You can only open one cash ISA a year?

snowqueen555

I applied to open a Coventry ISA but it's taking 4 weeks already. After chasing two times for them to post the pack I need to sign, I went into branch and signed it. Again over a week and I have heard nothing.

Is there anyway I can just open another one with someone else, I find the customer service pretty poor, or am I locked into having them now? Everything I am reading says you can only open one of each type per year. It is a pain if you happen to pick one who is providing a service that is rubbish but you are locked into using.

Catplan

Have you paid any money in? If no you can open another, actually you can open as many as you like, but can only pay new money into one.

snowqueen555

Catplan said:

Have you paid any money in? If no you can open another, actually you can open as many as you like, but can only pay new money into one.

Several sources online are telling me you can only open one, so really not sure what is correct.

grumbler

In practice, you can open another ISA if you haven't contributed to the fist one and aren't going to. Tested by many people, myself included. Anyway, you have nothing to lose. Just make contributions to one ISA and switch it if needed.

Middle_of_the_Road

You can open any amount of ISAs, but can only subscribe to (pay into) one in any tax year. If you don't pay into the Coventry ISA they'll just close it eventually.

metrobus

I deposited a small amount of cash into my iweb cash & share ISA account ready to buy something but changed my mind ,it wasnt invested in any product just sat there as a cash balance within the account,I’ve now withdrawn it, does that stop me know putting money into say a 2 year fixed term bond ISA elsewhere?Ive not used any ISA allowance elsewhere.
Thank You

masonic

See https://www.gov.uk/guidance/how-to-open-an-isa-as-an-isa-manager

If you do not provide Coventry BS with an ISA subscription (new money to be added to the ISA), then they cannot open an ISA for you. An ISA does not begin unless and until a subscription is made.

Wheres_My_Cashback

Simply, you can open as many ISAs as you like in a year, but you're only permitted to open and fund one directly with new money in any given tax year.

Even if you've paid money in to Coventry you can still open another elsewhere and transfer ALL of it to another and another and another, there is no limit to how many.
If your deposits had been from previous years you can transfer all or part.

Albermarle

snowqueen555 said:

Catplan said:

Have you paid any money in? If no you can open another, actually you can open as many as you like, but can only pay new money into one.

Several sources online are telling me you can only open one, so really not sure what is correct.

There is a specific sub forum for ISA questions.
ISAs & tax-free savings — MoneySavingExpert Forum
Reading through this will make you much better informed about ISA rules, and no need to rely on unreliable 'sources online' anymore.

eskbanker

metrobus said:

I deposited a small amount of cash into my iweb cash & share ISA account ready to buy something but changed my mind ,it wasnt invested in any product just sat there as a cash balance within the account,I’ve now withdrawn it, does that stop me know putting money into say a 2 year fixed term bond ISA elsewhere?Ive not used any ISA allowance elsewhere.
Thank You

If you've paid cash into a Stocks & Shares ISA with IWeb (you can't contribute any other way) then that doesn't prevent you from paying into a cash ISA in the same tax year, as long as total current year subscriptions across both are within the £20K limit.

B0bbyEwing

snowqueen555 said:

Catplan said:

Have you paid any money in? If no you can open another, actually you can open as many as you like, but can only pay new money into one.

Several sources online are telling me you can only open one, so really not sure what is correct.

I think that is because these online sources make the ASSUMPTION that when opening, you're crediting at the same time, rather than just opening but leaving with a £0 balance.