Cash ISA Question

chunky_tesco

Hi just a quick question:

I've just closed a Cash ISA with HSBC, and I intended to start a new one with a First Direct account. Can I open one straight after closing the original ISA or do I have to wait to the start the new tax year (6th April 2009)

Thanks

whu

If you have not used this years allowance of £3600 (April 2008-April 2009) you can open the new one now - if the closed one was with money from this year then you can't open a new one until next years tax year - hope that helps

chunky_tesco

I think i probably put in about £100 in this tax year. Can I still open a new one?

whu

yes as long as you don't go above the £3600 limit for this year

sheslookinhot

chunky_tesco wrote: »

Hi just a quick question:

I've just closed a Cash ISA with HSBC, and I intended to start a new one with a First Direct account. Can I open one straight after closing the original ISA or do I have to wait to the start the new tax year (6th April 2009)

Thanks

if you had money from previous tax years you should not have closed the account but filled out the forms and asked your knew ISA provider to arrange the transfer. Otherwise you will have lost your tax free status.