ISA

I have a one year fixed rate E-ISA with  which was opened in June 23.

I have not yet put the full 20k ISA annual allowance into this account, however a recent attempt to top it up failed because I had forgotten that there was a 30 day paying in period (which had expired). 

I have an ISA with another provider,  2 year fixed rate, funded this tax year by transfer/autorenewal (no new money).

My question is: Under ISA rules, can I put the money that I would have put into the E-ISA into the other providers ISA (assuming the provider allows further money input).?

Comments

  • eskbanker
    eskbanker Posts: 29,817
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    No, you can only pay new money into one cash ISA in any tax year, although this restriction will be lifted from next year.

    If you want to get the rest of this year's allowance into the ISA wrapper and have already paid into one that doesn't accept further contributions then your only option will be to fund a different type of ISA, such as S&S (leaving it uninvested or in something low risk like a money market fund), and transfer into a cash one after April.
  • Cisco001
    Cisco001 Posts: 4,000
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    eskbanker said:
    No, you can only pay new money into one cash ISA in any tax year, although this restriction will be lifted from next year.

    If you want to get the rest of this year's allowance into the ISA wrapper and have already paid into one that doesn't accept further contributions then your only option will be to fund a different type of ISA, such as S&S (leaving it uninvested or in something low risk like a money market fund), and transfer into a cash one after April.
    If not intend to invest in S&S ISA, put a reminder on the calendar to transfer money into S&S ISA at end of March.
     Put your cash in saving account at the mean time.
  • Who is your ISA with, as I believe certain providers will allow you to open another cash ISA even though you've opened one with them already in this tax-year. If you are lucky with your provider then this would save you the hassle of opening a S&S ISA and putting the money there.

    See point 6 in https://www.moneysavingexpert.com/savings/best-cash-isa/#needtoknows
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