Quick ISA question

Harri-bear

Just a quick question. I had an ISA last year and planned to change providers this year. Unfortunately I forgot to cancel my monthly standing order and £50 has already gone into the ISA I set up last year. Can I still open another one or am I stuck with the ISA I've already got?
Probably a really simple answer - just don't know it! Very grateful for any replies.

david78

You're not stuck but must proceed carefully.

You need to open another Cash ISA and transfer your old ISA to that. Don't add any new money until the transfer is complete.

You can choose to transfer all of it or just this years £50 (depending what you mean by change provider).

Once the transfer has been done you can then add the rest of this years allowance to the new account.

Harri-bear

Thanks for that! Kicking myself that I didn't stop the standing order.