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More than one ISA......
Hoof_Hearted
Posts: 2,362 Forumite
The ISA rules seem simple, but could anyone help me with this.
I had a regular saver ISA, opened a few years back, but I closed it at the end of April when the rates dropped. I could get more in a non-ISA and moved the money. I had made one payment for 2020-21. I can't pay into two cash ISA's in a year, so my allowance is going to be wasted and I have my redundancy money to put somewhere. However, I also have a stocks and shares ISA. Could I pay the rest of my allowance into this and then transfer it out to a cash ISA? I am risk averse and do not want too much money in stocks and shares, although Fundsmith has been brilliant.
I had a regular saver ISA, opened a few years back, but I closed it at the end of April when the rates dropped. I could get more in a non-ISA and moved the money. I had made one payment for 2020-21. I can't pay into two cash ISA's in a year, so my allowance is going to be wasted and I have my redundancy money to put somewhere. However, I also have a stocks and shares ISA. Could I pay the rest of my allowance into this and then transfer it out to a cash ISA? I am risk averse and do not want too much money in stocks and shares, although Fundsmith has been brilliant.
Je suis sabot...
0
Comments
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You can actually open a second cash ISA directly in these circumstances, taking advantage of the self-transfer mechanism explained at https://www.gov.uk/guidance/close-void-or-repair-an-isa-if-youre-an-isa-manager#error-self0
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