Can I open another Cash ISA this year?

Jacko371

I opened an A&L Cash ISA for 08/09, however I have put money into it this financial year.

Can I still open one with a different company for 09/10?

Cheers

Lokolo

Kind of yes, kind of no.

Where you first deposit money in this tax year, this is where your ISA for this tax year is.

So this year its with A&L.

However, you can open another ISA elsewhere, for £0, so not depositing any money. Then you can transfer (you have to fill in a form though), and the whole amount will be transferred across. You can then top up by the rest of the allowance (so if you have put £500 in this tax year, you can transfer, then top up another by £3100, making you £3600 limit)

Jacko371

Thanks for the reply.