Can I open an ISA and a regular savers account in the same tax year?

Alihendo94 · 28 April 2016 at 10:43AM

I am new to MoneySavingExpert :j and have a question I'm hoping some of you may be able to help me with...
Am I allowed to open and pay into an ISA AND a regular saver account in the same tax year?
I have recently (since the new tax year started) opened a help to buy ISA but as I am restricted to paying in a certain amount would like to open another savings account. I have an existing ISA with pretty rubbish interest but as far as I am aware I am no longer able to pay into this one now I have opened the HTB?

Gordon_the_Moron · 28 April 2016 at 10:58AM

You can pay into the HTB ISA and any other non-ISA account.

Who is your H2B ISA with? Some providers will allow you to pay into that and another ISA held with them in the same tax year (the annual maximum subscription applies to the combined total balance of both accounts as though they were 1 account) they can do this legally as they are only classed as 1 account by HMRC if held with the same provider. Some providers don't provide the facility though. Nationwide and Newcastle BS are the two big names that do.

Alter_ego · 28 April 2016 at 11:05AM

To answer your question, yes you can pay into a regular saver without restriction. (including any other account that is not an ISA)

Alihendo94 · 28 April 2016 at 11:08AM

Thanks for your reply!

My HTB ISA is with Halifax..pretty sure they don't allow that but thanks for the idea

Also, after opening my HTB and transferring an initial £1000 from my old Barclays ISA, I also transferred some money from my current account to my old ISA without thinking.
Should I contact HMRC and explain as I am worried as this goes against the ISA rules as I have paid into 2 ISAs ?

Can I open an ISA and a regular savers account in the same tax year?

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