ISA Transfers - Advice Please

Malibusmash

I have the maximum amount in last year's ISA and so understand I am free to utilise the current 2015/16 allowance.

However, I wish to transfer the full amount in my current 2014/15 ISA to another account offering slightly more interest (I understand I have to adhere to ISA transfer rules etc.).

My question is:- if I transfer existing to a new account, am I still then allowed to open the 2015/16 account elsewhere? So in effect, I will be 'opening' two ISA in this tax year?

Thanks in advance.

Archi_Bald

Malibusmash wrote: »

My question is:- if I transfer existing to a new account, am I still then allowed to open the 2015/16 account elsewhere?

yes you are, provided you use the proper ISA transfer route

Malibusmash wrote: »

So in effect, I will be 'opening' two ISA in this tax year?

yes you are but opening more than 1 is not an issue. The only thing you must ensure is that you do not subscribe to more than one. "Subscribe" means putting new money in. Your previous years' ISAs, incl the interest they earn, are old money.

Malibusmash

Thank you so much Archi Bald - very helpful.