Can you open more than one Cash ISA in a year (so long as you don't may into it)?

Tunstallstoven

Hi 

I recently opened a Cash ISA but have yet to pay anything into it.  I've got money to pay in before this tax year is over.  There are now ISAs available with better interest rates. 

Am I allowed to open another one and pay my 2022/23 allowance into it?  Can I have two Cash ISAs so long as only one has been paid into? 

I've tried googling but am getting mixed answers.  The term "subscribed" is used a lot, but often not specified whether it means "open" or "pay into" the ISA...

Many thanks

eskbanker

'Subscribed' means 'paid into' rather than 'opened', so the answer to all three of your questions is 'yes' - you can have as many ISAs as you like but can only pay into one of each type in any tax year.

refluxer

Yes - you can do that. the important thing to remember is that you can only subscribe to one cash ISA at any one time during the current tax year.

'Subscribed' in this case means 'paid money from the current tax year into'.

Tunstallstoven

Great - thanks for confirming.  Now just to see if I can get it opened and funded in time!  

Cheers

A16XJD

Sorry, just to build on this question.

Is doing both of the below then permissible?

• Open a new cash ISA in May 2023 & fund with new 2023/24 cash
• Open a new cash ISA in October 2023 solely for the purpose of transferring a maturing fixed rate ISA from a previous tax year onto a new competitive rate

refluxer

A16XJD said:

Sorry, just to build on this question.

Is doing both of the below then permissible?

• Open a new cash ISA in May 2023 & fund with new 2023/24 cash
• Open a new cash ISA in October 2023 solely for the purpose of transferring a maturing fixed rate ISA from a previous tax year onto a new competitive rate

Yes, you can do this - it doesn't break any ISA rules.