More than one cash ISA

akfathers

I've recently opened a LISA and I also currently have an instant cash ISA which I opened a few years ago. Is it possible to open another cash ISA, as long as I keep below the £20,000 ISA allowance?

Neil_Jones

You can only subscribe to one cash ISA a year. The LISA isn't classed as a Cash ISA.

Therefore you either subscribe to the old one (make payments to it) or you open a new one and leave the old one be (you can move it around). Remember your contributions to a Cash ISA and the LISA combined cannot exceed £20k, so if you max out the LISA you can only put £16k in a Cash ISA.

Keep_pedalling

Keeping cash ISAs over a long period has been pointless for a very long time now, why would you want to throw more in?

akfathers

Keep_pedalling wrote: »

Keeping cash ISAs over a long period has been pointless for a very long time now, why would you want to throw more in?

Do you have a better suggestion than a cash ISA?

eskbanker

akfathers wrote: »

Do you have a better suggestion than a cash ISA?

http://www.moneysavingexpert.com/savings/which-saving-account

Keep_pedalling

akfathers wrote: »

Do you have a better suggestion than a cash ISA?

The last cash ISA I had paid 6%, but since rates nosedived 9 years ago they were switched into S&S ISAs so for long term investments (over 5 years) that should be considered, and A P2P ISA is another option for shorter periods, although both those do have risks attached.

F.Prosser

I have two ISA's at present which were been opened many moons ago, one of them I have upgraded in June. Can I open another ISA this year?

Neil_Jones

If you haven't paid into any this tax year, then yes. You can have one of each of the four types and pay as you want into each of them providing it doesn't go over £20k for the lot this tax year. A Help To Buy ISA is classed as a Cash ISA.

If you want to keep the Cash ISAs you have now though, you may do better to transfer them as I suspect by now they'll be paying peanuts interest wise. It may be beneficial to bring them together into one pot. You can transfer previous years ISAs around until the cows come home.