Adding more money to existing ISA account for new tax year?

Fingerbobs

Sorry, another silly question about ISAs.

I have a Barclays Golden ISA Issue 3 which I opened right at the end of the last tax year, and is giving me 3.25%.

Now we're in the new year, can I add more money (obviously only up to the £5340 limit) into this /same/ account, or do I need to open a new account for this year's "quota"?

Thanks in advance!

Lokolo

You can do either but not both.

Fingerbobs

OK, so I can add money to my existing ISA, provided I do not open any more ISA accounts this year?

(Sorry for being thick!)

Lokolo

Yep thats right (well you can open other ISAs this year but only for transferring)

I_luv_cats

If you open another ISA this tax year you declare that you won't be newly funding any other cash ISA's therefore your Barclays is theoretically locked

Fingerbobs

Brill - thank you!

I suppose there is a small risk in that another ISA may spring up later in the year with a much better interest rate and I wouldn't be able to take advantage of it, but 3.25% is pretty competitive right now, so I'm prepared to risk it.

The_Enforcer

You may still be able to take advantage of a higher rate ISA later in the year if it allows transfers in, then you could transfer your Barclays funds into it and also continue to subscribe to the new ISA post-transfer (if you have any of your 11/12 allowance still to invest).

Fingerbobs

Thanks for all the replies, all.

I presume I'm correct that if I add more money to the existing ISA account, I'll start earning the full 3.25% on that money until the deal expires next year?

Lokolo

Yes that's correct.

Reue

Fingerbobs wrote: »

Sorry, another silly question about ISAs.

I have a Barclays Golden ISA Issue 3 which I opened right at the end of the last tax year, and is giving me 3.25%.

Now we're in the new year, can I add more money (obviously only up to the £5340 limit) into this /same/ account, or do I need to open a new account for this year's "quota"?

Thanks in advance!

That's exactly what im intending on doing, especially as that particular isa pays interest monthly as well!