2 Year Fixed ISA confusion!!

SmileySooz20

I opened a 2 year Fixed Term Cash ISA in Jan 23. I'm a bit confused as to whether I can open another ISA and use this year's 20K limit or if I have to wait until the 2 year term is up?

Any help would be appreciated. Thanks 

eskbanker

£20K is the annual ISA contribution allowance, so you can pay up to £20K of new money into ISAs every tax year, regardless of what you've done in previous tax years.

SmileySooz20

eskbanker said:

£20K is the annual ISA contribution allowance, so you can pay up to £20K of new money into ISAs every tax year, regardless of what you've done in previous tax years.

Thank you

I didn't know if it was 'fixed' that it impacted the second year so that's great. 

eskbanker

SmileySooz20 said:

eskbanker said:

£20K is the annual ISA contribution allowance, so you can pay up to £20K of new money into ISAs every tax year, regardless of what you've done in previous tax years.

Thank you

I didn't know if it was 'fixed' that it impacted the second year so that's great. 

Given you opened it in January 2023, you could have used your 2023/24 allowance during that year, as well as your current year one now!