ISA limits & number of accounts - help please!

TheGreenMan

Hi everyone,
I've been trying to understand the ISA rules (I'm new to these) but I'm even more confused now!

Please can someone help me by answering these questions?
1) I have opened a Cash ISA this month and put all my savings into it. Its under the £20K limit. I think that is the only type of ISA I can open this financial year and put money into....am I right?

2) I would like to open a Stocks & Shares ISA also, I think I have to wait until April to do this - is this correct?

3) In April, when I have 2 ISA's (above) I think I am only allowed to move savings on a monthly basis into just 1 of the above ISA's, up to that ISA's £20K limit, is that right?

4) My girlfriend has her own ISA for her savings. We are civil partners - can we open an ISA together and move our joint savings into it on top of her personal ISA and my personal ISA(s)?

Please help! I know the info is all out there but it's not clear to me when I read it on other threads or in article form, it just confuses me more, I find this stuff very confusing! 

Thanks in advance!
P

 

eskbanker

TheGreenMan said:

1) I have opened a Cash ISA this month and put all my savings into it. Its under the £20K limit. I think that is the only type of ISA I can open this financial year and put money into....am I right?
No, you can fund a different type of ISA alongside the cash one

2) I would like to open a Stocks & Shares ISA also, I think I have to wait until April to do this - is this correct?
As above, no, not correct

3) In April, when I have 2 ISA's (above) I think I am only allowed to move savings on a monthly basis into just 1 of the above ISA's, up to that ISA's £20K limit, is that right?
No, even this tax year you can fund multiple ISAs if they're different types, but from 6 April you can fund whichever ISAs you like, up to the annual £20K allowance.

4) My girlfriend has her own ISA for her savings. We are civil partners - can we open an ISA together and move our joint savings into it on top of her personal ISA and my personal ISA(s)?
No, the 'I' stands for Individual, you can't have joint ISAs

Answers above (all 'no'!)....

ColdIron

TheGreenMan said:

1) I have opened a Cash ISA this month and put all my savings into it. Its under the £20K limit. I think that is the only type of ISA I can open this financial year and put money into....am I right?

No. You can open and subscribe into different types of ISAs, e.g. cash plus stocks and shares ISA, LISA etc but only 1 of each type and only £20,000 across all types. In the next financial year you will be able to open more than one of each type

2) I would like to open a Stocks & Shares ISA also, I think I have to wait until April to do this - is this correct?

No. You can open and subscribe to one stocks and shares ISA as well as your cash ISA before 06/04/2024

3) In April, when I have 2 ISA's (above) I think I am only allowed to move savings on a monthly basis into just 1 of the above ISA's, up to that ISA's £20K limit, is that right?

No. Unless it's a fixed rate cash ISA you are free to subscribe whenever you like into whichever of them you like

4) My girlfriend has her own ISA for her savings. We are civil partners - can we open an ISA together and move our joint savings into it on top of her personal ISA and my personal ISA(s)?

No. The I in ISA stands for Individual
Perfect run of Nos though

TheGreenMan

Thanks very much for your answers, never before have I been so happy to get straight "No's" to all my questions!

MSE_ForumTeam5

We've moved this thread to the ISAs board