'Reactivated' a Cash ISA - now what else can I do?

iamparakeet

I was just about to transfer the max to my dormant cash ISA before the year closes, but the internet dashboard informed me it needed to be "reactivated".
I have done this, and performed the transfer (internal, from another account within the institution).
What I'd like to know is - how does this affect what freedoms I have left before the year closes, what I can do?

• Could I add to this amount?  (The institution's dashboard says amount left that can be paid in is £0.00).
• Could I open another ISA (Cash or Stocks & Shares) anywhere?
• Could I transfer the amount with the existing institution out to the new one?
• Is an S&S ISA a considered different pot, such that I could open one before the year closes, max it out, and then theoretically open a second S&S ISA *and* a second Cash ISA later in April?

Thanks.

Aceace

See inline comments.

robertandrews said:
I was just about to transfer the max to my dormant cash ISA before the year closes, but the internet dashboard informed me it needed to be "reactivated".I have done this, and performed the transfer (internal, from another account within the institution).
What I'd like to know is - how does this affect what freedoms I have left before the year closes, what I can do?

• Could I add to this amount?  (The institution's dashboard says amount left that can be paid in is £0.00).

No, not until 6th April. The £20K max ISA allowance is shared between all ISA types.

• Could I open another ISA (Cash or Stocks & Shares) anywhere?

You can "open" as many as you like, but you can't add any new cash to any of them this tax year as you've already used this year's £20k allowance.

• Could I transfer the amount with the existing institution out to the new one?

Yes. The current year's funds must be transferred as one lump if done before 6th April. Previous year's contributions can be transferred in any amounts to any number of ISAs, subject to the receiving manager allowing partial transfers.

• Is an S&S ISA a considered different pot, such that I could open one before the year closes, max it out, and then theoretically open a second S&S ISA *and* a second Cash ISA later in April?

No. The £20k max ISA allowance is shared between all ISA types.
Thanks.

iamparakeet

Aceace said:

See inline comments.

robertandrews said:
I was just about to transfer the max to my dormant cash ISA before the year closes, but the internet dashboard informed me it needed to be "reactivated".I have done this, and performed the transfer (internal, from another account within the institution).
What I'd like to know is - how does this affect what freedoms I have left before the year closes, what I can do?

• Could I add to this amount?  (The institution's dashboard says amount left that can be paid in is £0.00).

No, not until 6th April. The £20K max ISA allowance is shared between all ISA types.

• Could I open another ISA (Cash or Stocks & Shares) anywhere?

You can "open" as many as you like, but you can't add any new cash to any of them this tax year as you've already used this year's £20k allowance.

• Could I transfer the amount with the existing institution out to the new one?

Yes. The current year's funds must be transferred as one lump if done before 6th April. Previous year's contributions can be transferred in any amounts to any number of ISAs, subject to the receiving manager allowing partial transfers.

• Is an S&S ISA a considered different pot, such that I could open one before the year closes, max it out, and then theoretically open a second S&S ISA *and* a second Cash ISA later in April?

No. The £20k max ISA allowance is shared between all ISA types.
Thanks.

Thanks for the info!