How many ISA's

poduk

I'm sure I've seen the answer on the board before, but I can't seem to find it.

How many cash ISAs can you hold at the same time?

I'm looking at opening the NS&I Direct ISA but I also have a LloydsTSB cash ISA, which I haven't paid into this year. I just want to make sure I can open the new ISA whilst still having the LloydsTSB one.

Thanks

Phil

save-a-lot

Hi

You can have a different provider every tax year if you want to.

Paul_Herring

You may hold only a cash ISA with one instituion in the current tax year. If you've contributed in the current tax year and you wish to use another institution, this tax year's contributions must be moved to that institution.

Previous year's ISA's may be split up among any number of institutions.

To answer your question directly, you can open the NS&I this tax year while holding previous years' with LTSB.

Milarky

Paul_Herring wrote:

Previous year's ISA's may be split up among any number of institutions.

This feature would allow you to hold ISAs with a practically unlimited number of institutions after a few years. Now you may want to do this so as to 'reserve' certain terms and conditions on accounts now longer offered perhaps - or for 'carpetbagging' purposes. But this will be restricted in certain circumstances where a 'no transfers-in' rule applies (eg NS&I) and 'transfers-in' have been left at the discretion of ISA providers (i.e. they aren't required to offer them under any rules).

Does anyone know of [a list of] providers according to whether transfers are permitted or restricted? That would be useful to refer to.

Afahmaep

Milarky wrote:

This feature would allow you to hold ISAs with a practically unlimited number of institutions after a few years. Now you may want to do this so as to 'reserve' certain terms and conditions on accounts now longer offered perhaps - or for 'carpetbagging' purposes. But this will be restricted in certain circumstances where a 'no transfers-in' rule applies (eg NS&I) and 'transfers-in' have been left at the discretion of ISA providers (i.e. they are required to offer them under any rules).

Does anyone know of [a list of] providers according to whether transfers are permitted or restricted? That would be useful to refer to.

I am or was currently working on just that idea for exactly the purposes you suggested (carpetbagging, although i call it carpetblagging as the reasons have slightly changed ,Takeover rather than Demutualisation) until I went to my ISA PROVIDER for 2005/2006 Portman BS and found that they will charge me £30 for a transfer.
Seems 'what one hand giveth the other taketh away!' I should receive a windfall for the Portman BS being taken over by Nationwide.
I had discovered though that the Building Societies that were difficult to obtain 'normal' accounts with were just as difficult when it came to transferring in ISA funds with a few exceptions.
Good hunting.

lisyloo

I am sure this must have been asked before but I can't find the answer.

If I transfer a mini-cash ISA with previous monies in it but don't contribute to it then can I open a maxi ISa in the same year?

gt94sss2

lisyloo wrote:

If I transfer a mini-cash ISA with previous monies in it but don't contribute to it then can I open a maxi ISa in the same year?

If you haven't contributed to that or any other mini-cash ISA this tax year, then yes, you can open a maxi ISA.

The fact that you may have transferred an existing cash ISA from one provider is irrelevant - only if you have contributed to one.

Regards
Sunil