pay into 2 ISAs in 1 year

cinek

I know in the past you could only pay into 1 ISA each year but I recall reading somewhere that you can now pay into multiple ISAs as long as you stay within the £20k limit? Is this correct? I have a cash isa and a stocks & shares isa and want to split the 20k between them

masonic

You could always split your money between a cash and a S&S ISA. Nothing has changed in that respect.

ColdIron

There are 4 types of ISA:

• cash ISAs
• stocks and shares ISAs
• innovative finance ISAs
• Lifetime ISAs

You can put money into one of each kind of ISA each tax year.

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

MarkBargain

Can you pay into different kinds of ISA with different providers in the same tax year i.e. cash ISA with provider A and shares ISA with provider B?

G_M

MarkBargain wrote: »

Can you pay into different kinds of ISA with different providers in the same tax year i.e. cash ISA with provider A and shares ISA with provider B?

There are 4 types of ISA:

• cash ISAs
• stocks and shares ISAs
• innovative finance ISAs
• Lifetime ISAs

You can put money into one of each kind of ISA each tax year.

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

Forgive the plagiarism!

Reed_Richards

MarkBargain wrote: »

Can you pay into different kinds of ISA with different providers in the same tax year i.e. cash ISA with provider A and shares ISA with provider B?

Yes.

There is a 10 character minimum length of reply so this additional comment is obligatory.

Alexland

MarkBargain wrote: »

Can you pay into different kinds of ISA with different providers in the same tax year i.e. cash ISA with provider A and shares ISA with provider B?

Yes, they will each individually report to HMRC who will check you have complied with the rules..

MarkBargain

Thanks for the replies, you have confirmed my understanding. I was confused as Nationwide wrote this to me:

"Although you can pay into different types of ISAs in the same Tax year, you are only allowed to pay into one ISA provider per tax year, as I have stated in my previous message: you can only pay into one ISA provider per tax year. The only way you would be able to pay into your Stocks and Shares ISA with another provider after paying into your Flexclusive ISA with us, is if you transfer your ISA over to the other provider (this can only be done if they accept cash ISA transfers)."

Alexland

It looks like your Nationwide person has only been trained on Nationwide Split Cash ISAs where this would be true. For example if you were contributing to both a HTB Cash ISA and a traditional Cash ISA in the same tax year they would both need to be with Nationwide.

masonic

It is always a bad idea to ask bank and building society employees about the ISA rules. Most do not know the rules well enough to give an accurate response to even the simplest question.

Lord_Baltimore

So, can I have an active CASH ISA with 2 different providers in the same financial year as long as the total sum deposited in them does not exceed this year's limit of £20k i.e. can I put £10k (say) in one and £10k in the other or must I put the whole £20k in one of them only? I think it's the latter?