Opening new isa

andyneouk

Hi,

I have had an isa account for 2 years now and a few days ago i made a payment to it. My question is can i still open a new isa account i.e. with santander even though i have already paid something into my current isa?

i hope that makes sense - thanks in advance

Andy

ses6jwg

No, you can only fund one ISA per tax year. You will have to use the transfer process.

Lokolo_2

andyneouk wrote: »

Hi,

I have had an isa account for 2 years now and a few days ago i made a payment to it. My question is can i still open a new isa account i.e. with santander even though i have already paid something into my current isa?

i hope that makes sense - thanks in advance

Andy

I think the OP asked about opening a new ISA, you can open as many ISA accounts as you want, but you can only CONTRIBUTE new money to ONE ISA per tax year :j

andyneouk

ahhh right, so becasue i have already contributed to my open ISA this financial year i cannot contribute to another one, even if i open it, unless i use the transfer process?

sorry for the questions, just trying to fully understand ISA's

Thanks guys.

Lokolo_2

andyneouk wrote: »

ahhh right, so becasue i have already contributed to my open ISA this financial year i cannot contribute to another one, even if i open it, unless i use the transfer process?

sorry for the questions, just trying to fully understand ISA's

Thanks guys.

Yes that is correct, you can still top up the ISA that you have contributed to up to the full £5100 allowance :j Transfering to another provider is worthwhile if your rate is bad at the moment!