adding to an existing ISA?

hat-rack

Hi,

This might sound like a dumb question, but say you have a full cash ISA with the maximum allowance (£3600) for the year. When it comes to the 6th April, can I contribute another 3600 to the existing ISA Account or do I have to open another ISA with another institution?

Thanks!

MoneySavingUser

you can add it - or you can open another with a new institution (and a higher interest rate) and transfer the old amount (sssuming the new one allows transfers)

Ifts

After 6th April you can add to your existing ISA (subject to the T&Cs permitting additional deposits) although it is worth checking the rate you are getting as a lot of ISA rates go down after a year.
If your existing ISA rate is low compared to whats available with other institutions, it might be worth opening a new ISA after 6th April that accepts transfers in and transfer your old ISA funds to the new one (as long as there are no withdrawal penalties for any fixed period).

After 6th April 2010 you can pay in £5100 in to a cash ISA for that tax year.

Useful Info here, rb10's post - ISAs: Frequently Asked Questions (FAQs)