Cash ISAs

sixtyplusmum

I've currently got a cash isa with Co-op and I'm happy with it.  I've seen an offer with Chip which sounds good.  My question is, can I open a cash isa with Chip if I've already got one with Co-op?  I've not added anything to the Co-op isa and do not intend to.  Can I keep that and have one with Chip?  Is this allowed?  Do I have to transfer my Co-op isa to Chip or can I keep it?

Peter999_2

You can only have £20,000 per tax year in an ISA.    If you have less than that this year then you can take out another so long as you don't go over £20,000 this year.     From April 6th you get another £20,000 (your existing ones aren't affected by this) to open 1 or more ISAs for 2025/2026.      As you can imagine, if you save £20,000 every year you can end up with a lot of ISAs completely tax free.

eskbanker

Peter999_2 said:

You can only have £20,000 per tax year in an ISA.    If you have less than that this year then you can take out another so long as you don't go over £20,000 this year.     From April 6th you get another £20,000 (your existing ones aren't affected by this) to open 1 or more ISAs for 2025/2026.      As you can imagine, if you save £20,000 every year you can end up with a lot of ISAs completely tax free.

Just to clarify the above, the £20K restriction relates to how much you can pay into ISAs per tax year, which can be paid into one or more ISAs as you see fit, i.e. you can keep funding the same one (subject to any product-specific funding windows) or multiple ones if you prefer.

sixtyplusmum said:

I've currently got a cash isa with Co-op and I'm happy with it.  I've seen an offer with Chip which sounds good.  My question is, can I open a cash isa with Chip if I've already got one with Co-op? Yes
I've not added anything to the Co-op isa and do not intend to.  Can I keep that and have one with Chip? Yes
Is this allowed? Still yes!
Do I have to transfer my Co-op isa to Chip or can I keep it? No and yes respectively

sixtyplusmum

eskbanker said:

Peter999_2 said:

You can only have £20,000 per tax year in an ISA.    If you have less than that this year then you can take out another so long as you don't go over £20,000 this year.     From April 6th you get another £20,000 (your existing ones aren't affected by this) to open 1 or more ISAs for 2025/2026.      As you can imagine, if you save £20,000 every year you can end up with a lot of ISAs completely tax free.

Just to clarify the above, the £20K restriction relates to how much you can pay into ISAs per tax year, which can be paid into one or more ISAs as you see fit, i.e. you can keep funding the same one (subject to any product-specific funding windows) or multiple ones if you prefer.

sixtyplusmum said:

I've currently got a cash isa with Co-op and I'm happy with it.  I've seen an offer with Chip which sounds good.  My question is, can I open a cash isa with Chip if I've already got one with Co-op? Yes
I've not added anything to the Co-op isa and do not intend to.  Can I keep that and have one with Chip? Yes
Is this allowed? Still yes!
Do I have to transfer my Co-op isa to Chip or can I keep it? No and yes respectively

Thank you for responding so quickly.  This has put my mind to rest.  I'm not touching my Co-op ISA - I haven't topped it up this financial year and I just want to keep it.  So I'm ok to open the Chip ISA where I can use my £20K allowance.  Perfect