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Can I split my Isa allowance
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Homeboy_1
Posts: 134 Forumite


Hi, I know that you can only invest £20,000 in an isa, but would it be possible to say, put £10,000 in a fixed rate isa, and £10,000 in an easy access isa. My thinking is that it can't be done, as you can only subscribe to one isa per tax year. Just want to be prepared for the new tax year. Thanks for any help
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Comments
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You can subscribe to more than 1 ISA per year if you have a S&S ISA and cash ISA. Some banks will allow you to split your allowance across different cash ISA products but I think those are the minority. You could put it all in the easy access ISA and then in April move £10k to a different ISA with fixed rate.Remember the saying: if it looks too good to be true it almost certainly is.1
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jimjames said:You can subscribe to more than 1 ISA per year if you have a S&S ISA and cash ISA. Some banks will allow you to split your allowance across different cash ISA products but I think those are the minority. You could put it all in the easy access ISA and then in April move £10k to a different ISA with fixed rate.
@jimjames, thank you for this reply. Sometimes you don't see the easy answers even when they are staring you in the face. :-)
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Sus59 said:jimjames said:You can subscribe to more than 1 ISA per year if you have a S&S ISA and cash ISA. Some banks will allow you to split your allowance across different cash ISA products but I think those are the minority. You could put it all in the easy access ISA and then in April move £10k to a different ISA with fixed rate.
@jimjames, thank you for this reply. Sometimes you don't see the easy answers even when they are staring you in the face. :-)3 -
Thank you for the replies. Much appreciated1
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jimjames said:You could put it all in the easy access ISA and then in April move £10k to a different ISA with fixed rate.
And then request a partial transfer from the easy access ISA to the opened fixed rate ISA once the new tax year starts1
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