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Cash ISA Discussion/Question

edited 30 November -1 at 12:00AM in ISAs & Tax-free Savings
182 replies 29.1K views
MSE_MartinMSE_Martin MoneySaving Expert
8.3K posts
edited 30 November -1 at 12:00AM in ISAs & Tax-free Savings
This thread relates to the Cash ISA article. !To read it click here

This thread is now closed, click here for the new thread.
Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
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  • SystemSystem Forumite
    177.8K posts
    10,000 Posts Name Dropper
    If an individual has a ISA allowance of £7000 per year, can I put the whole £7000 into either 1 or 2 cash ISAs?
  • lisyloolisyloo Forumite
    26.7K posts
    Part of the Furniture 10,000 Posts Name Dropper
    You can only have 1 cash ISA per tax year and you can only put £3K into a cash ISA (per individual).
  • SystemSystem Forumite
    177.8K posts
    10,000 Posts Name Dropper
    Can you allow any interest to accumulate from year to year in a mini cash ISA. For example if you earn £120 tax free interest on the £3000 maximum investment at the end of year 1 giving a total of £3120, can you invest another £3000 in year 2 which will effectively mean you then have £6120 earning tax free interest. Hope I haven't confused you all!!! ???
  • Hi Duncan

    Yes, the £3k maximum annual investment excludes any interest you will have gained. The £3k is all you are allowed to physically pay in! ;D
  • OK, just when I thought I had these cash ISA's sussed....

    Can I have more than one cash ISA account (each opened in SEPARATE years) and therefore pay in £3k max per account or is that £3k is all I'm allowed to save regardless of how many accounts I have?

    I opened one in 2002-3 and have now paid in my maximum £3k allowance. Can I open another one in 2003-4 and start paying into that?

    Many thanks
  • isasmurfisasmurf Forumite
    1.8K posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    You can invest £3,000 into one Cash ISA per year. So, the ISA that you opened in 02-03, you could have paid £3,000 into that ISA in 02-03, and a further £3,000 into it this year.

    If you have put money in to that account this year, then you'll have to wait until 04-05 before you can open another one.
  • SystemSystem Forumite
    177.8K posts
    10,000 Posts Name Dropper
    I am new to this mini cash ISA business and need some advice.

    Can I invest £3000 now (Jan 2004) and then add another £3000 in April 2004?
  • Yes, assuming government limits remain the same, £3000 per tax year in a mini cash ISA.
  • Does anyone know why there is a credit check to open a mini cash ISA savings account?

    I was looking to open one with IF (intelligent finance), via, but reading through the terms and conditions they do a credit check and credit scoring on all applicants.

    Why is that? I just want to open an ISA cash savings account with them, not interested in loans, mortgages, etc.

    I understand about verification of identity, but this does seem a bit strange.


  • Presumably Danny, for ant-fraud/money laundering reasons only.

    I can't imagine this being a problem for most people.

    ;) Mark E
    No reliance should be placed on the above.
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