Basic ISA question !

swayzak

Hello

I recently opened a cash ISA with Paragon, and transferred 65k from my Virgin ISA. I then paid in 20k "new" money to this new ISA (my ISA allowance for 2018-19).

The Virgin ISA is now paying a rate of 0.51%.

Can I open another ISA to transfer the remaining Virgin ISA money into, to get a better rate on this ISA saving (without paying any additional money, as my ISA allowance for 2018/19 has already gone into the Paragon) ?

The rule as I understand it is that you can only open one CASH ISA per tax year, so I suspect not..

Thanks

moneymagic

You can only subscribe (i.e. pay new money) into one cash ISA per year but you can open more than one ISA if you wish to transfer previous years subscriptions.

swayzak

Thanks - v helpful.