Cash ISA - move to new cash ISA

sarahbythesea

Hi 

hoping someone can help clarify this for me please as a bit confused !

In April 23 I opened a new cash isa in order to get a better rate on a prior year cash isa which was with a different provider. I have not put any new cash into this isa this year ie just the prior year isa value.
question I have is can i still open a cash isa with a different provider this 23/24 tax year and still make up to £20k deposit as as far as I’m thinking I haven’t actually contributed to a current year cash isa ?
everywhere I look just doesn’t seem to answer this so appreciate if anyone can advise please?

j_netprofit

Did you use the providers transfer portal or simply withdraw the funds and reinvest them. If the former you would have not used your 23/24 allowance. 

RG2015

You can subscribe up to £20,000 in a cash ISA between 6 Apr 2023 and 5 Apr 2024.

If your April 2023 payment was on or before 5 April and you have not made any payments this tax year, you still have this year’s allowance available to you.

sarahbythesea

Thanks - all done through the new provider rather than disinvesting first so sounds like I’m ok to open and invest still which is what I thought but wasn’t 100% sure. 👍 

Albermarle

everywhere I look just doesn’t seem to answer this so appreciate if anyone can advise please?

There is a sub forum just for ISA's with lots of answers to yours and many other ISA questions, so worth a look. 

ISAs & tax-free savings — MoneySavingExpert Forum