Unused ISA allowance

Parich

I have taken out this 20/21 year a Post Office Fixed Isa, but not used the full allowance, which I was going to add to this month. it appears I now cannot add to this ISA as no more can be added after opening. Am I right in believing I can only open one ISA a year even if the full allowance is not used?

Albermarle

You are right on both counts .
Fixed rate saving accounts ( ISA or non ISA) only allow deposits for a short period after opening .
Now you have deposited new money in a cash ISA this tax year , you can not deposit new money into another one.
You could use the remaining allowance for another kind of ISA though, like a Stocks and Shares ISA for example. 

badger09

Albermarle said:

You are right on both counts .
Fixed rate saving accounts ( ISA or non ISA) only allow deposits for a short period after opening .
Now you have deposited new money in a cash ISA this tax year , you can not deposit new money into another one.
You could use the remaining allowance for another kind of ISA though, like a Stocks and Shares ISA for example. 

Not quite

You can open as many ISAs as you like in a tax year. However, you can pay new money into only one of each type of ISA at a time. 

grumiofoundation

Appears post office allow split isa - can split allowance between fixed terms and easy access so you should be able to contribute more this tax year, just not to the fixed term account you already have.

Although the rates are currently poor so wouldn’t seem to make sense to do this until near the end of the tax year.

https://www.postoffice.co.uk/savings-accounts/online-isa

badger09

grumiofoundation said:

Appears post office allow split isa - can split allowance between fixed terms and easy access so you should be able to contribute more this tax year, just not to the fixed term account you already have.

Although the rates are currently poor so wouldn’t seem to make sense to do this until near the end of the tax year.

https://www.postoffice.co.uk/savings-accounts/online-isa

Good spot.

Without knowing more about OP's finances its impossible to say whether saving into a Cash ISA is worthwhile or not.

However, most people would be better off using Regular Saver accounts and/or something like the new Virgin Money current account paying 2% up to £1000, given they are unlikely to earn more than £1000 interest.