Can I open a further ISA this year?

jnmccrt

I opened a new ISA a few days ago, intending to pay cash into it. But since then, I have found two old ISAs paying very low interest and have now transferred them into the new ISA. The balance on the new ISA is almost £15,000.

I hadn't realised the significance of declaring at the outset that the new account was for transfers of old ISAs. Because I didn't make this declaration, will this prevent me from opening another new ISA this year?

Alter_ego

If you have paid into this years, you can only open another if you transfer the old ones subscriptions to the one you open.

jnmccrt

I haven't "paid in", I've transferred. I just didn't declare that I was going to do that when I opened the account and wonder if that lack of declaration stops me opening another ISA that I can pay into this year.

Archi_Bald

When you open an ISA, you are asked to confirm that you have not and will not subscribe i.e. put new money into more than one cash ISA in the same financial year.

Transfers, as long as they are done the official way, do not count as subscriptions. Thus there was no "lack of declaration" on your part.

jnmccrt

Thank you. That's helpful to know.