Share & cash ISA Q

podge_monster

I have a share ISA with a company and wanted to move my money from this to a cash ISA with A/L which i have just opened. I have been told by my share company that i can not move my money from a share ISA to cash ISA is this correct?
I pay £150 p/m into my Share ISA and asked them is it ok to pay £100 p/m into a cash ISA bringing my total to £250 p/m taking me upto the £3000 limit in a year.
My share company have said this would be ok is this correct because i thought you could only sign upto 1 ISA per tax Year.

Many thanks in advance

Walletwatch

podge_monster wrote:

I have a share ISA with a company and wanted to move my money from this to a cash ISA with A/L which i have just opened. I have been told by my share company that i can not move my money from a share ISA to cash ISA is this correct?

Yes, this is correct, you can only move from a cash ISA to another cash ISA and a share ISA to another share ISA.

podge_monster wrote:

I pay £150 p/m into my Share ISA and asked them is it ok to pay £100 p/m into a cash ISA bringing my total to £250 p/m taking me upto the £3000 limit in a year.
My share company have said this would be ok is this correct because i thought you could only sign upto 1 ISA per tax Year.

You can invest upto £4000 per year in a mini-shares ISA and £3000 per year in a mini-cash ISA. £150 and £100 per month would mean £1800 and £1200 for the year, which would be well within each of the limits. For that matter, if you want to make full use of your cash and shares components, you can invest £250 per month into the cash ISA and £330 per month into the shares ISA.