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Can I have two Cash ISAs open at the same time?
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# 1
jsg2
Old 04-03-2008, 4:15 PM
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Default Can I have two Cash ISAs open at the same time?

I have a cash ISA with smile, which i have paid into this tax year.

However I want to get one with a better rate for the next tax year (i.e. open one in April).

Can I keep my smile one open, if i don't pay into it?

Or do i need to close it down before i can open another cash isa?
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# 2
tanith
Old 04-03-2008, 4:21 PM
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You can keep it open and open another one in April , also you could transfer the old one into the new one with the better interest rate.. but make sure you transfer it as you will lose the benefit if you close it down...
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# 3
free4440273
Old 04-03-2008, 4:23 PM
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You can indeed keep your Smile one open; and open up another (in April) cash ISA (up to £3,600)
BLOODBATH IN THE EVENING THEN? OR PERHAPS THE AFTERNOON? OR THE MORNING? OH, FORGET THIS MALARKEY!

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# 4
HelenaP
Old 05-03-2008, 11:53 AM
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Default A similar question - not taxed on old ISA?

I had a similar question, so rather than reposting I'll add it here. I have an ISA from the last tax year (06/07) which I left open and opened a new one for 07/08. However, when I go to look today at my 06/07 one it looks like I have been paid some interest that hasn't been taxed. Do you think there is something I needed to do to tell them that the money in there isn't part of my 3000 tax free for this year? (Hope that makes sense!)
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# 5
debbie42
Old 05-03-2008, 12:21 PM
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Quote:
Originally Posted by HelenaP View Post
However, when I go to look today at my 06/07 one it looks like I have been paid some interest that hasn't been taxed.
That's exactly what you'd expect. Once an ISA is set up and funded then the cash is sheltered from tax for coming years. That's why you read about people transferring old amounts into new ISAs and building up substantial tax free amounts.
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# 6
adecor
Old 05-03-2008, 12:22 PM
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Quote:
Originally Posted by HelenaP View Post
I had a similar question, so rather than reposting I'll add it here. I have an ISA from the last tax year (06/07) which I left open and opened a new one for 07/08. However, when I go to look today at my 06/07 one it looks like I have been paid some interest that hasn't been taxed. Do you think there is something I needed to do to tell them that the money in there isn't part of my 3000 tax free for this year? (Hope that makes sense!)
As you are aware, you are allowed to open a new ISA every tax year. Any ISA's from previous years will still benefit from being tax free on any interest earned. It is only when you close that account you lose the tax free benefit. If you want to transfer previous years to a new ISA you will also keep your tax free benefit.

Hope that makes sense.
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# 7
HelenaP
Old 05-03-2008, 12:48 PM
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Ah thats great I hadn't understood that. I had thought it was literally just the 3000 each year. Thanks!
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