Do I add to current ISA or need a new one for 2015/2016

fosswire

Hi all

I've got £15,000 (plus interest earned) in a Cash ISA I opened last year.

Now as I understand it, the limit for 2015/16 is £15,240.

Does that mean:
1) I can invest and additional £240 into my current ISA (is it the full £240 or is £15240 - my current balance (with interest) to take it up to £15,240)

or

2) Do I need a new ISA and put £15,240 into that?

Regards
Dave

AndyT678

The limit is annual.

You can add an additional £15,240 this year to your existing ISA or you can open a new one if something better is on offer and add up to £15,240 to that. You may also be able to transfer your existing ISA into the new one if you wanted to.

jimjames

Or you may find that you don't need an ISA at all when you can get 5% outside. It's taxed but still more than any ISA.

Really depends on the amounts you are looking to save and for how long.