ISA Query..

Gwyn_J

Hi all, sorry if this is a stupid question, new to all this saving/investment stuff!

I opened a new ISA with Natwest at the end of the last tax year and paid in the whole of the yearly limit. Now its the new tax year I am now able to pay in another £5,640, which I intent to do as the more money the higher the rate.

My question however is am I able to pay in the £5460 to my Natwest ISA and still open another ISA with another bank for any further savings?

Many thanks :j

evenasus

As long as your ISA isn't in a fixed term ISA then you should be able to add to it.

If you add to that ISA, you cannot add to another ISA.

You can contribute to one ISA per year.

Gwyn_J

Thanks for the reply. Right, so I can add to this ISA but not open another, understood!

Any future savings would simply have to go in a high interest savings account I guess. Time to look!

Thank you.

psychic_teabag

Gwyn_J wrote: »

My question however is am I able to pay in the £5460 to my Natwest ISA and still open another ISA with another bank for any further savings?

No. You can pay a max of £5640 into cash ISAs this year, so if you pay that into your Natwest ISA, you have used the entire allowance.

In addition, you can only pay new money into only one ISA in any year. So once you've added so much as £1 to your Natwest ISA, that's the only ISA you can subscribe to this year. (Unless you transfer it, in which case the destination of the transfer becomes the only account you can top-up).

You can open a new ISA elsewhere to transfer any existing ISA savings, but you can't add new money to it.