Opening a new cash isa for multiple tax years

July68

I am not entirely sure if If I can open and deposit £ 20,000 in a cash isa on multiple tax years.

Let's say I have deposited £ 20,000 on cash isa in the tax year 2023/2024. I won't close this cash isa and neither transfer the amount to a new cash isa, I will simply keep it.
Will I still be able open a new cash isa and deposit another £20,000 in the tax year 2024/2025 ? 

Ayr_Rage

Yes.

You get a new £20,000 allowance every tax year until the government of the day decides differently.

You can put it anywhere you want, previous years are irrelevant.

p00hsticks

and - if the rules of the particular existing provider allow it - you don't even need to open a new ISA, you can just add £20,000 to the existing one each new tax year. 

July68

Hello,

If I understand correctly transferring a cash isa that has built up during past tax years to a new provider does not count towards this tax year £ 20,000 allowance ?

Thank you

Barkin

July68 said:

Hello,

If I understand correctly transferring a cash isa that has built up during past tax years to a new provider does not count towards this tax year £ 20,000 allowance ?

Correct.      

saajan_12

July68 said:

Hello,

If I understand correctly transferring a cash isa that has built up during past tax years to a new provider does not count towards this tax year £ 20,000 allowance ?

Thank you

Yes provided you do the transfer correctly - ie ask the new provider to arrange it by giving them the details of the old provider. Don't do it yourself as that WILL use up this years allowance.