Do I have to open a new ISA on 6th April

mblingane

I'm currently happy with my ISA provider and do not want to open a new account. Does my tax free cash allowance reset from 6th April or do i have to open another ISA account to get the benefits?

E.g. If I have saved £5,640 in my ISA this year and intend to save this amount next year - can i do so in the same account or do i have to have two accounts of £5,640?

Hominu

Depositing further funds will automatically sign another ISA declaration, so you can use your existing account.

But you'll be able to deposit another £120 next year, so £5760.

innovate

mblingane wrote: »

I'm currently happy with my ISA provider and do not want to open a new account. Does my tax free cash allowance reset from 6th April or do i have to open another ISA account to get the benefits?

You haven't said whether your ISA is instant access or fixed rate, or who your ISA provider is.

If instant access, your interest rate is likely to nosedive very soon and you would get much better elsewhere. But you could deposit next year's money into it.

If fixed term, unless your ISA is with Lloyds, you are not likely to be able to make any further deposits into the ISA now.