ISA's ADVICE PLEASE

Sarinee

A friend of mine opened an ISA with Santander a couple of months ago and would like to know if he can now open another ISA for this tax year ?.

What happens with his old ISA he set up a couple of months ago if he can open another ?

He was told he would be contacted after 12 months by Santander re the ISA he already has.

jem16

Sarinee wrote: »

A friend of mine opened an ISA with Santander a couple of months ago and would like to know if he can now open another ISA for this tax year ?.

Yes he can or he can continue to pay into the Santander one if it's not a fixed rate which only allows an initial deposit.

What happens with his old ISA he set up a couple of months ago if he can open another ?

If he does open a brand new one the Santander one will continue earning tax free interest.

He was told he would be contacted after 12 months by Santander re the ISA he already has.

He may well do as the rate will probably drop.

Sarinee

Thank you Jem16.

I am assuming he can open another with Santander so he has his old one and a new one ?.

jem16

Sarinee wrote: »

Thank you Jem16.

I am assuming he can open another with Santander so he has his old one and a new one ?.

Shouldn't be a problem. I take it you're thinking that the rate will last longer?

Sarinee

I've no idea what the rate is as its not for me. I may open an ISA later in the year mind you! :-)

Yorkie1

Sarinee wrote: »

Thank you Jem16.

I am assuming he can open another with Santander so he has his old one and a new one ?.

It can be with any provider, as long as he meets their criteria for the ISA.

Sarinee

Thanks Yorkie1