Old ISA question

topcat0000

I have two cash isa's from the past two years - i didnt use them up to the £3500 limit - can i put more money in them and will i still get interest on them??

Sorry I am just a little confused!!

Thanks

chardir

You can pay into the one opened last year, but only up to this year's £3600 limit. You should continue to receive tax-free interest on both accounts.

opinions4u

Anything you add to thim in this tax year will count against this tax year's allowance.

You can only credit one cash ISA each tax year.

Lynn11

If you have not paid in the full £3600 into a ISA account, then you can put money into either or both of the accounts at any time as long as it does not go over your £3600 limit for you as a person. Hope this makes sense. I have 2 isas and have small standing orders set up for money to go into these every month but the other month I was able to put some money in both due to redundancy money.

Baldur

topcat0000 wrote: »

I have two cash isa's from the past two years - i didnt use them up to the £3500 limit - can i put more money in them and will i still get interest on them??

You can either pay this year's allowance into ONE of the old Cash ISAs (presuming that it permits additional subscriptions) or just open a new Cash ISA and pay this year's allowance into it.

opinions4u

Lynn11 wrote: »

If you have not paid in the full £3600 into a ISA account, then you can put money into either or both of the accounts at any time as long as it does not go over your £3600 limit for you as a person. Hope this makes sense. I have 2 isas and have small standing orders set up for money to go into these every month but the other month I was able to put some money in both due to redundancy money.

You can only pay in to one cash ISA per tax year.

Paying in to two different cash ISAs in the same tax year will invalidate one of your ISAs.

fullstop

Also, this is the first tax year the the limit has been £3600, it was increased from £3000.