ISA's per year? Limit?

Gareth77

Hi - I opened my first ISA last year in June.  Fixed for 2 years.

Am I able to open subsquent ISA's (and if so is there a limit)

Or is it just 1 per person?

Johnjdc

You can open a new cash ISA in the new tax year, i.e. April.

You can open a stocks and shares ISA now, if you have not added the full £20k to your cash ISA.

ZeroSum

You can potentially open another if its with the same bank as it might be part of the same ISA umbrella. I know Nationwide do this

In April the restrictions are lifted & can open as many as you want.

Gareth77

so I can get a new ISA at the start of each financial year. Is there a limit to how much I can put in?

eskbanker

Gareth77 said:

so I can get a new ISA at the start of each financial year. Is there a limit to how much I can put in?

The maximum you can pay into ISAs is £20K in aggregate in any tax year.

Bazzalona13295

Apologies to OP for hijacking this thread, did not feel my question was worth opening a new thread for.

If I have an (almost unused) old ISA with £100 in, can I close that and take the £100 without it affecting my main ISA?

Just cashflow really.

eskbanker

Bazzalona13295 said:

Apologies to OP for hijacking this thread, did not feel my question was worth opening a new thread for.

If I have an (almost unused) old ISA with £100 in, can I close that and take the £100 without it affecting my main ISA?

Just cashflow really.

Withdrawing what's presumably prior year money from an old ISA has no effect on any other ISA, in fact withdrawing any money from any valid ISA has no effect on any other valid ISA!

Bazzalona13295

eskbanker said:

Bazzalona13295 said:

Apologies to OP for hijacking this thread, did not feel my question was worth opening a new thread for.

If I have an (almost unused) old ISA with £100 in, can I close that and take the £100 without it affecting my main ISA?

Just cashflow really.

Withdrawing what's presumably prior year money from an old ISA has no effect on any other ISA, in fact withdrawing any money from any valid ISA has no effect on any other valid ISA!

Great, yes its at least 18 months old.
Thankyou.

artyboy

eskbanker said:

Gareth77 said:

so I can get a new ISA at the start of each financial year. Is there a limit to how much I can put in?

The maximum you can pay into ISAs is £20K in aggregate in any tax year.

And just to add to this (as it seems to be a frequent source of confusion) it's £20k of NEW money that you can pay in each year. If you have ISA money already saved/invested from prior tax years, then you can transfer that around different accounts without it affecting your £20k new money allowance for the current tax year.

rwelch

Hi. Sorry but I need clarity. I have a cash ISA with £20k in it from tax year 2023-2024. If I leave that in place (or transfer to a new provider at higher interest) can I open a second cash ISA in the 2024-25 year with the potential to end up with 2 ISAs totalling £40k and paying no tax on the interest from either …. and continuing that process ad infinitum …… so long as I don’t take the money out? I suspect many will think this has been answered repeatedly but I cannot find it clearly stated. Thanks

eskbanker

rwelch said:

Hi. Sorry but I need clarity. I have a cash ISA with £20k in it from tax year 2023-2024. If I leave that in place (or transfer to a new provider at higher interest) can I open a second cash ISA in the 2024-25 year with the potential to end up with 2 ISAs totalling £40k and paying no tax on the interest from either …. and continuing that process ad infinitum …… so long as I don’t take the money out? I suspect many will think this has been answered repeatedly but I cannot find it clearly stated. Thanks

You can pay up to £20K per tax year into ISAs, so repeating the process will lead to aggregate balances of £40K, £60K, etc, plus interest/growth, in one or more ISAs (you can add to existing ones (product terms permitting) or open new ones) and is all perfectly legitimate.