Cash ISA Transfer - multiple accounts - previous years 23 February at 8:43AM in ISAs & tax-free savings 1 reply 109 views

skray

Hi
I was in the process of opening a new Cash ISA account with Castle Trust Bank by transferring previous years ISA.
I am being asked to agree these declarations:

    I have not subscribed/made a payment to and will not subscribe/make a payment more than the overall subscription limit in total to any combination of permitted ISA types in the same tax year
    I have not subscribed and will not subscribe to another cash ISA in the same tax year that I subscribe to this cash ISA;

I would like to know why I will have to confirm to "I have not subscribed and will not subscribe to another cash ISA in the same tax year that I subscribe to this cash ISA". I understood you have to invest your current year allowance of £20K into a single Cash ISA account only, or if you are transferring from a Cash ISA account that was opened with current year allowance - then you have to transfer the entire balance. However there is no restriction on ISA that was opened in previous years - you can transfer the funds partially and into multiple accounts. In fact I already have a Cash ISA account with a different bank opened with current year allowance.

I wrote to Castle Trust Bank but have not received a response. When I am trying to open an account with Secure Trust Bank I am being asked to sign the same declarations.

Thanks in advance

TiVo_Lad

You might be getting confused with "Subscribing" and "Opening" which are different concepts. You can open as many ISA accounts as you like, but you can only subscribe (pay new money into) one cash ISA per year. The wording is pretty standard standard stuff and shouldn't be an issue for you as long as you don't intend to pay new money (subscribe) into more than one cash ISA in the tax year.