Paying in to Isa

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
3 replies 802 views
RattledRattled Forumite
2 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Hi sorry if question already been asked, but if I put a lump sum into a 1 year fixed cash ISA, can I also make monthly payments in to it as long as total does not exceed £20,000?

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  • JGB1955JGB1955 Forumite
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    You can put up to £20,000 into iany one ISA in a single financial year but need to look at the specific T&C of the ISA you have chosen. Lots of them only allow payments in within the first 14 days after opening the account.
    #2 Saving for Christmas 2021 - £1 a day challenge £650/£638.
    #36 Saving for Christmas 2020 - £1 a day challenge.... £634/£366..
  • MadisonMadison Forumite
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    Part of the Furniture 100 Posts Combo Breaker
    I have a similar question. I'm about to transfer an ISA from last year and I've been told I can only pay in additonal amounts within the first 30 days. Two questions (i) can I pay in the remainder of my annual allowance into another cash ISA and/or (ii) can I transfer into one and open another that has no time restrictions on paying in the full amount?
  • masonicmasonic Forumite
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    Madison wrote: »
    I have a similar question. I'm about to transfer an ISA from last year and I've been told I can only pay in additonal amounts within the first 30 days. Two questions (i) can I pay in the remainder of my annual allowance into another cash ISA and/or (ii) can I transfer into one and open another that has no time restrictions on paying in the full amount?
    (i) No you can not, although the provider could allow you to divide your cash ISA between more than one 'account' and treat it as a single ISA. A few providers do this, but most do not.
    (ii) if the transfer is of previous year money, then you can do this. ISAs from previous years can be moved about, split up etc as you see fit. The money you pay in to a cash ISA during the current tax year must be kept with a single provider until the end of the tax year.
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