Can I open two cash ISAs ahead of the new tax year?

dharm999

As I understand it, with the change in ISA rules in the new tax year, I can now have multiple cash ISAs.  I am looking to open two, one on a one year fixed and the other on a two year fix, can i open them now, but not fund them until the new tax year?  I understand I can open one now and not fund it until the new tax year, but I assume as the rules don't change until the new tax year I can't open two cash ISAs now? I'm looking to lock in now the current interest rates, in advance of them starting to drop.

I have filled my ISA for the current tax year, so no options to use that.

bryanb

You can open multiple ISAs whenever you wish. You may only fund one in each financial year

badger09

dharm999 said:

As I understand it, with the change in ISA rules in the new tax year, I can now have multiple cash ISAs.  I am looking to open two, one on a one year fixed and the other on a two year fix, can i open them now, but not fund them until the new tax year?  I understand I can open one now and not fund it until the new tax year, but I assume as the rules don't change until the new tax year I can't open two cash ISAs now? I'm looking to lock in now the current interest rates, in advance of them starting to drop.

I have filled my ISA for the current tax year, so no options to use that.

You need to check the specific T&Cs of the new FRISAs. Some only allow a very short funding window

dharm999

Thanks, so as long as the funding window takes me in to the new tax year, I can open two and fund them after 5th April.

badger09

dharm999 said:

Thanks, so as long as the funding window takes me in to the new tax year, I can open two and fund them after 5th April.

Yes. 

There has never been a limit on the number of ISAs you can open each tax year. However, until 6 April you are not allowed to pay new money into more than one (of each type) unless you hold those ISAs with one of the few providers of ‘portfolio’ or ‘split’ ISAs. 

Providing the funding window is long enough, it makes sense to secure a fixed rate now. If you later change your mind, you simply don’t pay anything in & it will lapse.