2 ISAs

cazdee

Hi,
I recently opened a new ISA with A & L as they have a fairly decent rate. I currently also have an ISA with RBS, opened 3 years ago.

My question is: Is my allowance £3600 per ISA, as in i can deposit this much in both of them, totalling £7200, or is the £3600 to be split between the both of them?

thanks for your help

Baldur

cazdee wrote: »

I recently opened a new ISA with A & L as they have a fairly decent rate. I currently also have an ISA with RBS, opened 3 years ago.

My question is: Is my allowance £3600 per ISA, as in i can deposit this much in both of them, totalling £7200, or is the £3600 to be split between the both of them?

You can only deposit up to the maximum Cash ISA allowance of £3,600 into ONE Cash ISA per tax year. You could transfer your RBS one to A&L, if they accept transfers (or to any other ISA provider, if they offer a better rate) or just leave it with RBS - but you cannot pay new money into both accounts.

skitskut

You have a max of £3600 but it can't be split. Once you've put new money in one ISA you cannot put new money into a separate ISA that tax year (6th April to 5th April). You could however transfer previous years into your new ISA as well as putting in £3600. So you could transfer your RBS ISA into your A&L ISA as well as putting in a max of £3600 to the A&L ISA.