ISA rules question

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!

Comments

  • ColdIron
    ColdIron Posts: 8,653
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    edited 3 January at 3:13PM
    Transfers of previous years ISAs don't count as subscriptions, so you are fine
  • amanwithaplan
    amanwithaplan Posts: 2,373
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    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
    ColdIron Posts: 8,653
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    edited 3 January at 4:17PM
    The restriction is the number of subscriptions and not the number of accounts opened
  • Albermarle
    Albermarle Posts: 21,076
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    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
    jimjames Posts: 17,490
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    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.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • amanwithaplan
    amanwithaplan Posts: 2,373
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    edited 3 January at 7:57PM
    jimjames 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
    35har1old Posts: 941
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    jimjames 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
    amanwithaplan Posts: 2,373
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    Sorry for posting in the wrong place - have reposted in the right category.
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