ISA rules question

amanwithaplan

Hello - wonder if anyone who is good with the ISA rules can answer my question.

Got a variable cash ISA with existing funds in it. Not subscribed any new funds in this tax year 23/24. Have just opened fixed term ISA with same provider to protect rate for a year.

Now separately, I have another normal savings account which has enough in it that I am above the savings allowance for tax.

So, can I open a new ISA with say, ZOPA, and put my 23/24 £20k allowance in here, or can I not do this now until 24/25 tax year because I transferred the ISA I mentioned above?

Thanks!

ColdIron

Transfers of previous years ISAs don't count as subscriptions, so you are fine

amanwithaplan

Yeh, I wasn't sure if there was a rule where you couldn't open more than one new ISA per tax year - in effect here I would be opening two - that's the bit I thought would be a problem.

ColdIron

The restriction is the number of subscriptions and not the number of accounts opened

Albermarle

amanwithaplan said:

Yeh, I wasn't sure if there was a rule where you couldn't open more than one new ISA per tax year - in effect here I would be opening two - that's the bit I thought would be a problem.

There is a specific sub forum for ISA's, where these types of questions get asked and answered all the time, so worth a read through it.
ISAs & tax-free savings — MoneySavingExpert Forum

jimjames

amanwithaplan said:

Got a variable cash ISA with existing funds in it. Not subscribed any new funds in this tax year 23/24. Have just opened fixed term ISA with same provider to protect rate for a year.

It's not clear from this but if you've opened a fixed term ISA and not paid into it then you only have a limited window to do so. If you don't pay in then it won't stay open for a year to protect the rate.

amanwithaplan

jimjames said:

amanwithaplan said:

Got a variable cash ISA with existing funds in it. Not subscribed any new funds in this tax year 23/24. Have just opened fixed term ISA with same provider to protect rate for a year.

It's not clear from this but if you've opened a fixed term ISA and not paid into it then you only have a limited window to do so. If you don't pay in then it won't stay open for a year to protect the rate.

Yeh re-read, sorry I wasn't clear. I meant I had opened a new Fixed ISA, then instructed them to transfer an existing ISA to it (existing ISA hadn't had any extra money put in this tax year.

35har1old

jimjames said:

amanwithaplan said:

Got a variable cash ISA with existing funds in it. Not subscribed any new funds in this tax year 23/24. Have just opened fixed term ISA with same provider to protect rate for a year.

It's not clear from this but if you've opened a fixed term ISA and not paid into it then you only have a limited window to do so. If you don't pay in then it won't stay open for a year to protect the rate.

He means he is going to transfer the variable rate ISA to the fixed rate

amanwithaplan

Sorry for posting in the wrong place - have reposted in the right category.