Opened new ISA, paid into separate ISA

Hello all, I've opened an ISA account with a new provider with a view to transfer my entire ISA balance.

Presently I have one ISA account, opened a number of years ago and into which I've made payments this tax year.

I'm actually not sure I want to transfer from my current ISA to the new one.

Is there an issue if I've opened a new ISA this tax year, but not make any payments or transfers into it, and continue to pay into my current ISA? I'm presuming it won't have an impact on the tax-free status of the old account or have any complications with HMRC at the end of the tax year if I don't pay anything into the new account, but just want to check this in case there are actions I should take?


  • eskbanker
    eskbanker Posts: 29,811
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    The main ISA rule is that you can only pay new money into one ISA of each type in any tax year, i.e. if all of your current year cash ISA money is in one product then you're compliant.

    If you've opened a new account but don't fund it then chances are the provider will close it down anyway....
  • The only issue arises if you decide to transfer part of your old ISA to the new one.  If so that part must either include all the contributions you made in the current tax year or none of the contributions you made in the current tax year.  And any further contributions of new money you make this tax year most go to the ISA that now holds the contributions you have already made this tax year.
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