Am I allowed?

Terriixx

This might sound really silly but I still don't know much about banks and accounts.

At the moment I have a current account with Nationwide and an ISA with Skipton Building Society.
Am I allowed to open a Savings account with Nationwide as well or am I only allowed so many types of account?

Thanks in advance
-T xx

tanith

I can see no reason why not , I have lots of Accounts with different banks..

Terriixx

Ok

Are you allowed more than one ISA?

DCFC79

Terriixx wrote: »

Ok

Are you allowed more than one ISA?

You can have 4 with 2k in each one which is fine as it is under the Max allowed which is 15k.

According to http://ask.barclays.co.uk/help/savings/how_many_isas you can only have 1 cash or 1 investment per tax year.

xylophone

In each tax year, you have a maximum that can be subscribed to an ISA whether cash/stocks and shares/ or one of each.

For the tax year just ending, the subscription limit is £15000.

For the most part, you are confined to one ISA cash account and one ISA share account per subscription year, although it has been known for a building society to allow depositors to mix and match their products within the subscription limit - a certain amount in a fixed rate product and a certain amount in a variable rate product, for example.

If you have not contributed the full amount to an ISA this year you still have time to do so.

You can also open any other account (provided that you are accepted by the provider).

You should be aware that at the moment, better rates are available on current accounts than on savings accounts.

colsten

DCFC79 wrote: »

You can have 4 with 2k in each one which is fine as it is under the Max allowed which is 15k.

???? sorry, this makes no sense.

DCFC79 wrote: »

According to http://ask.barclays.co.uk/help/savings/how_many_isas you can only have 1 cash or 1 investment per tax year.

this is also not correct, and the link you quoted actually does state 'and/or', not just 'or'

Adults can have as many ISAs as they like. But in the same financial year, they can only deposit new money into 1 cash ISA and 1 S&S ISA, and the total deposits in any one year must not exceed the annual allowance for the year in question. Whether you would actually have more than one of each depends on several factors but most people probably just have max one of each at any one point in time.

Slightly different applies to under 18s, but I assume we are talking adults.

As to current accounts: you can have as many as you like, provided your applications get accepted. If there is a limit to your balance, it's way above the £85K that you have FSCS protection for.

You are also allowed any number of other types of accounts, e.g. Regular Savings accounts or normal savings accounts, with whatever banks and/or building societies you fancy.

Vortigern

Terriixx wrote: »

Are you allowed more than one ISA?

DCFC79 wrote: »

You can have 4 with 2k in each one which is fine as it is under the Max allowed which is 15k.

Strange advice. Perhaps you were answering a different question?

Terriixx wrote: »

According to http://ask.barclays.co.uk/help/savings/how_many_isas you can only have 1 cash or 1 investment per tax year.

Barclays actually say:

There is no limit on the number of ISAs you can hold, but you can only subscribe (pay in) to 1 cash ISA and/or 1 investment ISA per tax year. This could be a cash ISA with 1 provider and an investment ISA with a different provider, or both with the same provider.

In other words you can have as many as you wish, but you can only pay in to one of each type per tax year.

PS - looks like colsten beat me to it.