Fixed cash ISA

Gsum

I would like to invest my £20000 ISA allowance in a fixed cash ISA for the tax year 2023/2024 before April 5th. Will I be able to invest another £20000 from April 6th 2024/2025 in either the same cash ISA or new cash ISA.

eskbanker

The £20K is an annual contribution limit, so yes, you can pay another £20K into an ISA from 6 April - it's unlikely (but not impossible) that your existing product will allow subscriptions several months after opening (if you're doing so imminently) but you can open and fund another one if it doesn't....

Albermarle

Gsum said:

I would like to invest my £20000 ISA allowance in a fixed cash ISA for the tax year 2023/2024 before April 5th. Will I be able to invest another £20000 from April 6th 2024/2025 in either the same cash ISA or new cash ISA.

If you read through the forum you will see this and similar questions are asked and answered regularly.

raven111

A related question to the above....if £20K was invested now (February) in a 2023/24 cash ISA how much interest would be earned by the end of the 2023/24 tax year, assuming the ISA was paying 5%...?

subjecttocontract

About £153.

eskbanker

raven111 said:

A related question to the above....if £20K was invested now (February) in a 2023/24 cash ISA how much interest would be earned by the end of the 2023/24 tax year, assuming the ISA was paying 5%...?

Why would the end of the tax year be seen as a significant milestone?  If you need your money by then, you might find you'd earn better interest outside ISAs....

elkiedee

If the fixed rate ISA you want to open is also fixed term, it's likely I think that whatever it earns before the end of this tax year, the interest will be paid at maturity. Interest earned while it's in an ISA won't count towards your tax allowances for savings or income.

Are you looking to be able to draw out the interest paid for something else or to keep it in your savings account? (the £20K limit is for money you pay in and doesn't include interest).