ISA help needed please

meat_n2_reg · 18 February 2018 at 9:59AM

Hello
I have 20k in a Halifax Isa which is paying low interest
I would like to transfer this to a better paying ISA (virgin money)
If I transfer this in this tax year
Can I open another Cash ISA in new tax year and leave the 20k in virgin ISA ?
Can I add another 20k in new tax year into the virgin ISA ?
Not clear about how many ISAs I can have open at the same time ? Believe its one ISA per tax year ?
Many thanks for your help

Regards Steve

Alexland · 18 February 2018 at 10:31AM

You can have lots of ISAs open at the same time however you are only allowed to contribute new money into one of each type of ISA in each tax year.

Within the current tax year you are allowed to change provider and continue to contribute up to the annual limit

You are also allowed to change provider on an old ISA from a previous tax year - it can even go to a different provider than your current year provided you make no further contributions into it.

Alex

jimjames · 18 February 2018 at 12:31PM

You might also want to consider whether a cash ISA is the right place for your money. Where is the £20k now that you'd be adding in April? If you don't need to use the money for 5 years or more then a S&S ISA might be a better option for some of the money once you have sufficient emergency funds

ISA help needed please

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