Multiple Instant cash ISA

southbrass
southbrass Posts: 2
First Post
Newbie
edited 25 October 2023 at 3:09PM in ISAs & tax-free savings
Hi 
Just joined as newbie and have this question for the forum.

This tax year, I subscribed a small amount to an old instant cash ISA (opened a few years ago) but have since withdrawn all of it.  It's now reset and allows me to subscribe the full £20,000.  However, I want to open a new Instant cash ISA with better rates.  Am I allowed to pay into this new one this year having already paid into the old one?

Thanks

Comments

  • Johnjdc
    Johnjdc Posts: 341
    First Anniversary Name Dropper First Post
    Forumite
    In theory, no. But if it's reset and allowing you to deposit £20k, then it sounds like it might be a flexible ISA. In which case you could add the 20k, then start the transfer process to a better rate.
  • Yes, of course!  Do the full transfer from old instead of paying cash into the new.  Thanks for clearing that up!
  • subjecttocontract
    subjecttocontract Posts: 1,709
    First Post Name Dropper First Anniversary Combo Breaker
    Forumite
    edited 25 October 2023 at 3:03PM
    There is a separate ISA forum where this should be.
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