Opening another ISA before April?

Bella79

Hi

I opened an ISA a few months ago (2yr fixed Natwest) and put in the maximum £20k. I now have £10k that I need to save, I know I can only pay in £20k every tax year into a cash ISA, but can I open a new one now, and not pay the cash in until April?

Thank you 

Johnjdc

Legally you can, but the bank might close it as inactive before the new tax year, or if you're going for a fixed rate the funding window might expire (and if you aren't going for a fixed rate, I don't see the logic behind opening it early anyway).

Albermarle

Bella79 said:

Hi

I opened an ISA a few months ago (2yr fixed Natwest) and put in the maximum £20k. I now have £10k that I need to save, I know I can only pay in £20k every tax year into a cash ISA, but can I open a new one now, and not pay the cash in until April?

Thank you 

You can but what would be the point?

refluxer

If you're wanting to secure a fixed rate cash ISA before rates drop any further then, as mentioned above, they normally have a funding window and the longest I've come across is 1 month which means that you can't really do this until 6th March at the earliest (and probably a good few days after that to avoid cutting it too fine) otherwise the account will get closed.