Can I have multiple cash isa subscriptions in new tax year?

sultan123

Opened easy access cash ISA account with Plum. Paid in £500 today.

Can I continue to pay into this ISA and then later open a fixed rate ISA with another provider and move across easy access plum account into it.

Or can i only pay into 1 cash ISA account in a tax year for the full 20k

eskbanker

You can fund as many cash ISAs as you like, subject to the aggregate annual £20K contribution limit.  Some providers aren't happy for you to fund more than one of their own, and most fixed rate ISAs will only allow transfers (or deposits) within a short funding window of a few weeks.

Growingold

Ford Money stipulate that you cannot hold an ISA with them if you have subscribed to one already elsewhere.  

A couple of providers with their Fixed Rate ISA's allow further cash deposits during the fixed term.  Shawbrook is one of these.

masonic

Growingold said:

Ford Money stipulate that you cannot hold an ISA with them if you have subscribed to one already elsewhere.

They could stipulate that you cannot hold an ISA with them if you drive a Nissan and it would be equally enforceable.

sultan123

eskbanker said:

You can fund as many cash ISAs as you like, subject to the aggregate annual £20K contribution limit.  Some providers aren't happy for you to fund more than one of their own, and most fixed rate ISAs will only allow transfers (or deposits) within a short funding window of a few weeks.

Thanks what about moving from 1 subscrbed account in a year to another one?

eskbanker

sultan123 said:

eskbanker said:

You can fund as many cash ISAs as you like, subject to the aggregate annual £20K contribution limit.  Some providers aren't happy for you to fund more than one of their own, and most fixed rate ISAs will only allow transfers (or deposits) within a short funding window of a few weeks.

Thanks what about moving from 1 subscrbed account in a year to another one?

What about it?!

Provided the receiving provider allows inward transfers (not all do) then this is permitted.

sultan123

eskbanker said:

sultan123 said:

eskbanker said:

You can fund as many cash ISAs as you like, subject to the aggregate annual £20K contribution limit.  Some providers aren't happy for you to fund more than one of their own, and most fixed rate ISAs will only allow transfers (or deposits) within a short funding window of a few weeks.

Thanks what about moving from 1 subscrbed account in a year to another one?

What about it?!

Provided the receiving provider allows inward transfers (not all do) then this is permitted.

Did the rules change then? As previously my understanding was transfers only allowed from previous tax years subscriptions?

friolento

sultan123 said:

eskbanker said:

sultan123 said:

eskbanker said:

You can fund as many cash ISAs as you like, subject to the aggregate annual £20K contribution limit.  Some providers aren't happy for you to fund more than one of their own, and most fixed rate ISAs will only allow transfers (or deposits) within a short funding window of a few weeks.

Thanks what about moving from 1 subscrbed account in a year to another one?

What about it?!

Provided the receiving provider allows inward transfers (not all do) then this is permitted.

Did the rules change then? As previously my understanding was transfers only allowed from previous tax years subscriptions?

That never was a rule.

The general rules always allowed transfer money from previous and current years but if you transfer any of the current year's subscription, you have to transfer the current year subscription and its interest in full.

ISA providers might have stricter rules and only permit transfers of the entire ISA balance, not partial transfers. Some won't let you open another ISA with them if you transfer out an ISA, for example Chip and possibly Moneybox. You need to check the T&Cs of your ISA providers - the sending and the receiving one.

eskbanker

friolento said:

The general rules always allowed transfer money from previous and current years but if you transfer any of the current year's subscription, you have to transfer the current year subscription and its interest in full.

No, that was the old rule from before a year ago - current year money can now be split up.