Can I open 2 ISAs in the same tax year?

SpanishBlue

Today I opened a 2 year fixed rate ISA with Santander. I am funding it with a transfer from an old ISA from another bank. I will not be adding any of this year's allowance to it.

Can I still open another ISA with another organisation, and add new money to it?

Lokolo

Yes you can

thenudeone

/\ /\ what lokolo said

Magsnoodle

Can you have an ISA from last year, add some more money into it for this month and then open a new ISA or is that against the rules??? I say it is against the rules but hubby is not listening... This is yet again to show him I am right...

Mags

matttye

Magsnoodle wrote: »

Can you have an ISA from last year, add some more money into it for this month and then open a new ISA or is that against the rules??? I say it is against the rules but hubby is not listening... This is yet again to show him I am right...

Mags

That would be adding to two ISAs in one tax year and thus against the rules.

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."

The new tax year started on 6 April 2014.

Technically if you added more money to last year's ISA before the 6th April and then opened a new ISA and paid into it on or after the 6th then that would not be against the rules and your husband would be right, but if you do it from now then it would be against the rules.