can you have more than one isa?

Babymerlin

simple question i hope....just need straight answer.

can i have more than one isa? i have one already in my own name and put the max amount of 3600 per year. can i open another one either 1) on my own or 2) with my husband? or would my husband be able to open one?

Blobby8_2

Everyone over 16 in the UK can deposit £5100 per tax year into a cash ISA

jem16

Babymerlin wrote: »

simple question i hope....just need straight answer.

can i have more than one isa? i have one already in my own name and put the max amount of 3600 per year.

When did you open the ISA? As you mention £3600 I'm guessing it was before 6th April 2010 and is therefore an ISA from last tax year.

If that is the case then yes you can open another ISA for this year and deposit up to £5100 in cash.

hcb42

I thought you could only have one, and would need to transfer the funds....but yes it is nice to have the £5.1K limit this year.

tanith

helencbradshaw wrote: »

I thought you could only have one, and would need to transfer the funds....but yes it is nice to have the £5.1K limit this year.

Its one per year , you can either pay your money into an existing ISA that you already hold or open up a new one each year... you can also transfer previous years into your new ISA if the rate is better and it allows transfers in...

Van_Dammes_Mullet

You and your husband can open one individually, however, you cannot open a joint ISA - on the plus side, you can save a max £5,100 cash and he can do the same in his.

If you wished to open a S&S ISA, this can be opened with a different organisations as well. For example, you could open a Cash ISA with Bank 'A' and a S&S ISA with Bank 'B' in the same tax year. The limit for a S&S ISA is £10,200 per person of which £5,100 max. can be cash.

blueberrypie

Babymerlin wrote: »

simple question i hope....just need straight answer.

can i have more than one isa? i have one already in my own name and put the max amount of 3600 per year. can i open another one either 1) on my own or 2) with my husband? or would my husband be able to open one?

1) Yes, after April 5th, or if you transfer funds from your current ISA to the new one. Note: the current maximum is *not* £3600/year - it's £5100 - so you might have more of your 10/11 allowance to use up.

2) No. It's an individual investment - joint accounts are not possible.

3) Yes, your husband can open one in his own name.

Babymerlin

wow, thanks for your replys.

so let me try to get this straight in my head?

- i am able to put in 5100 in to my isa that i already have? (i put in 300 per month, so i can up this now?)

- even if i am still paying in to isa i am able to open another one each tax year? so basically i could open one up a year and save 5100 in each?


i always thought that could only open one..... how far behind am i!!!!! im soooo rubbish with money its stupid......which is why im here. thanks!

jem16

Babymerlin wrote: »

wow, thanks for your replys.

so let me try to get this straight in my head?

- i am able to put in 5100 in to my isa that i already have? (i put in 300 per month, so i can up this now?)

Yes you can pay in up to £5100 this tax year.

- even if i am still paying in to isa i am able to open another one each tax year? so basically i could open one up a year and save 5100 in each?

No.

You can have as many ISAs as you want but you can only subscribe to ( ie.e pay into) one ISA at a time.

Many people open new ISAs with a different provider each tax year to take advantage of the best rates which are often only for new customers and will not accept transfers.

You and your husband can each have an ISA.

blueberrypie

Babymerlin wrote: »

- even if i am still paying in to isa i am able to open another one each tax year? so basically i could open one up a year and save 5100 in each?

i always thought that could only open one..... how far behind am i!!!!! im soooo rubbish with money its stupid......which is why im here. thanks!

There is no limit on the number of ISAs you can *have* - the limit is that you can only *subscribe* to one ISA each year. To subscribe means to put in new money (i.e. transferring funds from one ISA to another doesn't count towards this). If you put money into your current ISA after April 5th, it will become the one ISA you've subscribed to for the 2011/12 tax year. This is allowed, but you would not then be allowed to put new money into a *different* ISA during the 2011/12 tax year.