Can I split my Isa allowance

Homeboy_1

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

jimjames

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.

Sus59

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.

Thank you to @Homeboy_1 for posting this question as I was thinking of asking exactly the same thing.

@jimjames, thank you for this reply. Sometimes you don't see the easy answers even when they are staring you in the face. :-)

Albermarle

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.

Thank you to @Homeboy_1 for posting this question as I was thinking of asking exactly the same thing.

@jimjames, thank you for this reply. Sometimes you don't see the easy answers even when they are staring you in the face. :-)

If you and the OP spend a bit of time scrolling through this forum, you will be ISA experts in no time.

Homeboy_1

Thank you for the replies. Much appreciated

sparkiemalarkie

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.

You could probably open the fixed rate ISA now too,  as many allow 30 days to transfer in.
And then request a partial transfer from the easy access ISA to the opened fixed rate ISA once the new tax year starts