Add money to full isa or open new?

Notebook

Hi
I have 20k in a cash isa plus a few quid interest - now the window is open again, I want to add this years 20k.
Question is, can I add it into my existing isa or have I to open a separate one?
Thanks

refluxer

Whether you can add to it further will depend on the T&Cs of the ISA in question. Generally-speaking, you'll be able to add this year's allowance to it if it's an easy access cash ISA and you won't if it's a fixed rate cash ISA and you're beyond the initial funding window for the account (although there are a few exceptions to the latter).

Incidentally, your existing ISA isn't 'full' - the £20k limit just applies to the amount of new subscriptions you can pay into an ISA (or ISAs) during the current tax year - it is not a maximum balance.

If it's an easy access cash ISA that you can add to, then whether it's a good idea to do this will depend on the interest rate - have you compared it to the best rates currently available elsewhere ? 

Ayr_Rage

If you don't need or expect to need the cash in the next few years consider a Stocks and Shares ISA, the return is likely to better any cash ISA.

PRAISETHESUN

As above, the £20k limit isn't per ISA, but rather a cap of new money you can pay in each tax year. If the terms of your existing ISA allow it then you can pay directly into it, or otherwise you can open a new one. You could even transfer your old money to the new ISA if you want to keep everything in one place/the new one pays a better rate/etc. Just make sure you use the dedicated ISA transfer process, rather than simply withdrawing it and depositing it with the new provider.

Notebook

Thanks all for the advice