Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Jlawson118
    • By Jlawson118 17th Oct 16, 9:26 PM
    • 380Posts
    • 23Thanks
    Jlawson118
    I have two cash ISAs, is this breaking the law?
    • #1
    • 17th Oct 16, 9:26 PM
    I have two cash ISAs, is this breaking the law? 17th Oct 16 at 9:26 PM
    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
Page 1
    • le loup
    • By le loup 17th Oct 16, 10:03 PM
    • 3,373 Posts
    • 3,031 Thanks
    le loup
    • #2
    • 17th Oct 16, 10:03 PM
    • #2
    • 17th Oct 16, 10:03 PM
    You can only put new money into the current year's ISA.
    • Jlawson118
    • By Jlawson118 17th Oct 16, 10:11 PM
    • 380 Posts
    • 23 Thanks
    Jlawson118
    • #3
    • 17th Oct 16, 10:11 PM
    • #3
    • 17th Oct 16, 10:11 PM
    You can only put new money into the current year's ISA.
    Originally posted by le loup
    I'll close the Barclays one down Immediately then
    • Sleazy
    • By Sleazy 17th Oct 16, 10:18 PM
    • 2,692 Posts
    • 2,492 Thanks
    Sleazy
    • #4
    • 17th Oct 16, 10:18 PM
    • #4
    • 17th Oct 16, 10:18 PM
    I'll close the Barclays one down Immediately then
    Originally posted by Jlawson118
    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.
    *** IF IN DOUBT, BLAME BREXIT ***
    • dunstonh
    • By dunstonh 17th Oct 16, 10:24 PM
    • 85,111 Posts
    • 50,130 Thanks
    dunstonh
    • #5
    • 17th Oct 16, 10:24 PM
    • #5
    • 17th Oct 16, 10:24 PM
    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). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Jlawson118
    • By Jlawson118 17th Oct 16, 10:31 PM
    • 380 Posts
    • 23 Thanks
    Jlawson118
    • #6
    • 17th Oct 16, 10:31 PM
    • #6
    • 17th Oct 16, 10:31 PM
    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.
    Originally posted by Sleazy
    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
    • By bigfreddiel 18th Oct 16, 6:20 PM
    • 4,072 Posts
    • 1,865 Thanks
    bigfreddiel
    • #7
    • 18th Oct 16, 6:20 PM
    • #7
    • 18th Oct 16, 6:20 PM
    Cash ISAs are a waste of time, equity ISA is the only way to go. fj
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

694Posts Today

5,536Users online

Martin's Twitter