Newbie question about opening a stocks & shares ISA

bala2001

Hi, wonder if you can advise. I understand that one can only open one stocks & shares ISA per tax year. I have an existing one from the last tax year and every month I put in a small sum of money into it. If I do open another stocks & shares ISA in this tax year, does that mean that I must stop contributing to the other one? Thanks.

stuart746

Yes, you can only pay into one each tax year, but I suppose the key question is why you would have more than one stocks and shares isa... you can transfer in.

badger09

Have you paid anything into your existing S&S ISA since 6th April 2020?

Why do you want to open another? 

Alexland

stuart746 said:

I suppose the key question is why you would have more than one stocks and shares isa... 

It can be cheaper to hold historic ISA contributions on a zero ongoing charge platform and make new tax year contributions to a percentage charge platform which has no trade fees.

Also different accounts can have different investment options and signup incentives.

Albermarle

Alexland said:

stuart746 said:

I suppose the key question is why you would have more than one stocks and shares isa... 

It can be cheaper to hold historic ISA contributions on a zero ongoing charge platform and make new tax year contributions to a percentage charge platform which has no trade fees.

Also different accounts can have different investment options and signup incentives.

As the OP is a self confessed Newbie, it is unlikely they will be thinking at this level of detail I guess.