Is it possible to have more than one cash ISA?

evoke

As the subject line, is it possible to have more than one cash ISA? If so, how would it work in any given tax year?

dzug1

evoke wrote: »

As the subject line, is it possible to have more than one cash ISA? If so, how would it work in any given tax year?

You can have as many cash ISAs as you want.

You can only start a new one once in each tax year.

Baldur

evoke wrote: »

As the subject line, is it possible to have more than one cash ISA? If so, how would it work in any given tax year?

You can only open AND subscribe to one Cash ISA per tax year (a Cash ISA account only becomes a Cash ISA when you have subscribed to it, otherwise it's just an account with the acronym 'ISA' in its name).

Theoretically, you could open & subscribe to a new Cash ISA each tax year but that would probably become unwieldy, to say the least.

If you transfer between ISA providers during a tax year, you could have two Cash ISA accounts open during the transfer process but only one would contain your Cash ISA subscriptions at any point in time during the transfer process.

Corallian

So, if you have already subscribed to a Cash Isa in the current tax year you can still transfer that Isa to another provider that accepts transfers?

alastair_h

Corallian wrote: »

So, if you have already subscribed to a Cash Isa in the current tax year you can still transfer that Isa to another provider that accepts transfers?

Yes that's correct.

Baldur

Corallian wrote: »

So, if you have already subscribed to a Cash Isa in the current tax year you can still transfer that Isa to another provider that accepts transfers?

Yes.

Subject to any restrictions that may be specified in the specific account's Terms & Conditions, you can transfer Cash ISAs at any time (even multiple times in the same tax year, in the highly unlikely event that you wished to do so).

Corallian

Baldur wrote: »

Yes.

Subject to any restrictions that may be specified in the specific account's Terms & Conditions, you can transfer Cash ISAs at any time (even multiple times in the same tax year, in the highly unlikely event that you wished to do so).

Thanks for confirming this. The reason I asked is that when applying on-line for the Halifax Direct Reward ISA that accepts transfers, the application fails when you tick the box to say you have already funded an ISA this year. I wanted transfer in the whole of my existing ISA (already funded this year) and was really surprised to find this restriction. It also appears to contradict the transfer information in the Halifax Terms & Conditions.

LumpyCustard_2

Corallian wrote: »

Thanks for confirming this. The reason I asked is that when applying on-line for the Halifax Direct Reward ISA that accepts transfers, the application fails when you tick the box to say you have already funded an ISA this year. I wanted transfer in the whole of my existing ISA (already funded this year) and was really surprised to find this restriction. It also appears to contradict the transfer information in the Halifax Terms & Conditions.

I had the same problem; they've just set the form up badly.

If you leave the box unchecked, you can open the ISA, and then do the transfer. That's what I've done.

Mikeyorks

Corallian wrote: »

the application fails when you tick the box to say you have already funded an ISA this year. .

I'm afraid you have to read into it that you're not 'subscribing' to this ISA - you're 'transferring'. Doesn't make it simple ...... but it's the same as the HMRC model application form, so it's not just Halifax that cause the confusion.