Cash ISA & S&S ISA at same time

I should manage to exhaust pension AA having used up all available carry forward in the next tax year, then hopefully hitting the AA over next few years after that. Therefore I'll be looking to open my first S&S ISA later this year for anything extra I can manage to put away for retirement above the pension AA.

I already have a cash ISA that I've built up to ~£75K over past few years that will likely be used towards a property purchase at some point. Can I simply open a new S&S ISA with a different provider while keeping existing cash ISA running? I understand I'll be limited to max £20K total contributions per tax year across both accounts but just want to make sure that having both types of accounts with different providers at same time is allowed?

Also at some point in the future I may want to transfer some of the cash ISA into the S&S ISA. For example following property purchase if £20K was left over in cash ISA could I transfer this £20K to S&S ISA while also contributing £20K new money to the S&S ISA in same tax year? (the £20K from cash ISA having been from a previous tax year's allowance). The cash ISA is flexible if that makes any difference.



  • jimjamesjimjames Forumite
    16.7K Posts
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Yea that's fine. As you say just keep to the £20k total contributions per year between the 2. Transfers don't count against the allowance so that's fine
    Remember the saying: if it looks too good to be true it almost certainly is.
  • VictorwelldueVictorwelldue Forumite
    98 Posts
    Second Anniversary 10 Posts Name Dropper
    Thanks I thought so but its always good to come here and check. The last assumption I made about ISAs was wrong but the forum kept me right as usual :smile:
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