Can I pay into more than one cash ISA in a tax year?

What_time_is_it

I have a cash ISA, but am thinking of opening a new one and transferring my existing ISA in to the new one.
In the meantime can I pay into my existing cash ISA AND then pay into the new one when I open it?

refluxer

Yes, but you can't pay into the new one if you've paid money from the current tax year into the existing ISA and it's still open - you only pay new subscriptions into the new one after the transfer has taken place.

Presumably these are easy access cash ISAs ?

What_time_is_it

Thanks.
So, if I pay into to my existing one this month and then transfer the whole balance to a new cash ISA next month I would be able to continue to pay into the new one right?

refluxer

What_time_is_it said:

Thanks.
So, if I pay into to my existing one this month and then transfer the whole balance to a new cash ISA next month I would be able to continue to pay into the new one right?

Yes - subject to the annual £20k tax-year limit and the specific ISA T&Cs but if these ISAs are easy access, then there should be nothing in the T&Cs which won't allow this.

The important thing is that you're only paying new subscriptions from the current tax year into one cash ISA at any one time so you would open the new ISA, request a transfer of the old one (often done during the application process) and then not pay anything into the new ISA until the transfer is complete.

Albermarle

What_time_is_it said:

Thanks.
So, if I pay into to my existing one this month and then transfer the whole balance to a new cash ISA next month I would be able to continue to pay into the new one right?

It would be worth spending some time reading up through this forum. It is a good way to get up to speed with the various isa rules.

Rich2808

If you use a split/portfolio ISA provider like Paragon/Nationwide/Kent Reliance/Aldermore (and a few others) etc you can open multiple cash isas with that provider provided the total investment doesn't exceed the £20,000 limit.