New tax year - New cash ISA advice!

nathanpurton

Hi All,
Last year I opened my first cash ISA for myself. Over the course of the year I’ve managed to save £15500 which I never thought I could (big self high five)! 

However as we come to end of the tax year I want to know what the best advice for continuing to save would be. Do I fill my current cash ISA to £20000? Does interest still get paid on that to take it above £20000? Or do I open a new cash ISA and start saving into that one? I currently have a trading 212 flexible ISA. 

Any help or advice would be most appreciated. 

eskbanker

You can continue to pay into the same ISA or you can choose to open a different one if you preferred, but there's no particular reason to, if you're happy with the interest rate, etc.  The £20K is simply an annual contribution allowance, so you can build up the balance way beyond that over multiple years and/or with interest....

jimjames

nathanpurton said:

However as we come to end of the tax year I want to know what the best advice for continuing to save would be. Do I fill my current cash ISA to £20000? 

Well done! If you've got money outside the cash ISA then putting it inside it before the end of the tax year would be a good idea to maximise your allowance. If you don't have that money at the moment then the allowance resets to give you another £20k as of April.