How many ISA's can i have?

Kimb81

Hi There,

I am new here, have had a look at the forum to see if my question is answered before asking but i am not 100% sure so if its asked already please forgive me.

I opened an ISA about 5 or 6 years ago, the only money that goes into it now it the interest it earns.

Does this mean that i can open and pay into another ISA this tax year?

Thanks for any help you can offer.

Kim.

MrsManda

Yes.
You can open a new ISA every year if you want to, putting in a maximum of £5100 in a cash ISA each year.
For most cash ISAs you can also transfer previous ISAs into your new ISA account so if you open a new ISA because it has a higher interest rate than your current ISA you can move the money across. (providng your new and old ISAs allow transfers)

Kimb81

Thanks, that helps a lot.

Am i right in thinking though that i cannot pay into both of the ISA's in the same year?

KingL

That's right, you can only pay this years £5100 into one of them. But have a check of the older one - chances are it's now earning 0.1% interest or something like that, so you'd be best off moving it (and paying this years allowance) into a new one.

Kimb81

Thanks, sort of what i thought, but is always good to hear from people out there that know more than me!