Very quick ISA question

Alfietinker

OK. I know you can open a mini cash ISA this tax year, and open another one next tax year.

Could I contribute to both ISAs in the same tax year providing I don't go over £3000?

Reason: I want to put £2000 in a fixed ISA and not touch the money but I won't get the money until next tax year. I'd also like to make regular contributions to an easy acesss account.

Could I open a regular savings ISA now, and then open another fixed ISA after 6th April for the £2000. And still be able to contribute another £1000 to the regular account?

Many thanks!

Kazza242

Could I contribute to both ISAs in the same tax year providing I don't go over £3000?

1. No, you cannot contribute to two mini cash ISA's simultaneously in the same tax year.

2. You can contribute to an ISA and then transfer it to a new provider and top up your contributions during the same tax year, provided you do not exceed £3,000 and contributions are made by April 5 - otherwise you lose your unused allowance for that tax year. Although, this is not what you're planning to do according to the info given in your post.

Reason: I want to put £2000 in a fixed ISA and not touch the money but I won't get the money until next tax year. I'd also like to make regular contributions to an easy acesss account.

Could I open a regular savings ISA now, and then open another fixed ISA after 6th April for the £2000. And still be able to contribute another £1000 to the regular account?

No, you cannot.

You would be better off doing things the other way round. It is better to open the fixed ISA this tax year with your £2,000, as you won't be adding to it. Then from April 6 2005, you could open the the regular savings ISA and make regular contributions up to a maximum £3,000 by April 5 2006.

Doing it the way you've suggested in your post would mean that you would only be able to contribute to your regular isa until April 5 2005, as you are planning to open a fixed isa during the next tax year. As said earlier, you cannot contribute to two ISA's during the same tax year simultaneously. You would, however, be allowed to re-commence payments to the regular savings isa from April 6 2006.

Alfietinker

Ahh I see!

Thanks for clearing that up!

As it's unlikely I'll have the £2000 in time, I'd be better off not doing anything this tax year.

Cheers! :-)

deemy2004

Its a bit late now, but you could have got a 0% credit card such as egg and balance transferred the cash to your current account and onto the cash ISA

Oh well, somethign to remember for next March and using 0% cards for cash-flow for ISA savings time limits.