2 ISAs o_o?

John_0771

Hey there,

I opened a student account a while back and the branch guy suggested he open an isa for me to put the 0% overdraft into - seeming I wouldnt be using it. After a few weeks I didnt recieve anything back so I assumed they wheren't opening the ISA.

So I opened a Alliance + Les.. Easy-ISA which is now open and I've heard word that the Natwest one is open atm.

Why was I allowed to open 2 ISAs and can I get in trouble for this, I'm sending a letter to A+L to close their ISA asap - I hope its not too late.

Lokolo

Good idea.

The banks in themselves don't contact each other so they wouldn't know.

You could contact HMRC and tell them and they would more than likely just let you transfer the money over into 1 if you explain the situation but if you've told them to close it then thats fine. You should still contact HMRC and tell them the situation though because if they look at your National Insurance number and see 2 ISAs on there (not sure if that how it works or whatever) then they may get suspicious

whu

I don't think it matters how many you open as long as you don't deposit new money exceeding £3600 in any financial year into however many ISA's you have

jem16

whu wrote: »

I don't think it matters how many you open as long as you don't deposit new money exceeding £3600 in any financial year into however many ISA's you have

You can only fund one ISA in any one tax year. You cannot spread the £3600 into several ISAs.

whu

jem16 wrote: »

You can only fund one ISA in any one tax year. You cannot spread the £3600 into several ISAs.

Thanks and noted

Mr_K

If you haven't put anything into the first ISA opened, it isn't a problem. It's only an issue if you've put money into both.