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Question about multiple ISAs.
thelastunicorn
Posts: 26 Forumite
I haven't had an ISA before so I'd like some advice, please. Could I legally do this:
Year 1. Open a three-year term cash ISA with about £1400.
Year 2. Open a two-year term cash ISA with about £2000.
Year 3. Open a one-year term cash ISA with about £2000.
So I'd get all the money out at the same time, with the interest? I'm getting different amounts of money I want to save each year and want to put them away for as long as I can afford to.
Am I allowed to have them all simultaneously or would the two subsequent ones need to be regular savings accounts?
Thanks.
Year 1. Open a three-year term cash ISA with about £1400.
Year 2. Open a two-year term cash ISA with about £2000.
Year 3. Open a one-year term cash ISA with about £2000.
So I'd get all the money out at the same time, with the interest? I'm getting different amounts of money I want to save each year and want to put them away for as long as I can afford to.
Am I allowed to have them all simultaneously or would the two subsequent ones need to be regular savings accounts?
Thanks.
0
Comments
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Every tax year the slate is wiped clean and you get a new £10,200 ISA allowance to use as you wish. It doesnt matter what you did in the earlier tax years or whom you used.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
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Every tax year the slate is wiped clean and you get a new £10,200 ISA allowance to use as you wish. It doesnt matter what you did in the earlier tax years or whom you used.
Thanks. I knew you got a new allowance each year, but wasn't sure whether two- and three-year fixed term ISAs worked in the same way.0 -
Suppose you had two seperate ISAs which matured simultaneously, the sum of these with interest being approx. £7400 - could you then transfers these two into one ISA, and still have 5100 free to deposit?0
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You could transfer those two into 100 different ISAs and still have £5100 available to use for new cash ISA depositing. Money from past years doesn't count against the limits in any way so long as you use ISA transfers to move the money between accounts or leave it where it is.
You can do that but if you did them all in year one they would all have to be with the same ISA manager (same bank or building society). That's because of the one manager at a time for each type (cash or S&S) for new money in each tax year rule.thelastunicorn wrote: »I haven't had an ISA before so I'd like some advice, please. Could I legally do this:
Year 1. Open a three-year term cash ISA with about £1400.
Year 2. Open a two-year term cash ISA with about £2000.
Year 3. Open a one-year term cash ISA with about £2000.0
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