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Cash ISA
meljdobson
Posts: 6 Forumite
Can I have more than one Cash ISA? I have one with HSBC at a rate of 0.2%. I have over £30,000 in the account. Am I able to open another Cash ISA and transfer £20,000 from the HSBC account into the new account? Thanks.
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Comments
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You can have as many as you like but can only pay new money into one (of each type of ISA) in any tax year, and transfers don't count as new money, so, yes, you can open one and transfer as you describe. If you're only earning 0.2% in the existing one, you'd be better to transfer it all rather than just £20K of it (assuming the new one has a better rate) - transfers aren't restricted to the annual contribution allowance if that's why you planned £20K....1
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Do your savings need to be in a tax protected cash ISA? You can earn £1000 in interest tax free if you are a basic rate taxpayer and non ISA accounts usually pay better interest.1
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I am a voluntary worker in a hospice and casual exam invigilator so I don’t earn enough to pay tax. Any suggestions other than the ISA? Thanks.0
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