Cash ISA question

Spoonman1977

Hi people,
Sorry if this is an obvious question but I've had my first ISA this year and am wondering about what happens when the new tax year rolls over.
It is a variable cash ISA that's been funded with this years allowance, now when the 6th April passes am I free to put more in this existing ISA and if I did does that mean I cannot open another one in my name? Or could I in theory put 10k in this one and then open another different one and put 10k in that?
Hope this makes sense lol.
Cheers

eskbanker

From 6 April, you're free to pay more into your existing ISA and/or any other you choose, subject only to total payments not exceeding your annual £20K ISA contribution allowance.

Spoonman1977

Thank you, so in theory I could keep funding the ISA opened this year whilst it's still competitive but open a new one if a better rate appears and still fund that one without breaking any rules?

eskbanker

Spoonman1977 said:

Thank you, so in theory I could keep funding the ISA opened this year whilst it's still competitive but open a new one if a better rate appears and still fund that one without breaking any rules?

Yes, you can't do that right now, but the current rule prohibiting funding multiple cash ISAs concurrently is being dropped at the end of next week.

RobfromCornwall

And in the event an ISA with a better rate becomes available, you could transfer the previous ISA money into it.