Another newbie isa question

jellyhead80

I opened a cash mini ISA with Natwest about 4 years ago, and back then they gave out cash cards for you to withdraw your money, whenever you want from a cash machine, basically to be used like a current account. They have stopped doing this for new accounts but I can still use this so I want to keep this ISA. I have, over the years, saved £3500 in this isa now, and have paid in the max for this tax year (2004-2005)

I have just closed another savings account I had, which didn’t have as good interest as an ISA, hoping to put this into a NEW ISA, this would be about £2800 lump sum.

So my question is:
Can I open a NEW Cash mini ISA with a different provider and deposit the lump sum of £2800 before April 6th even though I have deposited the full whack into the natwest ISA this tax year? And keep the one at natwest, gaining the interest on the £3500 whilst keeping the other gaining interest on the £2800?

Any advice would be much appreciated. Thanks for your help

Laura x

grumbler

NO
If the account you have closed was ISA you should have transferred it to other bank instead of closing it! As you already used your current financial year allowance now you can only wait until April 6th.

jellyhead80

No the account wasnt an ISA, just a savings account by NSandI. Which was released when i was 18 so i had to close it.

so does this mean i cant put another £3000 in another ISA this tax year, thought it may have been too good to be true, will i have to wait till April 6th?

isasmurf

No, you can only put money into one ISA of each type. As you have already put money into your NatWest Cash ISA this year, you cannot put money into any other Cash ISA until April 6th.

The only way around this is to transfer what you have put into your Natwest Cash ISA this year to the other provider with whom you wish to save in future, then you can put money into the new ISA.

grumbler

isasmurf wrote:

The only way around this is to transfer what you have put into your Natwest Cash ISA this year to the other provider with whom you wish to save in future, then you can put money into the new ISA.

I think this needs some clarification. Again you can put new money into ISA only after April 5th!

jellyhead80

Thanks, yep thought it was too good to be true, i'll just wait till april 6th

Thanks for your help