Can I open a cash ISA & a S&S ISA in same tax year?

plarka

I just invested in an S&S ISA and would like to open a cash ISA or maybe transfer existing ISAs to one with a better rate. Is that allowed in the same tax year?

badger09

plarka wrote: »

I just invested in an S&S ISA and would like to open a cash ISA or maybe transfer existing ISAs to one with a better rate. Is that allowed in the same tax year?

2 separate questions really :cool:

It depends on how much new money you have paid into your S&S ISA since 6 April 2012. You can subscribe (pay in new money) up to £11280 in ISAs this tax year, of which a max of £5640 can be in a Cash ISA.

You can transfer previous years ISAs to one with a better rate. Transfers have no effect on the total amount you are allowed to subscribe. Make sure you use the new ISA provider's transfer process though. Don't try to do it yourself :eek:

plarka

Thanks! I just put in about £700, so I can put in up to £11,280 in the year, and it can be divided between S&S and cash?

innovate

plarka wrote: »

Thanks! I just put in about £700, so I can put in up to £11,280 in the year, and it can be divided between S&S and cash?

The limits/splits are as per badger09's reply.

Note you cannot transfer a S&S ISA to a cash ISA.