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ISA Question
startingtosave
Posts: 72 Forumite
Just wondered if anyone could clear up a query?
I have just opened a new E-ISA with Nationwide and intend to transfer my old ISA savings to this account as it has a much better interest rate - i'll then save into it monthly to try and hit my cash ISA allowance for 2011/12.
There's a standing order of £50/month from my grandparents that goes into my old ISA product though. Can I leave this running and ensure that I don't go over the max limit of £5340 this year between both ISAs or do I have to close the old one and only pay into one ISA per year?
I could try and get the standing order changed but I don't want to cause my grandparents any hassle - my granda has had a stroke recently and they have more to worry about than this!!
Many Thanks!
I have just opened a new E-ISA with Nationwide and intend to transfer my old ISA savings to this account as it has a much better interest rate - i'll then save into it monthly to try and hit my cash ISA allowance for 2011/12.
There's a standing order of £50/month from my grandparents that goes into my old ISA product though. Can I leave this running and ensure that I don't go over the max limit of £5340 this year between both ISAs or do I have to close the old one and only pay into one ISA per year?
I could try and get the standing order changed but I don't want to cause my grandparents any hassle - my granda has had a stroke recently and they have more to worry about than this!!
Many Thanks!
0
Comments
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You cannot contribute to two different ISA's in the same tax year. Therefore, you cannot continue to pay £50/month into you old ISA.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0
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Thank you! I was getting confused when I did a google search - some answers said yes, some no. Just wanted to clarify. Thanks again!0
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