How Many Cash ISAs 14 June 2018 at 6:33PM edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings 5 replies 1.1K views

gjbcymru

Hi,
Can anyone please clarify what providers actually mean by "Subscribe to only 1 cash ISA pre tax year".
I had a fixed term ISA from last year and I opened another ISA this year to transfer that balance into. However I was not able to put new money into that ISA because there was a cut-off date which I missed The Leeds BS told me that I could open another ISA as I hadn't paid any money in to the other (transfer) ISA even though it was in the same tax year. However the Yorkshire BS told me something different, basically you already have your ISA for this year and tough that you cant pay into it.

Vortigern

To subscribe means to pay new money into your ISA.
An ISA to ISA transfer does not count as subscribing.
You can open as many ISAs as you like each year but you can only subscribe to one cash ISA.

Leeds is right, Yorkshire is wrong.

Gjbcymu

Thank you for the quick response and it's extremely helpful as I am at the FSCS limit at the Leeds and need somewhere else to deposit.
Thanks again.

eskbanker

Gjbcymu wrote: »

I am at the FSCS limit at the Leeds and need somewhere else to deposit.

....in which case you probably ought to consider whether investing (via a S&S ISA) might be more appropriate than stockpiling even more cash (that'll lose its value to inflation over time), unless all of it is earmarked for use within the next few years?

Gjbcymu

Thanks, I'm 63 and a but rusk averse by nature but I think that is something I should look into. Any advice (not investment obviously) where to start researching the best way to move in thus direction or how to go about managing s&s ISAs would be great.
Thx

eskbanker

Gjbcymu wrote: »

Thanks, I'm 63 and a but rusk averse by nature but I think that is something I should look into. Any advice (not investment obviously) where to start researching the best way to move in thus direction or how to go about managing s&s ISAs would be great.
Thx

Yes, I'd have expected you to have moved on from rusks by that age!

There are plenty of threads on here about approaches for novice investors, and other places to research would include:
https://www.moneysavingexpert.com/investments/
http://www.monevator.com
http://diyinvestoruk.blogspot.com/