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Investing in different ISAs...
KiKi
Posts: 5,381 Forumite
Sorry, I have looked around and read the ISA article but am still unclear on one point which I hope someone can help me with.
Let's say, for example, that I open a cash ISA with Bank A in April 08 and pay in £3600. Next year, I find a cash ISA with a better interest rate with Bank B, and want to transfer my current one. But Bank B doesn't allow tranfers in, so I leave my current savings in Bank A, and open a second cash ISA with Bank B in April 09 where I deposit another £3600.
My question is, in the year that I deposit money in ISA B, can I also continue to deposit money in ISA A?
Or can I only use my cash limit once each year? Ie, I can only invest in one of my cash ISAs each year and the other one has to remain untouched?
Thanks to anyone who can help.
I'm relatively new to ISAs!
Let's say, for example, that I open a cash ISA with Bank A in April 08 and pay in £3600. Next year, I find a cash ISA with a better interest rate with Bank B, and want to transfer my current one. But Bank B doesn't allow tranfers in, so I leave my current savings in Bank A, and open a second cash ISA with Bank B in April 09 where I deposit another £3600.
My question is, in the year that I deposit money in ISA B, can I also continue to deposit money in ISA A?
Or can I only use my cash limit once each year? Ie, I can only invest in one of my cash ISAs each year and the other one has to remain untouched?
Thanks to anyone who can help.
I'm relatively new to ISAs! ' <-- See that? It's called an apostrophe. It does not mean "hey, look out, here comes an S".
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Comments
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Cash limit is per year not per isa so yes, once the 09 one is opened you cannot invest in the other as well.0
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Just to be clear, you cannot split it either i.e £2900 in ISA B and £700 in ISA A during the same year.They say you can't put a value on life... but I live it at half price!0
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you dont invest in a cash isa. you save in it. Investing would apply to stocks and share ISAs and mixing and matching investments within those is perfectly fine with a fund supermarket, wrap or platform.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Let's say, for example, that I open a cash ISA with Bank A in April 08 and pay in £3600. Next year, I find a cash ISA with a better interest rate with Bank B, and want to transfer my current one. But Bank B doesn't allow tranfers in, so I leave my current savings in Bank A, and open a second cash ISA with Bank B in April 09 where I deposit another £3600.
Isn't £3000 the maximum in a cash ISA in one year or has it changed recently?Wiggly:heartpulsFB0 -
next year it increases.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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you dont invest in a cash isa. you save in it. Investing would apply to stocks and share ISAs and mixing and matching investments within those is perfectly fine with a fund supermarket, wrap or platform.
Okay, I used the word 'invest' which is incorrect, but I think it was clear I was talking about a cash mini ISA.
Thanks to those who were able to help me out with the question.' <-- See that? It's called an apostrophe. It does not mean "hey, look out, here comes an S".0
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