Two cash ISA's in one year? 6 October 2022 at 1:55PM in ISAs & tax-free savings 9 replies 318 views

The_stingemeister

Is it ok to open two cash ISA's in the same 12 month period? One will be an internal transfer (one ISA to another better paying one) with same bank, with no added cash involved. The other is a different bank, where I intend to invest £19,000 of "new ISA" cash.

refluxer

Yes - provided you haven't made any contributions to the first ISA you mentioned during the current tax year then what you want to do is within the rules.

The_stingemeister

Just to be crystal clear.
When you say contributions you mean added extra cash? No I haven't, it's just the whole isa amount swopped to a better ISA.

refluxer

The_stingemeister said:

Just to be crystal clear.
When you say contributions you mean added extra cash? No I haven't, it's just the whole isa amount swopped to a better ISA.

Yes - I meant if you've added any 'new money' to it in this tax year, so 6th April 2022 onwards.

FatherTireseus

You will be fine with what you propose to do.  You can only open one new cash ISA a year to invest ‘new’ money.  But you can open new cash ISAs to transfer existing cash ISAs around on top of any new money - I may move several old ones during the course of a year.

The only constraint on moving is that if you transfer an ISA opened in the current tax year, you have to move the whole amount.  Otherwise partial transfers of cash ISAs from previous tax years are allowed.

refluxer

The important thing to remember is that you can only make contributions with 'new money' (from the current tax year) into one ISA of any one type (eg. one Cash ISA) at any one time.

Albermarle

Can I Open Another ISA Account? — MoneySavingExpert Forum

TonyM19

Hi

Wasn't sure which thread to post in, so apologies if this in the wrong place.  I 'think' I follow this, but I have a follow up question.  I have a fixed term 12 month Cash ISA with Aldermore that I transferred from Nationwide in June this year.  I will be opening a new Cash ISA with Santander with the maximum 20k, which (if I'm following correctly) is ok.  My question is when would I next be able to put new money into a Cash ISA?  Would it be at the start of the next financial year or would I have to wait until the Aldermore fixed term expires?

Cheers

masonic

TonyM19 said:

Hi

Wasn't sure which thread to post in, so apologies if this in the wrong place.  I 'think' I follow this, but I have a follow up question.  I have a fixed term 12 month Cash ISA with Aldermore that I transferred from Nationwide in June this year.  I will be opening a new Cash ISA with Santander with the maximum 20k, which (if I'm following correctly) is ok.  My question is when would I next be able to put new money into a Cash ISA?  Would it be at the start of the next financial year or would I have to wait until the Aldermore fixed term expires?

Cheers

The start of the next tax year.

TonyM19

Thank you!