Can I have 2 Cash ISAs

I currently have an Easy Acess Cash ISA with YBS that now has £96000 ( due to an inheritance) in it. I havent added to it in the last  year  just had the interest added on.
As only £85000 of this is protected, am I allowed to open another Cash ISA with another  provided unlinked to the YBS, this year,  in order to get the other  £11000  protected?
I have tried to find the answer online but a bit confused as to whether this is allowed or not.   Grateful for any advice.


  • elsien
    elsien Forumite Posts: 31,144
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You can have as many as you like, if you meet the eligibility criteria, as long as you only pay into one each year and stay within the permitted amounts. 
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • Catplan
    Catplan Forumite Posts: 313
    Fourth Anniversary 100 Posts Name Dropper
    edited 22 August at 1:50PM
    You can, the limitations are only funding one with new money per tax year. You need to keep new money together, so it sounds like you haven,t deposited anything this tax year, so you can open and fund a new isa. However I think you are suggesting a partial transfer?

    If so the new isa should accept that, not all accept transfers in.

  • refluxer
    refluxer Forumite Posts: 2,129
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    edited 22 August at 1:55PM
    Yes, you can open another ISA and transfer part of that money across. Just ensure that both ISA providers accept partial transfers in/out and use the new provider's official ISA transfer process - don't attempt to move the money yourself.

    I would move a fair amount more than £11k over, as the YBS ISA will obviously continue to earn interest so you'll have this issue regularly if you don't, plus you need to leave space for interest earned (but not yet credited to the account) as the £85k FSCS protection limit wouldn't cover that if your balance is £85K and anything was to happen to YBS.

    One other thing to consider is whether you actually need £96K in an easy access account ? You'd obviously get a higher rate of interest if you'd be prepared to lock some of it away, either in a limited access, notice or fixed rate ISA account. 
  • Bigwheels1111
    Bigwheels1111 Forumite Posts: 1,850
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    I would try and half the amount in each. Or at least keep say 75k in one and the rest in another banks ISA.
    85k is protected but interest would not be.

  • D0rmouse
    D0rmouse Forumite Posts: 2
    Fifth Anniversary First Post Combo Breaker
    Thats great, thank you all for your answers , I now know what I can do.
  • Albermarle
    Albermarle Forumite Posts: 18,808
    10,000 Posts Fifth Anniversary Name Dropper
    D0rmouse said:
    Thats great, thank you all for your answers , I now know what I can do.
    If you have any other questions about ISA's, then scrolling through this forum will be more informative than googling on line.
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