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Can a cash ISA only be funded in the year of opening?

$17mma
Posts: 2,623 Forumite


Hello ISA experts
I would like to know if I open an ISA now for the 23/24 year can I still pay into it in 24/25 and open another ISA in 24/25 and fund that also?
Many thanks.
I would like to know if I open an ISA now for the 23/24 year can I still pay into it in 24/25 and open another ISA in 24/25 and fund that also?
Many thanks.
MFWB
Mortgage when started: £232,000
Current mortgage Sept 2024: £232,000
Mortgage free day: Sept 2029
Saving: £12k 2025
Mortgage when started: £232,000
Current mortgage Sept 2024: £232,000
Mortgage free day: Sept 2029
Saving: £12k 2025
0
Comments
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You can continue to pay into an ISA for as long as it accepts deposits (which varies from product to product), and, from the start of 2024/25, can pay into multiple ones in parallel, subject to the overall £20K annual contribution limit.0
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eskbanker said:You can continue to pay into an ISA for as long as it accepts deposits (which varies from product to product), and, from the start of 2024/25, can pay into multiple ones in parallel, subject to the overall £20K annual contribution limit.
So if I open a 23/24 ISA now I can continue paying in my annual allowance as it was opened in the 23/24 tax year?MFWB
Mortgage when started: £232,000
Current mortgage Sept 2024: £232,000
Mortgage free day: Sept 2029
Saving: £12k 20250 -
$17mma said:eskbanker said:You can continue to pay into an ISA for as long as it accepts deposits (which varies from product to product), and, from the start of 2024/25, can pay into multiple ones in parallel, subject to the overall £20K annual contribution limit.
So if I open a 23/24 ISA now I can continue paying in my annual allowance as it was opened in the 23/24 tax year?
Edit: from subsequent posts, it appears that I misunderstood the question, which was effectively 'can I continue to use my 23/24 allowance in 24/25', to which the answer, as below is 'no'!0 -
$17mma said:eskbanker said:You can continue to pay into an ISA for as long as it accepts deposits (which varies from product to product), and, from the start of 2024/25, can pay into multiple ones in parallel, subject to the overall £20K annual contribution limit.
So if I open a 23/24 ISA now I can continue paying in my annual allowance as it was opened in the 23/24 tax year?Mortgage free
Vocational freedom has arrived2 -
At the moment you can only pay new money into one cash ISA in a financial year including the current one (you can also split your allowance between a cash ISA and a stocks and shares ISA). If you haven't paid money into one in this financial year you could open one, pay in up to £20K and then add up to another £20K in the next financial year. If you've already paid money into one in this year but see one offering a better interest rate (and/or other terms and conditions suit you better), you could apply to open it and transfer in your other ISA (and ones from previous financial years) - so long as it accepts transfers. And then you can carry on using this account in the next financial year, although I understand fixed rate ISAs often only allow you to pay money in for a limited period of time.
Next year you will be allowed under ISA rules to split your allowance between more than one cash ISA, though I don't know what the 2024/2025 ISA account providers will offer in terms and conditions in this sense.1 -
$17mma said:eskbanker said:You can continue to pay into an ISA for as long as it accepts deposits (which varies from product to product), and, from the start of 2024/25, can pay into multiple ones in parallel, subject to the overall £20K annual contribution limit.
So if I open a 23/24 ISA now I can continue paying in my annual allowance as it was opened in the 23/24 tax year?
If you have not paid the full £20k into your 23/24 isa by this time the remaining allowance is lost.1 -
armistice said:$17mma said:eskbanker said:You can continue to pay into an ISA for as long as it accepts deposits (which varies from product to product), and, from the start of 2024/25, can pay into multiple ones in parallel, subject to the overall £20K annual contribution limit.
So if I open a 23/24 ISA now I can continue paying in my annual allowance as it was opened in the 23/24 tax year?
If you have not paid the full £20k into your 23/24 isa by this time the remaining allowance is lost.MFWB
Mortgage when started: £232,000
Current mortgage Sept 2024: £232,000
Mortgage free day: Sept 2029
Saving: £12k 20251
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