Am I able to pay into 2 ISA's at the same time

TheBigEasy

Hi,
I hope someone can answer a question for me.

I have a full ISA with a company that I am paying £100/month into. I do not really want to get rid of or transfer this ISA.
Can I start another full ISA, with a different company, and pay money into both at the same time.

I would be wishing to continue paying 100/month into my existing and pay 200/month into a new one.

I know this is within the amount allowed but do not know if paying into two is allowed.

Thanks for any help.
Jon L.

CLAPTON

I'm not sure what a full ISA is but
no, you can only have one active cash ISA at a time (I'm assuming you aren't talking about S&S ISA)

Saints2011

From the 6th April 11 - 5th April 12

You can either put £5340 in a Cash ISA and £5340 in a stocks and shares isa or put the full amount into s&s £10680 only

thenudeone

Saints2011 wrote: »

From the 6th April 11 - 5th April 12

You can either put £5340 in a Cash ISA and £5340 in a stocks and shares isa or put the full amount into s&s £10680 only

... or any variation between the two.

But as said above, you can't contribute to more than 1 cash ISA or more than 1 S&S ISA in the same tax tear

le_loup

No. Not any variation of the two. The Maximum that can go into cash is limited to 5340.

Ryanc0llins

le_loup wrote: »

No. Not any variation of the two. The Maximum that can go into cash is limited to 5340.

its now 5640 when the new tax year begins

TheBigEasy

Sorry about the confusion. I meant a Stocks & Shares ISA.
I guess from the replies that the answer is no. If I want to pay into a different stocks and shares ISA after this April I need to stop apying into my existing stocks & shares ISA.

thenudeone

le_loup wrote: »

No. Not any variation of the two. The Maximum that can go into cash is limited to 5340.

I didn't say: "Any variation of the two"

I said:

thenudeone wrote: »

... or any variation between the two.

The original post said:

Saints2011 wrote: »

You can either put £5340 in a Cash ISA and £5340 in a stocks and shares isa or put the full amount into s&s £10680 only

You do not have to choose between EITHER £10680 S&S OR £5340 S&S plus £5340 Cash ISA.

You can choose any mixture between these limits, i.e.:

The amount in a Cash ISA can be between:
Zero & £5340

The amount in a S&S ISA can be between
Zero & [£10680 LESS whatever you've put in a Cash ISA this year]

http://www.money.co.uk/article/1003127-understanding-stocks-and-shares-isas.htm

So if you only put £1000 in a Cash ISA you can still put £9680 in a S&S ISA.

le_loup

Good to see that confusion cleared up.
A lot of less knowledgeable people are looking for advice on here. Better to be precise so as not to mislead them.

TheBigEasy

Thanks for all this.
So have I got this right.
I have been paying into a Stocks and Shares ISA for a few years and only that one.

Can I:
Stop paying into my existing stocks and shares ISA at the end of this tax year
AND
Open a new Stocks and shares ISA
AND ALSO
Open a new Cash ISA
IF
I only pay a maximum of £5340 into the Cash ISA and the difference (up to £10680) into the Stocks and Shares ISA in this coming tax year.

le_loup

Correct in every respect.