ISA.... confused

tsmiggy

I currently have a MINI ISA with a building society,and have held this for a few years now.Can i or can i not open another mini ISA,i seem to be getting different suggestions.My present Mini ISA is a 90 day notice one.I have £2000 to invest,but may need access to it.

thanks

dunstonh

ISA allowances are contribution allowances. i.e you can pay £7000 per tax year into an ISA. Once the new tax year begins, the slate is wiped and you get a brand new £7000 allowance. Your new contribution(s) can go to the existing ISA or a new one.

tsmiggy

I have a mini ISA so i have a £3000 allowance,if i open another mini ISA can i then contribute to both,providing i do not exceed my £3000 allowance........... getting there :j

ifstar

No, it is my understanding that you can only actively contribute to 1 during any year although you can keep your other one open and it will still gain interest.

chesky369

And if you've paid anything at all into the old one this financial year, then you can't open a new one.

jamesd

You can open a new one and use an ISA transfer to move the current year funds to it then contribute to the new one in the same year.

There is also currently an exception to the rules where contributions to multiple ISAs in the same year will be ignored provided the total deposited is within the limit but it's prudent not to rely on this, since the consequence of a change will be losing the tax benefits from all involved accounts except the first one that was contributed to in the year.

sixtyplus

Best Cash ISA transfer deal please. Currently with M & S but is a very poor rate indeed.
I know Barclays are being recommended by Martin, but this is only for NEW ISA's I believe, so need to know who is giving the best deal for a transfer.
Thanks

jem16

Have you read this sticky which contains all the info you need?

http://forums.moneysavingexpert.com/showthread.html?t=401374