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Can I Open Another ISA Account?
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drob4
Posts: 153 Forumite


Appreciate any info on the following scenario:
My fixed term ISA recently matured. I opted to open a new fixed term ISA account with the same provider. My balance (including interest) was paid into this account. I have a few more days to add to the new account if I so wish.
Assuming I haven’t added anything extra to my new fixed term ISA (or made any other ISA contributions this year), can I open a new cash ISA with a different provider and fund it immediately?
I’m unsure if I would be paying into two different accounts in the same year.
My fixed term ISA recently matured. I opted to open a new fixed term ISA account with the same provider. My balance (including interest) was paid into this account. I have a few more days to add to the new account if I so wish.
Assuming I haven’t added anything extra to my new fixed term ISA (or made any other ISA contributions this year), can I open a new cash ISA with a different provider and fund it immediately?
I’m unsure if I would be paying into two different accounts in the same year.
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Comments
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Yes you can. You wouldn't be paying into more than one ISA in the same tax year as money transferred from previous tax years is disregarded.
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Thanks for the reply.
My plan was to open a new cash ISA with a new provider and pay in £10000. I would then open a new Santander ISA (to benefit from their new offer) and transfer the £10000. A quick Google suggests this isn’t possible (unless there is a distinction between ‘opening’ and ‘funding’ a new isa).0 -
drob4 said:Thanks for the reply.
My plan was to open a new cash ISA with a new provider and pay in £10000. I would then open a new Santander ISA (to benefit from their new offer) and transfer the £10000. A quick Google suggests this isn’t possible (unless there is a distinction between ‘opening’ and ‘funding’ a new isa).
Be aware though that once your new ISA has been transferred to the Santander Fixed Term one, you have only got a very small window to maximise your 2022-23 ISA contribution to a cash ISA.0 -
Daliah said:drob4 said:Thanks for the reply.
My plan was to open a new cash ISA with a new provider and pay in £10000. I would then open a new Santander ISA (to benefit from their new offer) and transfer the £10000. A quick Google suggests this isn’t possible (unless there is a distinction between ‘opening’ and ‘funding’ a new isa).
Be aware though that once your new ISA has been transferred to the Santander Fixed Term one, you have only got a very small window to maximise your 2022-23 ISA contribution to a cash ISA.0 -
drob4 said:Daliah said:drob4 said:Thanks for the reply.
My plan was to open a new cash ISA with a new provider and pay in £10000. I would then open a new Santander ISA (to benefit from their new offer) and transfer the £10000. A quick Google suggests this isn’t possible (unless there is a distinction between ‘opening’ and ‘funding’ a new isa).
Be aware though that once your new ISA has been transferred to the Santander Fixed Term one, you have only got a very small window to maximise your 2022-23 ISA contribution to a cash ISA.
1
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