What do I do with my ISA?

Hadrian

I am totally confused about this issue with my (only one) ISA and would very much appretiate a simple yes or no answer.
I have at present one 2009/2010 ISA with the max allowed. I wish to continue having an ISA's. Can I leave this current 2009/2010 ISA alone into tax year 2010/2011, and can I add to it the new max allowed for 2010/2011? This would make an old and a new ISA running at the same time with the same provider. Would they both then gain from no tax? Simple answer if you please.

Svenena

Yes.

But the old one is likely to drop to a rubbish interest rate (rates on ISAs tend to be fixed for a year, or until a certain date, ie the end of the tax year), and the rate offered on the new one might not be the most competitive either.

Hadrian

For the 1st time i'm begining to understand this ISA business having had one for years. I'm not alone seeing the number of posts as mine!:T