Opening Two cash Isa's?

MrButters

I've got an unusual question.

On reading the ISA guidance it seems that opening 2 cash Isa's in one year is allowed as long as you only pay into one.

I was wondering if it was within the rules to open two cash Isa's - pay 'new' money into one (up to the £20k allowance) and transfer money from another cash ISA into the other new account.

Would be really helpful if anyone knew?

Thanks

bryanb

Yes that’s ok
Be careful to open without making an initial deposit.

eskbanker

To be honest, that really isn't an unusual question, it comes up regularly on here!

Anyway, the answer is yes - transfers of prior year money don't affect, and aren't affected by, the restrictions on what can be done with current year money, so you can do what you like with older funds, as long as you use the new provider's ISA transfer process.

Albermarle

MrButters said:

I've got an unusual question.

On reading the ISA guidance it seems that opening 2 cash Isa's in one year is allowed as long as you only pay into one.

I was wondering if it was within the rules to open two cash Isa's - pay 'new' money into one (up to the £20k allowance) and transfer money from another cash ISA into the other new account.

Would be really helpful if anyone knew?

Thanks

If you read through this forum, you will see many questions and answers about ISA's, including this one.
It can be a useful way to get up to speed with all the ins and outs of ISA rules.