Bewildered by ISA's

TeleAddicts

Hi, I am struggling to understand how ISA's work?
If anyone can help me, I had an ISA mature and requested the proceeds be placed into a 1yr FRISA.  This was opened at the start of the new tax year (24)
I also have a triple access ISA with an anniversary date of March '25.
My question is that my account is showing that I can still add another £19,500 to a Cash ISA, how is this possible?

mebu60

The £20k annual allowance is for NEW money paid in to ISAs during the tax year.

Presumably you've added £500 of new money to the Cash ISA since 6 April? 

Albermarle

Hi, I am struggling to understand how ISA's work?

Half an hour reading through this forum should improve your knowledge, especially about the difference between transfers and new money.

TeleAddicts

mebu60 said:

The £20k annual allowance is for NEW money paid in to ISAs during the tax year.

Presumably you've added £500 of new money to the Cash ISA since 6 April? 

Thanks for confirming this for me. If only the providers of the services could explain this in their FAQ in such plain speak!
This makes sense to me now once you know.