New to ISA

skubendr

I am planning to take ISA's for the first time. I have 2 questions.....

1)Can I open the cash ISA in 2 different banks

2)Can I open an ISA in bank and then cancel it and open in an other bank?

ManAtHome

1) Don't think so, not sure why you'd want to..? You can open one this tax year (DO IT NOW!) in bank1, then open next year's in bank 2 after April 5th.

2) You can transfer ISAs between providers, but check the small print - some either have a notice period and/or a charge. Note that you don't close an ISA, you normally get the new provider to pull the cash from the old one - if you withdraw the cash the ISA is gone.

RoCas

Hi,

1) I believe you can have as many ISAs as you wish as long as the total money you hold in those ISAs does not exceed the maximum limit, i.e., £3,000 per tax year for mini cash ISAs.

2) You can move your ISA from one bank to another but not in the normal way. You need to request a transfer form, otherwise your deposits will be counted twice.

Also, check any ISA you open is CAT standard.

dunstonh

1 - its one cash ISA per person per tax year. You can open a 2005/6 cash ISA in one bank but would have to wait until the 2006/7 tax year to open one in another.

Also, check any ISA you open is CAT standard.

CAT standard was abolished some time back. The new term is stakeholder. However, with a cash ISA, its best to look at the rate and consistency of the rate rather than stakeholder standard. A good provider may not choose to offer something unimportant which prevents stakeholder name being used.

RoCas

dunstonh wrote:

1 - its one cash ISA per person per tax year. You can open a 2005/6 cash ISA in one bank but would have to wait until the 2006/7 tax year to open one in another.

CAT standard was abolished some time back. The new term is stakeholder. However, with a cash ISA, its best to look at the rate and consistency of the rate rather than stakeholder standard. A good provider may not choose to offer something unimportant which prevents stakeholder name being used.

Thanks for the correction and update.
RoCas