New Cash ISA T&C's

daveren88

Hi guys, apologies if this has been asked before. I've gone through the forum but cannot find an answer to my question. 

I have an existing cash ISA which I'd like to transfer to either Virgin or NatWest. No money has been put into this account this tax year. On the application for either Virgin or NatWest it states that "I must not open another Cash ISA this Tax year". However I would like to open another flexible cash ISA elsewhere.

My understanding is I'm allowed to do this, however from these t&c's I'm not sure I am allowed to.

Can someone confirm what my rights are here please? 

eskbanker

The wording should be slightly more specific than that and ought to say something like "I won't subscribe to another cash ISA in the same tax year that I subscribe to this one", i.e. you can't pay new money into two in the same tax year. You can open as many as you like but current year money can only go into one of them....

daveren88

eskbanker said:

The wording should be slightly more specific than that and ought to say something like "I won't subscribe to another cash ISA in the same tax year that I subscribe to this one", i.e. you can't pay new money into two in the same tax year. You can open as many as you like but current year money can only go into one of them....

Hi Eskbanker, 

This is the exact wording:
" I have not subscribed and will not subscribe to another Cash ISA in the same tax year that I subscribe to this Cash ISA" 

eskbanker

daveren88 said:

eskbanker said:

The wording should be slightly more specific than that and ought to say something like "I won't subscribe to another cash ISA in the same tax year that I subscribe to this one", i.e. you can't pay new money into two in the same tax year. You can open as many as you like but current year money can only go into one of them....

Hi Eskbanker, 

This is the exact wording:
" I have not subscribed and will not subscribe to another Cash ISA in the same tax year that I subscribe to this Cash ISA" 

Precisely, so if you only subscribe (i.e. pay new money in) to one then you're fine....