Two ISA's In 1 Year?

MissHap

My wife has not yet used her 23/24 ISA allowance, we are thinking about putting £10k in a 1 year fixed cash ISA and £10k in a 2 year fixed cash ISA, is this allowed and if so can I do this with separate companies?

Ocelot

It isn't allowed for the current tax year, but will be for the new tax year. You and your wife could open separate ISA accounts in your own names, assuming neither of you have already opened an ISA this tax year.

badger09

MissHap said:

My wife has not yet used her 23/24 ISA allowance, we are thinking about putting £10k in a 1 year fixed cash ISA and £10k in a 2 year fixed cash ISA, is this allowed and if so can I do this with separate companies?

Partly😉Your wife could open & fund a 1 year FRISA & a 2 year FRISA this tax year. but only if she does this with one of the few providers who allow ‘portfolio’ or ‘split’ ISAs eg Aldermore, Charter, Ford, Nationwide 

From 6 April she can do this with different providers

Kaizen917

Im looking forward to using multiple providers for my investment ISA but I stumbled across this on the HMRC website regarding the change:

"1.2 Allow subscriptions to multiple ISAs of the same type, except for Lifetime ISA and Junior ISA

This change is not mandatory, and managers can choose to limit subscriptions to only one ISA held with them in any tax year."

Is this only telling us that if a provider offers, say, three different cash ISAs, they might only allow deposits into one of them (but that we can still deposit with others)? I would be fine with that but just wondered if I didnt misunderstand this part..

badger09

Kaizen917 said:

Im looking forward to using multiple providers for my investment ISA but I stumbled across this on the HMRC website regarding the change:

"1.2 Allow subscriptions to multiple ISAs of the same type, except for Lifetime ISA and Junior ISA

This change is not mandatory, and managers can choose to limit subscriptions to only one ISA held with them in any tax year."

Is this only telling us that if a provider offers, say, three different cash ISAs, they might only allow deposits into one of them (but that we can still deposit with others)? I would be fine with that but just wondered if I didnt misunderstand this part..

That would be my interpretation. HMRC say that from 6 April 2024 you can subscribe to multiple ISAs (except LISA & Jr ISA) but providers can limit you to 1. You could still subscribe to ISA with multiple providers though. 

jimjames

Alternatively if you want to use this year's allowance then pay in £20k to an instant access ISA and then transfer to the fixed rate ones after 6th April. You can't transfer current year's money to different places but once it's previous year you can do