Help with ISA

Oldpennies

Hi .  Please help
I have a 2 year fixed ISA which I started in August 2023 and deposited the full amount allowed 20K. I would like to deposit for this year another 20K.  Am I allowed to open another fixed ISA. Thanks your help is appreciated.

Ayr_Rage

You can deposit £20,000 per tax year in an ISA, so yes, you can do it now.

PRAISETHESUN

Oldpennies said:

Hi .  Please help
I have a 2 year fixed ISA which I started in August 2023 and deposited the full amount allowed 20K. I would like to deposit for this year another 20K.  Am I allowed to open another fixed ISA. Thanks your help is appreciated.

You are allowed to deposit a total of £20k new money into ISAs each financial year (06Apr - 05Apr the following year). You will be fine to deposit another £20k into a new ISA this financial year given your last deposit was in the previous financial year. You might not be able to deposit it into the same account though, so you will probably need to shop around.

Oldpennies

Thank you for your help. I will have a look to see what I can find. I am 70 and must admit all these new saving banks make me nervous. 

Albermarle

Oldpennies said:

Thank you for your help. I will have a look to see what I can find. I am 70 and must admit all these new saving banks make me nervous. 

Any savings provider on the MSE site and on the site linked below are fully covered by the £85K FSCS ( compensation scheme)
A few are quite new to the UK with a short track record, but many of the smaller providers ( that you may never have heard of) have been around for many years and are used by members of this forum as satisfied customers.
Feel free to ask for opinions if you find a couple you are thinking of saving with.
Best 2 Year Fixed Rate ISAs | Rates Up To 4.56% (moneyfactscompare.co.uk)

Oldpennies

You have been soo helpful Thank you