Open two ISAs in one tax Year from Tranfers?

jehangir

Is it possible to open two ISA accounts in one tax year from transfers from existing ISAs? .

One will be a " upgrade" , a balance transfer from Coventry building to their new ISA product ( 1.19 to 1.5%) .

The other from Natwest into a new Tesco ISA ( from .6 to 1.4 ).



Reason I want to have two ISAs is the money from the Natwest is for a house deposit from my soletrader business account and I want to a keep a paper trail in case I am asked where the funds came from .



I already have a standard savings account paying Tesco which contains funds from my Natwest Business account .



To confuse matters more I also have a Natwest help to buy ISA which I have not contributed to this tax year.

Any help would be much appreciated .

Reed_Richards

In the old days you had a new PEP and then subsequently a new ISA every year. "Opening" in effect meant contributing new money. This terminology has continued even though the boundaries between this year's ISA(s) and those from previous years have become blurred.

So to answer the question, you can make as many transfers and splits of the money contributed to your "standard" ISAs in previous tax years as you like. It is only the contribution of new money in the current tax year that you have to be careful about. A Help to Buy ISA has more rules and restrictions but still nothing to stop you making the ISA transfers you are planning.

Emily_Joy

Yep. The rules read that you can't pay new money to more than one Cash ISA, but you can open as many accounts as you wish to split and to transfer previous years ISAs.

jehangir

Thanks for taking the timeout to respond , what confuses me is that the Tesco ISA page states " You must not have subscribed to another Cash ISA in the same tax year".



So is subscribed they same as contribute ?

ColdIron

No. Subscribe is ISA-speak for pay new (non-ISA) money into. Transferring previous years ISAs are not subscriptions