Can a person have more than one NISA account with multiple banks?

KevinInvesting

[With the current year's allowance - this question is not referring to moving around any previous year's ISA]


This is a resurrection of a (modified) question from a closed post back in 2011. However, how does it apply now to NISAs given than distinction between Cash and S&S NISAs have disappeared?


I want to emulate the old scheme and put 50% (£7.5K) of my allowance in a cash NISA with the best long term 3% AER and put the other 50% in index trackers with my preferred online investment company.


Is this allowed? If I am forced to put 100% with same company their cash rate is lousy (Bank rate - 0.4%).


If this is the case maybe the new NISA rules are not as good as they first seemed...

ColdIron

Nothing has changed with respect to the distinction between cash and investment ISAs.You can still open separate cash and investment ISAs with different providers

jimjames

If you're prepared for the risk with a S&S ISA would you even bother with a cash ISA at all?

Have you maxed out all the current accounts paying 5% or so first? I only use S&S ISAs and haven't had any cash ones for well over 10 years.

planteria

same here....for those that can spare the full allowance for the long term, using the ISA allowance for S&S has to be wise, and spare cash in Offset/RegularSaver/CurrentAccounts...in order to get some kind of return on the cash.