Does opening an ISA count as contributing towards it?

Hi all.

Would opening a new ISA count as contributing towards it? Consider this hypothetical situation:

1) I open my first ISA in Tax Year 1
2) I open my second ISA in Tax Year 2 but wish to contribute only to my first ISA (bearing in mind that I am only able to contribute to one of each type of ISA per Tax Year) and do not wish to transfer from the first ISA to the second ISA

Since I am usually required to provide some sort of minimum deposit to open up the second ISA, would this count as contributing towards an ISA for the Tax Year?

In other words, if I open a ISA, would that mean that I am unable to contribute to any of my existing ISAs of the same type?

Cheers all.

Comments

  • p00hsticks
    p00hsticks Posts: 12,573
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    Since I am usually required to provide some sort of minimum deposit to open up the second ISA, would this count as contributing towards an ISA for the Tax Year?

    Yes - if you're putting money in, you're contributing to it.
    All the ISAs I've opened have required some sort of initial deposit on opening them, but there may be ones out there that don't.

    But why would you want to open ISA 2 if you're not going to actually put any money into it ?
  • Just a hypothetical question :j
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