Using a previous tax year's ISA

Timothy_Richards

Hi all, I have an ISA open for this tax year (2024-2025) which I have contributed the maximum of 20K to.

I wish to contribute to this ISA in the next tax year of 2025-2026.

Do I have to open a new ISA, or can use this existing ISA to contribute to starting April 2025 (and not going over the 20K limit next year)?

Many thanks, Tim

eskbanker

You can choose whether to deposit more into the same ISA (assuming it's still open for further contributions, some have a limited funding window) or to open a new one.

Sam_666

It will depend on your existing ISA T&C, especially if its fix rate ISA.

Timothy_Richards

And can I spread my 20K isa over several ISAs in one tax year?

eskbanker

Timothy_Richards said:

And can I spread my 20K isa over several ISAs in one tax year?

Yes, you can spread your £20K contributions over several ISAs in one tax year (following this year's relaxation of the previous restriction that prevented this within the same type).

saajan_12

Timothy_Richards said:

Hi all, I have an ISA open for this tax year (2024-2025) which I have contributed the maximum of 20K to.

I wish to contribute to this ISA in the next tax year of 2025-2026.

Do I have to open a new ISA, or can use this existing ISA to contribute to starting April 2025 (and not going over the 20K limit next year)?

Many thanks, Tim

There's no law that prevents it. So it just depends on what that particular ISA account / product is, same as for normal savings accounts. If its a fixed term or limited deposits then that's what'll govern whether you can put further money into it.