More than one cash ISA?

Little_Ni

I'm confused, I thought I could only open one mini-cash ISA, but I read on this thread that someone has 3-4 open and being used at the same time. Is this ok to do? Does that mean that in theory I can put away £6000 in two different cash ISAs in the same year and keep adding to them both each year? Any advice appreciated to clear my fuzzy head. Thanks

djbd1973

Al_Mac wrote: »

You can have one per year. You can only add cash during that year. There is nothing to stop you having several for different years with different companies.

Al Mac is correct. Most of the people you are reading about are discussing previous years allocations as well as the current year but only one cash ISA is allowed per tax year.

Rayvon

So just to perfectly clear, because I was unsure myself - say I open an ISA just now, thats my allowance up until April next year.

However at the beginning of the new financial year I can keep the existing one open AND open up a new ISA?

Aegis

Rayvon wrote: »

So just to perfectly clear, because I was unsure myself - say I open an ISA just now, thats my allowance up until April next year.

However at the beginning of the new financial year I can keep the existing one open AND open up a new ISA?

Spot on! It's what I've done myself

Lokolo

So does that mean technically (if allowed a max of £3k, i know its going up) after the 2nd year you can have £9k in the Cash ISAs (£3k first year, £3k second year 1st ISA, £3k second year 2nd ISA)?

or are you only allowed to put £3k in your name each year?

ukdutypaid

3k per tax year............. (ignore the going up bit, for the sake of this)
So no..... 6k, in 2yrs..... 9k in 3..........
Apr-Apr yr 1, 3k
Apr-Apr yr 2, 3k in previous or new Cash ISA
Apr-Apr yr 3, 3k in previous or new Cash ISA....

Chase the best rate, every year... Transfer your previous lot if the new best rate will take it...

Lokolo

Oh jolly good. I do understand it.

Thats cool. So does that mean after 10 years some people have a lot of ISAs to keep an eye on!??

Thats all good, somewhere to put my student loan

jem16

Lokolo wrote: »

Thats cool. So does that mean after 10 years some people have a lot of ISAs to keep an eye on!??

You could have 10 ISAs after year 10 or you could have 1 ISA whilch holds 10 years worth of contributions as you have either just kept the original or you have transferred for better rates.

riad_2

ukdutypaid wrote: »

Apr-Apr yr 2, 3k in previous or new Cash ISA
Apr-Apr yr 3, 3k in previous or new Cash ISA....

Out of curiosity, would it be possible to put £1500 in ISA1 and £1500 in ISA2... or can you only invest in ONE cash ISA in any tax year?

(Obviously one wouldn't do this as you'd want to put the whole 3k in the better paying ISA!... just curious)

jem16

riad wrote: »

Out of curiosity, would it be possible to put £1500 in ISA1 and £1500 in ISA2... or can you only invest in ONE cash ISA in any tax year?

(Obviously one wouldn't do this as you'd want to put the whole 3k in the better paying ISA!... just curious)

You can only pay into one cash ISA in any tax year.

Milarky

riad wrote: »

Out of curiosity, would it be possible to put £1500 in ISA1 and £1500 in ISA2... or can you only invest in ONE cash ISA in any tax year?

This is possible - but only by a 'trick' by which 'ISA1' has been transferred to 'open' 'ISA2' (and 'ISA2' provider accepts transfers) and the balance of the same year's subscription then goes into 'ISA2' together with the transferred amount. Therefore whilst you definitely can't have this year's money in separate ISAs at the same time you can have 'subscribed' to different ISAs at different times during the same tax year