Opening multiple Cash Isas in one year for split transfer purposes only

JSmith321

Checked the government site and it offers very little information on this ISA subject. I want to transfer an existing cash ISA with 200k into three others with different providers to protect the money with the £85K guarantee. I believe I can only open one cash ISA that is funded in the same year but presume I can open multiple Cash ISAs for the sole purpose of transferring existing ISA  money. Am I correct?

JSmith321

Actually this Money article seems to cover the question https://www.thisismoney.co.uk/money/isainvesting/article-11840669/How-transfer-Isa-new-provider-process-rules-explained.html

refluxer

Yes, you can currently open multiple cash ISAs if they're solely being funded with transfers (as long as you keep all current year funds together) and, from 6th April this year, you'll also be able to open multiple cash ISAs for funding from new subscriptions too, due to the ISA rule changes.

mebu60

Just make sure that the new Cash ISAs are with providers that accept transfers-in and use their process to initiate the transfer. You will be able to specify an amount.