Split ISA

1Foz

Hi everyone...

I am a little bit confused (maybe) about this. Here's how I think I understood it. So, I opened a nationwide help to buy ISA last week and have put in the max 1200 to start. My intention then is any leftover money (which is after I've also put into high interest savings with my First Direct and Flexclusive which both have 5% rates) I just put into an ISA. This won't amount to too much but since nationwide I was led to believe as the best for a split ISA it seems sensible to do that.

Thing is, i'm confused as to whether I should have made it known to them that I wanted to have a split ISA. Is it simply a case of me now opening the Flexclusive ISA (already have current account with them) and then my two cash ISAs with them are only classed as one, or do I have to do something else besides that? I already messaged them saying I was confused about it cos looking back, maybe I was supposed to ask given that, technically, you can only have one cash ISA.

Obviously I don't wanna open the flexclusive ISA and then have HMRC chasing me about having two cash ISAs, so thats why I wanted to ask. I suppose I should wait to hear what they say, but i'm now wondering if I won't be able to open the flexclusive cash ISA cos I didn't ask them to split the H2B one...which I don't remember seeing on the application form tbh, but maybe I missed it

Thanks!
Stuart

masonic

There is no need to let them know. You can simply spread your ISA allowance around the various Nationwide ISAs. NW report the ISAs to HMRC as a single account.

1Foz

ah ok. I was just worried if they were treated independently. Thanks!

jimjames

It's also worth checking other rates as a cash ISA isn't automatically the best place to put money if you want to maximise interest