APPLYING FOR A 3 YR CASH ISA ?

flow2

I thought that I can open, a cash isa with one company, and transfer money in, from another isa,  then open another and do the same…I have just logged into Yorkshire Building Society, to start a 3 year Isa, with the understanding, of transferring part of my isa, across - it says “ I APPLY TO SUBSCRIBE TO A CASH ISA FOR THE 2022/2023 TAX YEAR AND EACH SUBSEQUENT YEARS”
Does this mean, I cannot open another one ?

refluxer

If none of what you're doing involves 'new' subscriptions (from the current tax year), then you can open new ISAs and transfer as often as you like (subject to any applicable penalty if you're transferring a fixed rate or notice cash ISA before the maturity date).

When it comes to ISA T&Cs, when they use the term 'subscribe', they're essentially talking about paying in money from the current tax year's allowance. ISA T&Cs often seem to worded on the presumption that this is what you'll be doing when this isn't always the case, which can be a bit confusing.

eskbanker

flow2 said:

Does this mean, I cannot open another one ?

No, it doesn't mean that - you can fund multiple new ISAs as long as only one holds current year money, and that statement doesn't contradict that, although you wouldn't actually be subscribing (i.e. paying new money in) if you're only transferring prior year money in.

Albermarle

The wording can be a bit potentially confusing in these provider statements. As long as you actually only subscibe/add new money to only one of each type of ISA each year, then you can open as many others as you like.

flow2

Thank you, it sounded confusing, as I haven’t done this before !

refluxer

flow2 said:

Thank you, it sounded confusing, as I haven’t done this before !

Don't worry - when it comes to confusing ISA terms and declarations, I was in exactly the same boat a few years back ! It'll become second nature once you've got your head round the rules and carried out a few transfers.