New to Stocks & Shares ISA - need help

lucknnow

Hi all,

With the dire rates on cash ISAs I am taking the plunge into S&S ISAs. My question is, if I have opened a regular monthly saving account with one provider in 2012, can I open another with a different provider in 2013 while still paying into the 2012 monthly one?

Thanks in advance for any advice.

AlwaysLearnin

From:

http://www.hmrc.gov.uk/isa/faqs.htm#8

Q. How many ISAs can I have?

A. There are limits on the number of ISA accounts you can subscribe to each tax year. You can only put money into one cash ISA and one stocks and shares ISA.
But in different years, you could choose to save with different managers. There are no limits on the number of different ISAs you can hold over time.

lucknnow

Hi AlwaysLearnin
Thanks for your reply.

I'm still unclear.

Does this means that if I continue to pay into my 2012 regularly throughout 2013, I cannot open another with a different provider?

vickssinex

You can only pay new money into 1 cash ISA and 1 S&S ISA per tax year. You can't pay into a 2012 and 2013 ISA in the same year.

You don't have to close the 2012 ISA, but it usually makes more sense to transfer it in to the 2013 ISA if the interest rate on the old one has dropped. That's the case for a cash ISA anyway.

Of course, the 2013 ISA will have to allow transfers in for you to be able to do this in the first place, and not all of them do. It's one of the things you should check when looking for a new account.

BLB53

Does this means that if I continue to pay into my 2012 regularly throughout 2013, I cannot open another with a different provider?

If you have started a cash isa, you can put in a max. of £5,760. If you now want to start a S&S isa, you can open this with another provider and put in a further £5,760 this year. You cannot put more than £5,760 into the cash isa and the limit for both combined in this tax year is £11,520.

jimjames

lucknnow wrote: »

Hi AlwaysLearnin
Thanks for your reply.

I'm still unclear.

Does this means that if I continue to pay into my 2012 regularly throughout 2013, I cannot open another with a different provider?

No you cannot continue to pay in to last years ISA.

If you do so then it will become this years ISA and you cannot then open one with someone else.