Paying into multiple ISA types with different providers

chrisstaunton

Hi,

I'm hoping someone can help shed some light on a confusing (for me) situation.

I have two ISAs, a cash ISA with Nationwide and an IFISA with Funding Circle. I set-up and paid into the IFISA recently (i.e. within this tax year) and today attempted to pay into the cash ISA. However, Nationwide told me I couldn't because although I can spread my £20k limit across multiple ISA types, they must be with the same provider if they are both to be paid into within the tax year.

I was pretty confused by this, given that Funding Circle state that you can spread your £20k allowance across different types of ISAs with no mention of a single provider being an issue. Indeed they only offer one type, so that would make all their literature very misleading if true. I've tried speaking to HMRC, who pointed me to the Financial Ombudsman, who were no help whatsoever.

Therefore, I'm looking for some clarification: is it possible to pay into two different types of ISAs within a single tax year, with different providers?

Any help most appreciated.

Thanks,
Chris

Alexland

Nationwide person is incorrect you are fine contributing to multiple providers if they are each different types of ISA provided you observe the annual total £20k limit. See below overview:

https://www.gov.uk/individual-savings-accounts

They might be getting confused with their HTB ISA (which is a type of Cash ISA) in which case if you were also contributing to a Cash ISA you would need both the HTB ISA and Cash ISA with the same provider under the same Split Cash ISA wrapper.

Alex