Paying into ISAs

Gothchick

I just need something clarifying - I transferred an old ISA into a new one a couple of weeks ago. I haven't paid any new money into it yet. I want to open a completely new ISA. I know the current allowance is £5940 but can I pay in part of that allowance into the transferred ISA and part of the allowance into the new ISA - or does the whole allowance have to be put into just one of the ISAs? Thanks!

Archi_Bald

No, you cannot split your deposits across two cash ISAs simultaneously.

As a matter of interest, why would you want to do that?

Gothchick

Personal reasons but thanks for the advice.

thenudeone

Archi_Bald wrote: »

No, you cannot split your deposits across two cash ISAs simultaneously.

Actually, it is possible provided both ISAs are with the same institution AND that institution allows it.
Newcastle BS and (IIRC) Nationwide BS are two who do.
https://www.newcastle.co.uk/maximisa

So - you could lock some away for 5 years to get a good rate whilst leaving some on instant access in case you need it. It's such a good idea it's a pity more places don't offer it.

Archi_Bald

Ah yes, apologies, I keep forgetting the Newcastle and Nationwide schemes. Mainly because I don't think they are worth remembering since for at least one, may be even all the ISAs that you could have under the scheme, you get pitiful interest, less than you can get in current accounts and regular savers.

Sorry if I sound like a broken record but I shall just continue to bang on about this.

See also http://forums.moneysavingexpert.com/showpost.php?p=65239004&postcount=25