MSE News: New Isa year under way – act now for tax-free savings

innovate

david78 wrote: »

I agree with you

Whoopeyyyyy! Another one down, a few million and a half , and MSE article writers, to go!

RoxRoxBling

You are right that you can add new money into different cash ISAs in the same year where the ISA manager pools the accounts (like Nationwide do).

Can I ask. . What do you mean by pools the account?

david78

All of the separate Cash ISA accounts that Nationwide (and the former Portland building society which is now part of Nationwide) are treated as one Cash ISA. You can open and fund as many of these as you like (up to the annual allowance). Nationwide have a special licence from HMRC to do this (M&S are another one); other providers don't so restrict you to one account.

rb10

david78 wrote: »

Nationwide have a special licence from HMRC to do this (M&S are another one); other providers don't so restrict you to one account.

Really? I thought any provider could do this, but all the others just opted not to.

I may be wrong though...

david78

Yes they have opted not to have this arrangement with HMRC (presumably because its more expensive to adminsitor). Maybe there isn't really a "licence", its more an agreed relationship with HMRC.

innovate

rb10 wrote: »

Really? I thought any provider could do this, but all the others just opted not to.

I may be wrong though...

I also thought any provider can do what Nationwide opted to do but none of the other ones I have come across do.

Pincher

It's theoretically possible to do all kinds of transfer, splitting and combining, but the ISA wrapper provider is supposed to keep track of it all, and they don't want to get into a muddle, so they like to keep it simple.

It is perfectly possible that you want to keep one ISA for a university fund, another one for a car fund, etc. , but if you have two ISAs active with one provider, it makes them nervous. What if you start withdrawing and repaying in? Nightmare.