Fixed and Variable ISA in Same Year

vulcan59

I've not been able to find a definite answer to this.

Earlier this year I took out a fixed rate cash isa but didn't use my full £20k allowance. Can I open and contribute to a variable rate isa or another fixed one this year to use up my allowance. If so, do I have to open it with the same institution or can I use any?

Thanks.

eskbanker

There are a few ISA providers who allow you to fund multiple cash ISAs concurrently but most don't:

https://www.moneysavingexpert.com/savings/best-cash-isa/#accordion-content-620297425-5

If yours isn't on that list then you can't pay into a second cash ISA until the new tax year, although if you're concerned about not wasting unused allowance you could temporarily fund a S&S ISA, leaving the money uninvested, and transfer as prior year money once 2024/25 starts.

changearound1

You may be able  to open another isa with the same institution. Who is it?

vulcan59

changearound1 said:

You may be able  to open another isa with the same institution. Who is it?

Charter Savings.

vulcan59

eskbanker said:

There are a few ISA providers who allow you to fund multiple cash ISAs concurrently but most don't:

https://www.moneysavingexpert.com/savings/best-cash-isa/#accordion-content-620297425-5

If yours isn't on that list then you can't pay into a second cash ISA until the new tax year, although if you're concerned about not wasting unused allowance you could temporarily fund a S&S ISA, leaving the money uninvested, and transfer as prior year money once 2024/25 starts.

Thank you for that link. Since my fixed ISA is with Charter, I can make use of their Mix & Match ISA to use up the rest of my allowance.

ColdIron

That was lucky

It's all changing from 6th April when you will be able to subscribe to multiple ISAs across different providers

A real boon to people that get caught out with fixed rate accounts that don't use the full allowance