'Multiple' ISAs & allowances

roker_2

I'm a bit confused with ISAs-

I'm aware that you can open a new cash ISA each tax year, but can you keep depositing money in more than one cash ISA, even if the overall amount across ALL your ISAs is more than £3600 in any tax year?

or, do you have to stop depositing in your 'old' ISAs if you begin depositing in a new ISA?

Basically, if you open a new cash ISA can you deposit £3600 over a year AND
continue saving (putting money in, not just accruing interest) in already-opened ISAs?

OR, is the £3600 allowance the maximum that can be saved across all ISAs that you might have opened.

Hope this makes some kind of sense.

Jumping_Bean

As I understand it, you can only put new money into one ISA each year. The maximum is £3600. You can't spread it around, it has to go into one account only. You can either leave previous year's accounts open or you can transfer the balance to a new account.

HTH

Baldur

You have an ISA allowance of £7,200 per tax year, of which the whole amount can be paid into a Stocks & Shares ISA or up to £3,600 can be paid into a Cash ISA and the balance can be paid into a Stocks & Shares ISA (if you wish) see the HMRC ISA Factsheet

The salient point in your case is:

Investment limits

For cash ISAs, an individual can invest up to £3,600 a year, and can only invest with one provider in any one tax year.

Milarky

Baldur wrote: »

Investment limits

For cash ISAs, an individual can invest up to £3,600 a year, and can only invest with one provider in any one tax year.

with the proviso that 'one provider' actually means 'current' - as in "I must stay with a single 'current provider' or move my current year subscription to a different provider at all times during the tax year to which that ISA subscription relates"

(On second thoughts, let's just tell people that they can only have 'one ISA' each year and they won't get too confused or get into any trouble that way)

Baldur

Milarky wrote: »

with the proviso that 'one provider' actually means 'current' - as in "I must stay with a single 'current provider' or move my current year subscription to a different provider at all times during the tax year to which that ISA subscription relates"

(On second thoughts, let's just tell people that they can only have 'one ISA' each year and they won't get too confused or get into any trouble that way)

HMRC's quote, not mine.....;)

If you read 'invest' as 'pay new money into', they are quite correct (if simplistic) - as they should be.