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ISA rules
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I would like to Open a new Santander 2 year fixed cash ISA to use my 15/16 allowance. I also have a cash ISA from a previous tax year (coincidentally with Santander) I would like to transfer to the same type of account. Can I do this without consolidating both amounts into a single new account. If I need to access money within the fixed rate period I would to access some funds without loosing interest on the full amount. Hope this makes sense!
Yes, if you wish, you can open a new ISA into which you pay this year's ISA allowance, and another new ISA for previous year's subscriptions. You must ask the new ISA provider to organise the transfer for you though.
Just bear in mind that if you open the Santander 2 year FR for your 2015/16 allowance, you have only until 31 May to pay it in. Most fixed rate/fixed term ISAs have similar restrictions.
I can't see anything in Santander's FR ISA T&C which prohibits you from opening 2 separate 2 year FR ISAs if that is what you want :cool:0
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