Can I transfer into 2 cash ISAs in a tax year ?

M271

My wife has a cash ISA with the Nationwide which is not paying a good %, she has not paid into it this tax year.

I was thinking of her transferring some into a fixed rate Cash ISA (Derbyshire)and some into a better % rate instant access Cash ISA (Alliance and Leicester, Scottish Widows)

Can she open 2 new cash isas in a tax year ? are the restrictions all about contributing to only one cash isa per year rather than transferring previous tax year contributions ?

oldfella

you can only put new money into 1 isa per year

so yes, if the provider will accept transfer only, you can open an ISA and transfer funds, then open another one, contribute and transfer more funds into it

Stompa

I think the only potential problem with your plan is whether Nationwide will allow partial transfers out. It's possible that they may only permit you to transfer the entire balance. You'd need to check the T&C's.