D'oh! Have I been a bit dumb? ISA-opening question

argentum

Recently (in this tax year) I opened an ISA with my bank into which to skim a few quid that were excess to requirements in my current account. This ISA doesn't allow transfers in.

I now need to transfer funds from a previous tax year's ISA into one with a better rate.

My question is, can I open new ISA (the second this year) if I only want to transfer in old money or have I messed up by already opening one this year?

Any guidance gratefully received!

cleggie

I am not sure about all banks, but i am pretty sure that with Natwest no matter what, you are only allowed to open 1 ISA per tax year.

Ark_Welder

You can transfer previous years' ISAs into new ones regardless of whether you are making cash contributions to one in the current year - so long as the new ISA provider will accept transfers from other schemes.

What you must do, though, is to get the new ISA provider to do the transfer for you. You cannot withdraw the funds yourself and then open up another ISA to put hte funds into.

Gromitt

You can open as many ISAs as you like. The restriction is only that you may deposit funds (subscribe) to one ISA per year.

So you can transfer the money now and if you find a higher interest ISA next week you can do it again, and keep doing it until you are happy.

argentum

It's been so long since I tended my ISAs (an expensive oversight ) that I'd forgotten how confusing the terminology is. Thanks for setting me straight, all!