2 cash ISA's with same provider 4 November 2022 at 4:21PM in ISAs & tax-free savings 3 replies 122 views

Aidanmc

Just wondering if there is anything really wrong about this?

A week or so ago i opened a Virgin ISA and started a transfer, (its still in progress). The ISA transferring in is only previous years contributions.

Today i opened a second Virgin ISA and started another transfer. This ISA transferring has both previous years and current years contributions.

I understand it probably doesn't make much sense to have 2 cash Isas at the same bank. The only way to transfer a second ISA into the initial Virgin one was to send a paper form, so i thought it easier to open a second Virgin ISA and arrange transfer during opening process.

masonic

Nothing wrong with this. Sometimes it makes sense to have more than one, for example fixed term ISAs or a mixture of fixed and easy access.

Albermarle

Nothing wrong with this.

Shedman

Interesting as I was on chat earlier and was told you couldn't have 2 exclusive flexi ISAs.   But then the Chat Agent didn't exactly inspire confidence in their knowledge..surprise surprise.
I'll give a go as don't want to go through the paper submission palaver to transfer into the existing one. It'll be handier having two anyway in case I want to transfer one to a fix ISA or to an S&S Isa at some point.

EDIT:   seems to have worked OK.  Two Exclusive Flexi ISA 2 now showing on the account.