Multiple Fixed Rate Cash ISAs within one year 9 December 2022 at 3:24PM in ISAs & tax-free savings 1 reply 208 views

Chris_59783

I cannot seem the find the answer to this question anywhere.
Lets say I put £1000 into a 1 Year Fixed Rate cash ISA with Virgin Money in August 2022. If I now want to put another £1000 into another 1 Year Fixed Rate cash ISA with Virgin Money and I have not put any money into any other ISA providers etc. in this tax year, is this allowed? I have read a lot of statements that say that the first payment into 1 specific ISA type is the only ISA of that type that can be bought in any one year, but if the ISA provider is the same one, can I not simply add to my VM cash ISA by buying more 1 year fixed rate "bonds"?

eskbanker

Chris_59783 said:

I cannot seem the find the answer to this question anywhere.
Lets say I put £1000 into a 1 Year Fixed Rate cash ISA with Virgin Money in August 2022. If I now want to put another £1000 into another 1 Year Fixed Rate cash ISA with Virgin Money and I have not put any money into any other ISA providers etc. in this tax year, is this allowed? I have read a lot of statements that say that the first payment into 1 specific ISA type is the only ISA of that type that can be bought in any one year, but if the ISA provider is the same one, can I not simply add to my VM cash ISA by buying more 1 year fixed rate "bonds"?

Paying into multiple cash ISAs with the same provider is permitted, but only if the provider offers the split/portfolio ISA model where multiple underlying accounts are supported within the same ISA.

Virgin isn't one of these though, so you can't now pay into another cash ISA this tax year if the funding window for the first has closed.

https://www.moneysavingexpert.com/savings/best-cash-isa/#accordion-content-620297425-6