Can you open two ISAs in the same tax year?

bongoali

Hi All,

I have an old Santander ISA where the interest rate is about to drop. I am thinking of transferring it to Halifax but to do so I have to open a new ISA with them (min deposit £1).

I would like to open a new ISA this year with Santander (3.3% interest versus 3% at Hfax).

Is it possible to open two - i.e. £1 at Halifax and £5339 at Santander? Or are we only allowed to have one new ISA open at a time?

Thanks

Alter_ego

You can only subscribe new money to one each year, so the £1 is out. You can transfer to new isa's as often as you like bearing this rule in mind

bongoali

thanks .. So I could open a new ISA with the Halifax, transfer in the old ISA, then move the new ISA from Halifax to Santander?

jem16

bongoali wrote: »

I have an old Santander ISA where the interest rate is about to drop. I am thinking of transferring it to Halifax but to do so I have to open a new ISA with them (min deposit £1)

You don't have to pay anything into the Halifax ISA to transfer. You simply open it and say you will fund it later. You then fill out the transfer form.

bongoali

hi.. but it says min deposit = £1 ?

Could I open it and fund it withe the old ISA tranferred in?
If I can , am I then free to open a 2nd ISA this year?

jem16

bongoali wrote: »

hi.. but it says min deposit = £1 ?

Could I open it and fund it withe the old ISA tranferred in?

Yes

If I can , am I then free to open a 2nd ISA this year?

Yes

opinions4u

Ignore what the Halifax say about funding with £1.

The ISA you transfer in will fulfil the minimum opening balance requirements.

bongoali

thank you peeps! :beer: