Cash ISA query

efd58

Hi, I'm a newbie to all this so hope you can help!

I'm a little confused with ISA's - I have a Cash ISA, opened this tax year, and currently filled with this year's allowance, so come April, can I dump my next allowance into this existing ISA, or do I have to open a new one?

Thanks!

Lokolo

April 6th, not just April.

But you can do either, just not both

ChesterDog

In theory you can use the existing one, but it depends on its terms and conditions.

ChesterDog

Or of course, you might open a new, better one, and transfer the balance of your old one into it as well as making the new contributions, if the new one allows this. If so, the provider of the new one will do it, not you yourself.

Freecall

At one time the straight answer would have been that you could simply add to your existing ISA, it is after all just a bank account.

As things have become more complex however you will need to check the specific product you have as they are all now different.

That's progress I suppose.