Second ISA

misterh

I know this has probably been answered somewhere but I can't find it.
I have a cash ISA. Can I start a new ISA in April with another provider (and only contribute to that, obviously) or must I also transfer my current balance to the new one?

Vook

You can open another one in April with another provider.

If you have not used your entire allowance this tax year you could open and fund one now; the previous rule disallowing this was changed from this year onwards.

toby3210

The simple answer is yes. You can contribute to 1 cash and 1 stocks and shares isa per year. Doesn't matter who with.

maman

Vook said:

You can open another one in April with another provider.

If you have not used your entire allowance this tax year you could open and fund one now; the previous rule disallowing this was changed from this year onwards.

That's true as it stands. You can open a new ISA now if you have the funds ( and haven't used all your 2024-2025 allowance) and either run two or transfer the money from your existing one into the new one as well.

What we don't know is what the rules will be after April 2025. There is much speculation in the media that rules might change. 🤔

refluxer

toby3210 said:

The simple answer is yes. You can contribute to 1 cash and 1 stocks and shares isa per year. Doesn't matter who with.

That rule changed at the start of the current tax year. You're no longer limited to one of each type and can now open as many cash and stocks and shares ISAs for new subscriptions as you like.

PRAISETHESUN

You can open and contribute to as many ISA accounts as you like now subject to the annual ISA limits, as refluxer points out. Assuming it's allowed by your provider it's completely up to you if you want to contribute to the same ISA (for example if it's the best deal for you) or if you want to open a new ISA (either now or in the financial new year) and transfer your existing ISA across.

Albermarle

maman said:

Vook said:

You can open another one in April with another provider.

If you have not used your entire allowance this tax year you could open and fund one now; the previous rule disallowing this was changed from this year onwards.

That's true as it stands. You can open a new ISA now if you have the funds ( and haven't used all your 2024-2025 allowance) and either run two or transfer the money from your existing one into the new one as well.

What we don't know is what the rules will be after April 2025. There is much speculation in the media that rules might change. 🤔

The key word is 'speculation' The Govt has not indicated there will be any changes. I suppose there might be, but seems pretty unlikely. 

misterh

PRAISETHESUN said:

You can open and contribute to as many ISA accounts as you like now subject to the annual ISA limits, as refluxer points out. Assuming it's allowed by your provider it's completely up to you if you want to contribute to the same ISA (for example if it's the best deal for you) or if you want to open a new ISA (either now or in the financial new year) and transfer your existing ISA across.

Thanks. That's what I thought.
I suppose at some point a saver might have to consider the Savings Guarantee limits, too, and spread savings over more than one account.

misterh

Albermarle said:

maman said:

Vook said:

You can open another one in April with another provider.

If you have not used your entire allowance this tax year you could open and fund one now; the previous rule disallowing this was changed from this year onwards.

That's true as it stands. You can open a new ISA now if you have the funds ( and haven't used all your 2024-2025 allowance) and either run two or transfer the money from your existing one into the new one as well.

What we don't know is what the rules will be after April 2025. There is much speculation in the media that rules might change. 🤔

The key word is 'speculation' The Govt has not indicated there will be any changes. I suppose there might be, but seems pretty unlikely. 

It seems quite late in the day for any changes to come into effect for the tax year 25-26. I would think?