Am i right to open 2 ISA's?

ACID

Hi not the usual question of whther im (legally) allowed to open 2 ISAS

but another variance of the question.


Basically i have 10k on my natwest e isa
ill be honest with the low rate im trying to get the best possible interest.

so my plan is to open 2 isa

1) Ill transfer the 10k into another new ISA for this tax year but dont subscribe to it

2) Ill subscribe to a new rate ISA.

Am i doing the right thing??

bigfreddiel

ACID wrote: »

Hi not the usual question of whther im (legally) allowed to open 2 ISAS

but another variance of the question.


Basically i have 10k on my natwest e isa
ill be honest with the low rate im trying to get the best possible interest.

so my plan is to open 2 isa

1) Ill transfer the 10k into another new ISA for this tax year but dont subscribe to it

2) Ill subscribe to a new rate ISA.

Am i doing the right thing??

sounds okay to me, if you don't need access to your cash transfer it to a FRISA - 5% for 5 yrs - you could even fund the same ISA if its what you want.

I did just that two years ago transferred and funded a new FRISA isa -keeps it simple - but its not that complicated tho.

fj

ACID

bigfreddiel wrote: »

sounds okay to me, if you don't need access to your cash transfer it to a FRISA - 5% for 5 yrs - you could even fund the same ISA if its what you want.

I did just that two years ago transferred and funded a new FRISA isa -keeps it simple - but its not that complicated tho.

fj

appreicate the fast response

im considering a FRISA but not for 5 years, need it much less
but its a good deal nonetheless

Saints2011

ACID wrote: »

Hi not the usual question of whther im (legally) allowed to open 2 ISAS

but another variance of the question.


Basically i have 10k on my natwest e isa
ill be honest with the low rate im trying to get the best possible interest.

so my plan is to open 2 isa

1) Ill transfer the 10k into another new ISA for this tax year but dont subscribe to it

2) Ill subscribe to a new rate ISA.

Am i doing the right thing??

Nothing wrong with that, just pay new money into only ONE Cash ISA this tax year and your be fine

Funkyfreddy

ACID wrote: »

Hi not the usual question of whther im (legally) allowed to open 2 ISAS
....

As is often mentioned you can "open" as many ISA's as you wish howver you can only subscribe new money from your current tax year allowance into one of them.

You could have four exisitng ISA's all now with a low rate of interest. You could transfer all of these into one new ISA (that alows transfers in) or if you wanted and for the sake of an example, keep these as individual ISA's and transfer them to different institutions and open a fifth ISA to deposit (subsribe) your current allowance into.


FF

ACID

but ill make more by opening two rather then having 1? correct?


trasnfer 10k earn interest
open a new one and also earn interest (but not add money in a lump sum)

Baldur

ACID wrote: »

but ill make more by opening two rather then having 1? correct?

That depends on the rate that you earn on each account.