Cash ISA Savings Protection

lizzie1956

On the website I read a comment that said no one would have an ISA going over the £50000 the government protects. Well its not so. If you have had one from the beginning then this will happen now. What do you advise?

rb10

You can have more than one ISA, so keep one less than £50k and then open a new one.

The rules are that you are not allowed to 'subscribe' (i.e. pay new money, that was not previously in an ISA) into more than one ISA per tax year. So, once you've filled your 2008/09 ISA, you can then open a new one for the 2009/10 tax year.

If you already have more than £50k in your ISA, you can transfer part of an existing account - when you open the new account, ask for an ISA Transfer Form. On this form, you should be able to specify to either transfer the whole ISA over, or just a figure that you choose.

Lokolo

Eh?

You can split your ISA between a number of banks. Thus stopping yourself having £50k+ in one insitution.