confused on cash ISAs...

resi

hi all
I thought i could open a new cash Isa each year and still continue to deposit in the other existing one - am i wrong?
ttfn,R

Lokolo

Yes you are. You can only contribute to ONE CASH ISA (at any one time) each tax year.

You cannot put money into an old one, and a new one simultaneously.

dtaylor84

Not sure why you added "(at any one time)"?

You can only contribute new money to one cash ISA in any tax year.

You can transfer old money around all you like.

The only complication is transferring new money (current tax year's subscriptions) -- you can only transfer all the new money or none of it. But you can continue to contribute more new money (up to the subscription limit) to the ISA you transferred the new money to.