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Holding 2 ISA accounts in one tax year?
The_stingemeister
Posts: 416 Forumite
I have an ISA with a bank and wish to transfer the whole of the money into a higher rate one but with still the same bank. Also I'd like to open another ISA, with a separate bank, and deposit the full quota of £3,600 into that. Is that ok, possible?
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Comments
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The_stingemeister wrote: »I have an ISA with a bank and wish to transfer the whole of the money into a higher rate one but with still the same bank. Also I'd like to open another ISA, with a separate bank, and deposit the full quota of £3,600 into that. Is that ok, possible?
Yes - hopefully your exisitng Bank will provide a smooth transfer from one of their products to another.
A transfer (or reinvestment) doesn't could twoards your yearly allowance for new money to be invested.
Don't forget your allowance for the 2010/2011 Tax year and any new ISA you open is £5,100 and not £3,600
FF0 -
Funkyfreddy wrote: »Yes - hopefully your exisitng Bank will provide a smooth transfer from one of their products to another.
A transfer (or reinvestment) doesn't could twoards your yearly allowance for new money to be invested.
Don't forget your allowance for the 2010/2011 Tax year and any new ISA you open is £5,100 and not £3,600
FF
Thanks. But I thought the cash isa allowance was £3,600?0 -
The_stingemeister wrote: »Thanks. But I thought the cash isa allowance was £3,600?
Its gone up from tomorrow.0 -
No, its very definitely £5100 since October for the over 50s and
April (now) for everyone else.make the most of it, we are only here for the weekend.
and we will never, ever return.0
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