Stupid isa question

Photoframe55

If you get a fixed rate isa for say 5 years, quite a lot of the info on various providers say that you can't add any money after the initial deposit. This is probably a stupid question but if it's a five year fixed rate ISA can you deposit £20,000 each year or can you not make any more deposits like it says?

JGB1955

You won't be able to top it up after the initial deposit.

danm

JGB1955 wrote: »

You won't be able to top it up after the initial deposit.

To the OP.... the above is absolutely correct, but you can open another 5yr fixed ISA with the next years annual allowance.

Photoframe55

Im lost with this for some reason. I want to put £20,000 in to an isa of some sort each year but it says you can only have one running at the same time?? So, i pick an isa fixed for a better rate, put the money in, and leave it for 5 years? Then next year, how can i open another one if you can only have one running? For some reason this is just not registering with me.

masonic

Where does it say "you can only have one running at the same time"?

You are allowed to pay into one cash ISA per tax year. There is no limit to the number you can have "running at the same time".