ISA/NISA confusion

boomdog

I took out an online isa with HSBC in January of this year and would like to know if I am allowed to open another one with the Nationwide today and pay into both.

le_loup

No.
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ColdIron

Assuming that they are both cash ISAs you can put new money into one or the other but not both. Not sure why you would want to do this though, surely one pays a better rate than the other. You could put new money into the one with the best rate and ask that provider to transfer the other one into it

colsten

You can certainly open another cash ISA as January was last financial year and you can have a new cash ISA each financial year.

You must not pay into more than one cash ISA in the same financial year. Like Coldiron, I don't understand why you would want to pay into both. More than that, I do not understand why you would want to put any money into a cash ISA much before end of March next year, as you will get significantly better interest outside cash ISAs. The only reason to put any money into a cash ISA is to make use of your allowance, and your current allowance lasts until April 5 2015.

If you post what the interest rates of the two ISAs, as well as how much you have in your January ISA, how much you plan to put in this financial year, and also next, people can provide some more comments.

ISAs and NISAs are one and the same thing now, btw. All current ISA rules apply to all ISAs.

LokiBrenna

You can actually have TWO ISA[/URL]s in one year - one cash and one stocks ... My preference is to have both ... :-)

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.

Loki

jimjames

boomdog wrote: »

I took out an online isa with HSBC in January of this year and would like to know if I am allowed to open another one with the Nationwide today and pay into both.

Have you paid into this HSBC ISA since April? If so then that's the only one you can pay into this year; you can't open another.