Paying into an ISA opened in March 2024

slinger2

littleD said:

So could I pay £9,000 into last years Isa out od this years allowance and open another with a different  provider with the £10k left of my allowance??? Thank you

This is a new tax year, you've got a brand new £20k allowance. So if you pay £9k in, you'd still have £11k left, not £10k.

eskbanker

littleD said:

So could I pay £9,000 into last years Isa out od this years allowance and open another with a different  provider with the £10k left of my allowance??? Thank you

Yes, except that if you use £9K of your 24/25 allowance, you have £11K left.

surreysaver

Its not last year's ISA. It is an ISA into which you paid money into last tax year. You could have paid up to £20k into it by 5th April. Since 6th you can pay up to another £20k up until 5th April next year into a combination of ISAs, including this one, depending upon the T&Cs of the ISA.
The law governing subscriptions and T&Cs of individual ISAs are two separate things 

littleD

Right, the penny's starting to drop (excuse the pun), I could do with a 'teach yourself finance ' course, thanks everyone for the explanations, much appreciated

Kim_13

littleD said:

Hi, thanks - this is definitely where I'm confused - I called the provider who let me know I could still pay into the ISA I opened in March with £1,000 - providing I don't exceed the £20,000 limit - so I asked can I pay £9,000 into the last years ISA and open another with £10,000 the answer is NO 

A bizarre response from KR who were one of the portfolio ISA providers allowing you to have more than one product per tax year.

Other providers would be likely to say no on the basis that they have opted not to allow customers to pay into more than one ISA with them per tax year, and the £9,000 will count toward this year.

Personally, I'd just pay in the £9,000 and take your other £10,000 (you could do £11,000 if you wished) elsewhere.

jimjames

littleD said:

Right, the penny's starting to drop (excuse the pun), I could do with a 'teach yourself finance ' course, thanks everyone for the explanations, much appreciated

If you have a read of this sub forum you should become enlightened. There are many ISA questions and answers that should cover the sorts of things you're looking for

RobfromCornwall

Kim_13 said:

littleD said:

Hi, thanks - this is definitely where I'm confused - I called the provider who let me know I could still pay into the ISA I opened in March with £1,000 - providing I don't exceed the £20,000 limit - so I asked can I pay £9,000 into the last years ISA and open another with £10,000 the answer is NO 

A bizarre response from KR who were one of the portfolio ISA providers allowing you to have more than one product per tax year.

Other providers would be likely to say no on the basis that they have opted not to allow customers to pay into more than one ISA with them per tax year, and the £9,000 will count toward this year.

Personally, I'd just pay in the £9,000 and take your other £10,000 (you could do £11,000 if you wished) elsewhere.

Eh?

Personally, I'd pay £20k into whichever ISA pays the most interest and fits my requirements... 

(And potentially move the £1k from Kent if I can get more than 5.07% - there are a few at the time of writing that do so - although I haven't checked they all accept transfers in)

Kim_13

RobfromCornwall said:

Kim_13 said:

littleD said:

Hi, thanks - this is definitely where I'm confused - I called the provider who let me know I could still pay into the ISA I opened in March with £1,000 - providing I don't exceed the £20,000 limit - so I asked can I pay £9,000 into the last years ISA and open another with £10,000 the answer is NO 

A bizarre response from KR who were one of the portfolio ISA providers allowing you to have more than one product per tax year.

Other providers would be likely to say no on the basis that they have opted not to allow customers to pay into more than one ISA with them per tax year, and the £9,000 will count toward this year.

Personally, I'd just pay in the £9,000 and take your other £10,000 (you could do £11,000 if you wished) elsewhere.

Eh?

Personally, I'd pay £20k into whichever ISA pays the most interest and fits my requirements... 

(And potentially move the £1k from Kent if I can get more than 5.07% - there are a few at the time of writing that do so - although I haven't checked they all accept transfers in)

Is the 5.07% not a fixed though? While Easy Access ISAs may be in that ballpark now, I doubt they will remain there until March 2025.

The best one year fixed today is 4.8%, so it would be best to go with Kent if that 5.07% is fixed (and if it is, moving the £1K would incur a penalty which isn't worth paying when it's earning a good rate.)

RobfromCornwall

Kim_13 said:

RobfromCornwall said:

Kim_13 said:

littleD said:

Hi, thanks - this is definitely where I'm confused - I called the provider who let me know I could still pay into the ISA I opened in March with £1,000 - providing I don't exceed the £20,000 limit - so I asked can I pay £9,000 into the last years ISA and open another with £10,000 the answer is NO 

A bizarre response from KR who were one of the portfolio ISA providers allowing you to have more than one product per tax year.

Other providers would be likely to say no on the basis that they have opted not to allow customers to pay into more than one ISA with them per tax year, and the £9,000 will count toward this year.

Personally, I'd just pay in the £9,000 and take your other £10,000 (you could do £11,000 if you wished) elsewhere.

Eh?

Personally, I'd pay £20k into whichever ISA pays the most interest and fits my requirements... 

(And potentially move the £1k from Kent if I can get more than 5.07% - there are a few at the time of writing that do so - although I haven't checked they all accept transfers in)

Is the 5.07% not a fixed though? While Easy Access ISAs may be in that ballpark now, I doubt they will remain there until March 2025.

The best one year fixed today is 4.8%, so it would be best to go with Kent if that 5.07% is fixed (and if it is, moving the £1K would incur a penalty which isn't worth paying when it's earning a good rate.)

Yes, agreed, I'd mixed that it was fixed.  Apologies.

And I'm feeling slightly smug I bagged a 1 year fix at 5.11%.

xylophone

In the tax year 23/24,  you had the ability to contribute up to a total  £20,000  to the ISA.

You contributed only £1000 before the tax year ended.

In the tax year just begun, you have a new ISA allowance  of  £20,000.

Therefore if KR permit you to continue to contribute to the ISA, you could contribute the full up to £20,000 to it.

If not, you could open a new ISA from the KR range/from other providers' ranges.

From this year, it is permitted to spread the £20,000 between multiple providers.