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Help. ISA confusion!

penninepete
penninepete Posts: 2 Newbie
in ISAs & tax-free savings
Hi all,

I hope someone can help, Im new to ISA's and am a little bit confused.

So near the end of March I opened a new cash Isa and paid in £750. Now I have a bit more money to put away and was wondering can I pay into my existing ISA (which was opened in 2012-13 financial year) or do I need to open a new ISA for this financial year?

Thanks in advance!

Comments

  • Vortigern
    Vortigern Posts: 3,313 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    penninepete wrote: »
    So near the end of March I opened a new cash Isa and paid in £750. Now I have a bit more money to put away and was wondering can I pay into my existing ISA (which was opened in 2012-13 financial year) or do I need to open a new ISA for this financial year?

    You can pay into the existing ISA as long as it's not a fixed term account where you need to make all deposits with in 14 days of opening.
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    Check the interest rate on your ISA. It may not be the best you can get now, so opening a new ISA may be a better idea.

    There are also lots of potential other better ideas - - - a Nationwide FlexDirect (5% AER up to 2.5K for max 1 year, FD 6% Reg Saver, current accounts with better net rates than ISAs etc etc).

    Might be worth shopping around a bit for the best deals.
  • tronader
    tronader Posts: 7 Forumite
    If you've currently got an easy access ISA then yes, you could top that up with this years' contributions.

    But shop around, that could or could not the best deal at the moment and if there's something else with a new provider, you could always open a new account with them (and some of them could allow you to transfer previous years' contributions without counting for this year allowance).
    Learning about Investing & Trading.
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