Cash ISAs and transfers in query

nvh

Hi folks, I've got a pretty straight forward question that I need to ask on behalf of someone else.  

- I have opened and subscribed (paid into) to an ISA with Marcus Bank for *this* tax year (2021/22)

- I also have an ISA with The Cooperative Building Society that was last paid into in 2018/19

Am I permitted to open a new Cash ISA with another provider, and transfer in part of my Cooperative Building Society ISA (as its from a previous tax year), or am I not permitted because I have already opened another ISA with Marcus Bank this tax year?

Conscious that a transfer in doesn't consume any of your annual ISA allowance, so is a limit imposed on the number of Cash ISA's you can open each year regardless of whether or not you're putting 'fresh' (non-ISA transfer) money in there?

eskbanker

There is no limit to the number of cash ISAs you can open in a tax year, just the restriction that you can only subscribe new money to one.

So, yes, you can indeed transfer old money into a different ISA from the one with your current year money, although not all permutations of ISA providers will allow partial transfers, so you'd need to validate that with those concerned....

nvh

Thank you really appreciated.

The product to open / transfer into was identified as the Tesco Bank Cash ISA (I did send the same question to them and they said we could only open one per year - didn't have much faith in their response though to be honest)

Thanks for highlighting limitations on partial transfers - I've now checked and seem possible  
https://www.tescobank.com/savings/isa-accounts/instant-access/

You can transfer: All of your current year’s subscriptions to a Cash ISA, Stocks & Shares ISA or other eligible types of ISA. You can then make further subscriptions to your new ISA in the same tax year, as long as you don't exceed your annual allowance. All or part of any subscription made in previous tax years.