Two ISA's in One Tax Year

VioletTort15

In July 24 I opened a Fixed Rate Isa with the Co-op Bank for £15k. In September 24 I tried to add £5k to it but the window for adding had passed. When I questioned this they told me to just open another one. So in Sept I opened another Fixed Rate Cash Isa with them for £5k being the rest of my allowance. They have now closed that account and paid it back to me (inc interest) telling me I cannot have two ISA's in one tax year. Is this correct? Could I go to another provider with my 5k in this tax year? Thank you 😊

400ixl

No, you can have two or more of the same type as of this year. Some places haven't yet updated their systems to cope with the rules change.

Just open one with a different supplier and put the money in there.

VioletTort15

Thank you! I was confused, they didn't seem sure. When I said I would go to another provider the customer services adviser told me to be open and honest!!! I was shocked 😳

eskbanker

VioletTort15 said:

When I said I would go to another provider the customer services adviser told me to be open and honest!!! I was shocked 😳

Not sure I'm following - why were you shocked at being advised not to lie?

sammy_zammy

eskbanker said:

VioletTort15 said:

When I said I would go to another provider the customer services adviser told me to be open and honest!!! I was shocked 😳

Not sure I'm following - why were you shocked at being advised not to lie?

I think because of the implication from Co-Op Bank that they were going to lie in order to breach ISA rules, when nothing that OP has said suggests they were going to.

badmemory

Well in that position if someone had told me to be open & honest I would believe that they were accusing me of lying previously.  So yes I would be shocked - shocked that they felt that was a necessary comment.

wmb194

VioletTort15 said:

Thank you! I was confused, they didn't seem sure. When I said I would go to another provider the customer services adviser told me to be open and honest!!! I was shocked 😳

Were they worried you might try to transfer the money to a scammer? That's why they might ask you be open and honest to help the person talking to you spot it i.e. scammers often tell scamees to fib.

VioletTort15

sammy_zammy said:

eskbanker said:

VioletTort15 said:

When I said I would go to another provider the customer services adviser told me to be open and honest!!! I was shocked 😳

Not sure I'm following - why were you shocked at being advised not to lie?

I think because of the implication from Co-Op Bank that they were going to lie in order to breach ISA rules, when nothing that OP has said suggests they were going to.

Exactly that! Why would not be honest? 🤷‍♀️

VioletTort15

wmb194 said:

VioletTort15 said:

Thank you! I was confused, they didn't seem sure. When I said I would go to another provider the customer services adviser told me to be open and honest!!! I was shocked 😳

Were they worried you might try to transfer the money to a scammer? That's why they might ask you be open and honest to help the person talking to you spot it i.e. scammers often tell scamees to fib.

wmb194 said:

VioletTort15 said:

Thank you! I was confused, they didn't seem sure. When I said I would go to another provider the customer services adviser told me to be open and honest!!! I was shocked 😳

Were they worried you might try to transfer the money to a scammer? That's why they might ask you be open and honest to help the person talking to you spot it i.e. scammers often tell scamees to fib.

badmemory said:

Well in that position if someone had told me to be open & honest I would believe that they were accusing me of lying previously.  So yes I would be shocked - shocked that they felt that was a necessary comment.

Exactly! The implication is that I tried to open 2 ISA's fraudulently with the Co-op!

Barkin

Isn't it more likely just a misunderstanding/miscommunication of the fact that - while an individual can open more than one ISA - their own t's&c's limit folks to a single ISA with them?

eskbanker

Barkin said:

Isn't it more likely just a misunderstanding/miscommunication of the fact that - while an individual can open more than one ISA - their own t's&c's limit folks to a single ISA with them?

Yes, that was my interpretation - it seemed to me that the rep was basically saying that, although it's not possible to fund a second ISA with Co-Op, doing so with another provider is perfectly OK, and that there's no need for any subterfuge when applying, i.e. nothing needs to be concealed and it's all above board.  Obviously OP was the only one to have heard the actual words used, but it didn't seem obvious from what was posted that there was any character assassination involved!