Opening new ISA account

Em1982

I have been reading through the threads here but still a little bit confused. I had an ISA with A&L which I hadn't paid anything into since last year, but I recently closed it as there was less than £5 in it. Does that mean that I now have to wait until the next tax year to open a new ISA, or does the fact that I haven't contributed anything yet this tax year allow me to do this?

Many thanks,

Emma

ses6jwg

You are allowed to open a maximum of 2 ISA account per tax year - 1 for cash and 1 for stocks, this can be with 2 seperate providers if you wish.

You do not have to contribute to your existing provider every year e.g. If opened a cash ISA with Lloyds in 2007, in 2008 I could open an ISA with HSBC if I so wished.

You can also transfer existing ISA allowances to new accounts for better rates of interest.


Did you open the ISA account with £5 in it before 5th April 2009?

If No, the way I understand it you now cannot open another ISA.

If Yes, you still have this years full £3,600 allowance if you are under 50, over 50 its £5,100

Plus the same again for a S&S Isa.

Lokolo

ses6jwg wrote: »

Did you open the ISA account with £5 in it before 5th April 2009?

If Yes, the way I understand it you now cannot open another ISA.

If no, you still have this years full £3,600 allowance if you are under 50, over 50 its £5,100

Plus the same again for a S&S Isa.

Otherway around surely?

ses6jwg

Lokolo wrote: »

Otherway around surely?

Sorry!

Yes, I was wrong.

Edited. Got confused

Em1982

Thank you for the extremely quick reply ses6jwg! I opened it a couple of years ago I think, definately before this tax year so from what you say I am able to open a new one.

Thank you!

Paul_Herring

If you've not put any (new) money into an ISA since April, you're free to open one now.