ISA Query

RockLobster300

Hi I changed my original ISA to a fixed term ISA that expires in November. I missed the deadline for paying into this fixed ISA so the only money added to it from tax year April 2023-24 is the interest.  As I'm not allowed to add to this can I open another ISA elsewhere and pay in up to 20k before this April 6th and then another 20k after April 6th - and would I be able to transfer the then expired ISA to the new one in November ? It would be nice to have it all together But i don't think I'd be able to do that, and I would like to take advantage of this year's tax free ISA allowance.  Thank you.

eskbanker

If you haven't deposited any new 2023/24 money (interest doesn't count) into an ISA then you're free to do so wherever you wish now, and likewise next year.  You can consolidate ISAs together later on, provided you use a product that accepts transfers in.

RockLobster300

I was intending to open another ISA today but in the t's & C's it says "you can only hold one of each type of ISA for each tax year". So although I can't pay into my current ISA that sounds like I can't pay into a new one either until the new tax year and I've lost this year's allowance?

eskbanker

RockLobster300 said:

I was intending to open another ISA today but in the t's & C's it says "you can only hold one of each type of ISA for each tax year". So although I can't pay into my current ISA that sounds like I can't pay into a new one either until the new tax year and I've lost this year's allowance?

That doesn't sound like an actual quote, as there is no such restriction about what you can hold - which product is that? The fact remains that if you haven't paid new money into any cash ISA (usually described as 'subscribed' to) this tax year then you're free to do so with any product of your choosing.

RockLobster300

eskbanker said:

RockLobster300 said:

I was intending to open another ISA today but in the t's & C's it says "you can only hold one of each type of ISA for each tax year". So although I can't pay into my current ISA that sounds like I can't pay into a new one either until the new tax year and I've lost this year's allowance?

That doesn't sound like an actual quote, as there is no such restriction about what you can hold - which product is that? The fact remains that if you haven't paid new money into any cash ISA (usually described as 'subscribed' to) this tax year then you're free to do so with any product of your choosing.

Yorkshire BS - It won't allow me to post links on here yet but it's half way down on the page about  the Double access eISA, in the "transferring your ISA" column.

eskbanker

RockLobster300 said:

eskbanker said:

RockLobster300 said:

I was intending to open another ISA today but in the t's & C's it says "you can only hold one of each type of ISA for each tax year". So although I can't pay into my current ISA that sounds like I can't pay into a new one either until the new tax year and I've lost this year's allowance?

That doesn't sound like an actual quote, as there is no such restriction about what you can hold - which product is that? The fact remains that if you haven't paid new money into any cash ISA (usually described as 'subscribed' to) this tax year then you're free to do so with any product of your choosing.

Yorkshire BS - It won't allow me to post links on here yet but it's half way down on the page about  the Double access eISA, in the "transferring your ISA" column.

Clumsily worded undoubtedly but in its full context I believe it's meant specifically to caveat the ability to transfer current year money, which can indeed only be in one ISA of each type (currently; this rule is dropped from this time next week):

You can also transfer money saved in a Cash ISA for the current tax year into a different ISA with the same or a different provider, although you can only hold one of each type of ISA for each tax year. You must transfer the whole amount saved in the current tax year.

Further up the page it does say "You may only subscribe to one Cash ISA in a single tax year", and if you haven't subscribed to any yet then you're clear.

https://www.ybs.co.uk/documents/productdata/Factsheet-YB851820W.pdf

saajan_12

Who's your current fixed ISA with? Beyond the legal limits, a provider may say you can only hold x number of their products at a time. If that's the case then just open a separate cash ISA with a 3rd party provider before 5th April and deposit the 20k. For now the interest doesn't even matter too much as you can always transfer it later to a higher interest one, you just want to make sure you're in time to use this year's allowance. 

RockLobster300

saajan_12 said:

Who's your current fixed ISA with? Beyond the legal limits, a provider may say you can only hold x number of their products at a time. If that's the case then just open a separate cash ISA with a 3rd party provider before 5th April and deposit the 20k. For now the interest doesn't even matter too much as you can always transfer it later to a higher interest one, you just want to make sure you're in time to use this year's allowance. 

Santander is my current ISA provider.  Yes, I've just opened another ISA but I can't log in no matter what to make a deposit so I'll have to call them on Tuesday as I need to get the money in before the new tax year.