Two ISA's?

MissMuppet

I'm an ISA newbie, I really don't know much about them.

I am being made redundant on 31 July and I'd like to put quite a bit of the money away somewhere, I'd like an easy access ISA but also something else which isn't so easy to access so I am able to stop myself spending the money.

Any ideas? Would this be possible to have two seperate ISA's?

Thanks

lisyloo

No you can't open two cash ISAs.
Although as a new tax year is coming up in April, you could open one before April and then one after April.
But once you open the second you cannot contribute to the first.
So you could put away your permanent money before April (5th?) and then your easy access money after April (6th?)

MissMuppet

Thanks... is there other ISA's, not cash? I am completely clueless! I won't have any money until the end of July... but I guess one ISA is better than none!

thenudeone

You cannot open two ISAs in the same tax year but some institutions allow you to mix'n'match different account types whilst remaining as a single ISA for tax purposes.

eg: http://www.newcastle.co.uk/maximisa/main

This would allow you to get a higher rate on some money you can afford to lock away whilst keeping some money easily accessible.

MissMuppet

Thanks, I will take a look!

baribil

It is my understanding that you can have two ISAs, as follows .....
From 06 April the ISA limit is raised to £10680 (in line with an RPI adjustment), up to half of which (£5340) can be put into a Cash ISA. Whatever part of the total £10680 is not put into a Cash ISA can go into a stocks and shares ISA. I am not aware of anything to prevent you having the two types of ISA with different providers.