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pay into 2 ISAs in 1 year

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
22 replies 2.7K views
cinekcinek Forumite
86 posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
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
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Replies

  • masonicmasonic Forumite
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    You could always split your money between a cash and a S&S ISA. Nothing has changed in that respect.
  • ColdIronColdIron Forumite
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    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
  • MarkBargainMarkBargain Forumite
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    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_MG_M Forumite
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    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!
    ** If I include a blue link in my post, click and read it before posting a follow-up question. The answer may be in the link! **
  • Reed_RichardsReed_Richards Forumite
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    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.
    Reed
  • AlexlandAlexland Forumite
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    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..
  • 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)."
  • AlexlandAlexland Forumite
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    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.
  • masonicmasonic Forumite
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    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.
  • 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?
    Mornië utulië
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