Can you hold 2 ISAs

noodles42

Hi

I am hoping someone can help me.

I have been looking at First Direct as they are offering a regular payment cash ISA at 7% but they will not allow transfers in from another ISA within the 12 months.

I am confused as I thought you could only hold one ISA at any one time - is this not the case? Can I keep my current ISA and then open another ISA with First Direct?

My current ISA has about £13000 in it and the rate is set to drop in April (as an idea the rate being offered now on my product is about 3%)

Would I be better to just keep adding to my current ISA at the lower rate?

Sorry - lots of questions but any feedback would be appreciated.

:huh:

agsnu

You can have multiple cash ISAs, but you can only "subscribe" (i.e. deposit money in) one per tax year.

Lokolo

You can contribute new money to 1 ISA each tax year.

With your ISA at the moment, if you have put money in your ISA this tax year you won't be able to open the FD Regular one until April 6th. But yes you can have 2 ISAs kind of thing:

In 07/08 tax year I opened an Egg ISA and put £3000 in it.
I then, in 08/09 tax year have opened a Barclays and put £3600 in it.

So currnetly I have 2 ISAs, but I have only contributed to one this tax year.

Understand?

noodles42

Perfect thank you :T