ISA Existing / New

Meester_W

I'm looking for some advice, please.

In June, I plan to renew my current ISA - by doing so, does this constitute as a new account? My aim is to renew the existing account without putting any 'new' money into it and then open another ISA with a different provider and plough this years allowance into it.

My current ISA stands at circa £83,000 so I'm sailing close to the £85,00 FSCS - if not for this, I'd simply put the £20000 into that one.

Thanks

AnotherJoe

What do you mean by "renew" the current account ? Is that take up a new fixed interest period? If so that's not putting any new money in, it's akin to selling one share and buying another in an S&S ISA, so as far as I can see you'd be fine to open a new one with someone else.

Meester_W

By saying 'renew', I am, as you've deduced, looking at locking in for another fixed term on the ISA I presently have. I just wasn't sure if the act of doing this was seen as a new account. Thanks for your response.

badger09

Meester_W wrote: »

By saying 'renew', I am, as you've deduced, looking at locking in for another fixed term on the ISA I presently have. I just wasn't sure if the act of doing this was seen as a new account. Thanks for your response.

It wouldn't matter anyway. There is no restriction on the number of ISA accounts you can open in a year. For example, you could open 5 cash ISAs and 3 S&S ISAs if you wanted to.

The restriction is that you can pay new money into only one (of each type of ISA) at a time, up to a total limit of £20k.

As an aside - are you sure cash ISAs are the right home for your savings of £100k+? You must have held the ISA for several years already. Do you need that much in cash?

Meester_W

TBH, I'm not certain if cash ISA accounts are my best option. That said, I'm pretty risk-averse, so the circa £180,000 I have in overall savings is strewn over ISAs and current a/cs paying 'decent' interest rates.