ISA's - Help!

Fernakapan

I feel a bit of a dope to have to ask this question: having been running a cash ISA for a few years and doing the switching thing, can I leave that one where it is and open a brand new one somewhere else? In effect, then I would have two cash ISA'S running.
Is this allowed, or do you need to put all your ISA savings in one 'pot'?
Thanks for any advice.

Vortigern

Fernakapan wrote: »

I feel a bit of a dope to have to ask this question: having been running a cash ISA for a few years and doing the switching thing, can I leave that one where it is and open a brand new one somewhere else? In effect, then I would have two cash ISA'S running.
Is this allowed, or do you need to put all your ISA savings in one 'pot'?
Thanks for any advice.

Yes, what you suggest is allowed. You can run as many ISAs as you wish, but you can only pay new money into one cash isa each tax year.

You can better interest from current accounts though.

Fernakapan

Thank you - food for thought!

jaynej

Help also needed please. If I pay a direct monthly payment into a Cash Isa (set up in sept 2013) can I start a new ISA in the next tax year and keep the original payments going alongside new account?

Alter_ego

jaynej wrote: »

Help also needed please. If I pay a direct monthly payment into a Cash Isa (set up in sept 2013) can I start a new ISA in the next tax year and keep the original payments going alongside new account?

No you can only pay in to one ISA (cash) in any tax year.