Opening more than one ISA in a tax year

TriumphT

Hi all, I've read the new ISA rules for April 24/25 and they're pretty clear. However, the only thing I can't pin down is am I allowed to open more than one ISA in the same tax year?

I feel like there were some rules floating around that you could only open one ISA account in a year but I might be getting muddled. I'm only talking about opening accounts, not paying into them.

Please could someone give me some clarity?

Many thanks!

eskbanker

TriumphT said:

I'm only talking about opening accounts, not paying into them.

There has never* been any restriction on how many ISAs you could open, but the rule about not paying into more than one of the same type in any tax year has been removed, so you can now fund as many as you like too.

* OK, in the very early days perhaps, but not within the last 15 years or so

Albermarle

 I've read the new ISA rules for April 24/25 and they're pretty clear. However, the only thing I can't pin down is am I allowed to open more than one ISA in the same tax year?

The main change to the rules is actually that you can open and subscribe new money, to more than one ISA of each type in the same tax year.

Before the change you could open as many ISA's as you liked ( to transfer previous ISA's into for example) but you could only add new money to one of each type.

This forum is one of the best sources of info about ISA's ,so have a read through it.

badger09

Albermarle said:

 I've read the new ISA rules for April 24/25 and they're pretty clear. However, the only thing I can't pin down is am I allowed to open more than one ISA in the same tax year?

The main change to the rules is actually that you can open and subscribe new money, to more than one ISA of each type in the same tax year.

Before the change you could open as many ISA's as you liked ( to transfer previous ISA's into for example) but you could only add new money to one of each type.

This forum is one of the best sources of info about ISA's ,so have a read through it.

@Albermarle
Beware!  @ColdIron is on the hunt today for extraneous or absent apostrophes😉

The_Green_Hornet

          

TriumphT

Thank you all for the helpful advice! That's really cleared things up for me, think I had my info a bit muddled haha. Thank you again really appreciate it 🙌

poppystar

And yet…this seems to rely on the institutions allowing it. Aldermore, for example, say they don’t have the functionality to allow you to open a cash ISA with them if you have already opened one elsewhere despite the new rules. Exactly why is not clear particularly as it is the individual’s responsibility to ensure they don’t oversubscribe?

masonic

poppystar said:

And yet…this seems to rely on the institutions allowing it. Aldermore, for example, say they don’t have the functionality to allow you to open a cash ISA with them if you have already opened one elsewhere despite the new rules. Exactly why is not clear particularly as it is the individual’s responsibility to ensure they don’t oversubscribe?

They say they "don't have the functionality"?!! The functionality is identical whether or not you've opened one elsewhere.

poppystar

masonic said:

poppystar said:

And yet…this seems to rely on the institutions allowing it. Aldermore, for example, say they don’t have the functionality to allow you to open a cash ISA with them if you have already opened one elsewhere despite the new rules. Exactly why is not clear particularly as it is the individual’s responsibility to ensure they don’t oversubscribe?

They say they "don't have the functionality"?!! The functionality is identical whether or not you've opened one elsewhere.

Exactly my thoughts! But it’s writ large on their website…

Although the Government recently announced changes to ISA rules to allow individuals to invest their current tax year’s ISA allowance across multiple providers, we don’t currently have the functionality to allow this. At present, if you’ve invested part of your current year’s ISA allowance in a Cash ISA with another provider, you won’t be able to invest your remaining allowance in an Aldermore Cash ISA in the current tax year. However, we are looking to introduce this option in the future.

masonic

You absolutely will be able to invest your remaining allowance in an Aldermore Cash ISA, and furthermore, Aldermore will have no idea you have done so after investing part of it elsewhere. Also, "individuals have been able to invest their current tax year's ISA allowance across multiple providers" for many years. The recent change to the rules was just to include multiple ISAs of the same type among the ISAs you could spread your money between.

art123_2

Hopefully someone can clarify this for me please.  I have 2 fixed rate cash ISAs with different providers that mature at the start of November 24.  I want to put the proceeds from both into one new 2 year fixed rate ISA, but I also want to put £20000 into a 1 year fixed rate Isa with a different provider.  Is this allowable or would I be breaking the ISA rules if I did this.