Can I open a cash ISA after already opening a S&S ISA this tax year

chockydavid1983

Hi guys,

I'm aware you can't open more than one cash ISA per tax year but can't work out if this one account limit applies across ISA types.

I have already opened a S&S ISA with Cavendish Online and begun funding it monthly.
I'm thinking about opening a HSBC Advance account to get the switching bonus and then opening the associated ISA to get that bonus too.

Thanks,
Chris.

masonic

Yes you can subscribe to one of each type per tax year.

Archi_Bald

You can open as many ISAs of any type whenever you like. But you can only subscribe (i.e. deposit new money) to 1 cash ISA and 1 S&S ISA in the same financial year. The combined subscription must not exceed your annual ISA allowance, i.e. £15,240 this FY.

If you still have allowance left and not deposited into another cash ISA since April 6, you certainly can put £300 into an HSBC ISA to get the £120.

chockydavid1983

Thanks Masonic, that's good news :-)

chockydavid1983

Thanks Archibald.
I do still have allowance left and pretty sure I won't need all the allowance this year for my S&S, though may need to wait for a my work bonus (hopefully! :-) ) to be sure.
First year with an S&S ISA :-)

Thanks,
Chris.

jimjames

You can, but I'm not sure why you'd bother? Have you already filled current accounts?

masonic

jimjames wrote: »

You can, but I'm not sure why you'd bother? Have you already filled current accounts?

Maybe you missed the fact the "associated ISA" is the HSBC Loyalty ISA with Save Together, allowing you to pay in £25 per month and receive a £10 per month top up?

Archi_Bald

jimjames wrote: »

You can, but I'm not sure why you'd bother? Have you already filled current accounts?

Because there is nothing else that pays 40% interest. It would be rude not turn £300 into £420 in the space of 12 months, wouldn't it? And if you want the money in your S&S ISA eventually, it's a simple ISA transfer at the end of the 12 months.

http://www.hsbc.co.uk/1/2/savetogether

jimjames

masonic wrote: »

Maybe you missed the fact the "associated ISA" is the HSBC Loyalty ISA with Save Together, allowing you to pay in £25 per month and receive a £10 per month top up?

I had indeed missed that. Having opened the advance current account I'll also be doing the same, my first cash ISA since 2001.