Fixed ISA

badger83

Hi,

I have a Regular Saver ISA with First Direct and pay in £200 a month. Can I open a normal cash ISA and put in a lump sum of £1200?

At the end of the tax year this would bring me up to my cash limit?

Thanks

RayWolfe

Probably not because that would mean having two current ISAs in the same year.
Why don't you ask them/

Stompa

No, you can only contribute to one ISA in any one tax year.

However, you may be able to make an additional deposit into your existing Regular Saver ISA. See the is there a maximum investment? section here:

http://www.firstdirect.com/savings/regular-saver-isa-indetail.shtml

isasmurf

It depends on how firstdirect administer their ISAs. The ISA is just a wrapper. You can put as many savings accounts in to that wrapper as you like as long as they held with the same ISA manager.

For example both Marks and Spencer Money and Nationwide have a range of cash ISAs and let you split your allowance between the different types of cash ISAs.

If First Direct won't let you use up your remaining ISA allowance in their instant access ISA (the Q&A following the one Stompa highlighted suggests they won't) then your only option is to phone up HMRC's ISA helpline for advice on how you can use up your unused ISA allowance.