going down as of tomorrow
  • bigfreddiel
    bigfreddiel Posts: 4,263 Forumite
    Cash ISAs are a waste of time, equity ISA is the only way to go. fj
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