Advice on multiple ISAs

saverboy1

I'm new here and I was hoping to get some advice. Currently my wife and each have a fixed term cash ISA (due to mature in about a month) and a fixed term stocks and shares ISA (due to mature in a few months). The latter were originally set up to pay a mortgage but this has already been fully paid. Our plan is the following: When the cash ISAs mature we will each open a new cash ISA and transfer the cash into it, and top up with our ISA allowance for this year. When the stocks and shares ISAs mature, we will open another cash ISA each, and transfer the money from the stocks and shares ISAs to these. My question is whether this is allowed under the current rules for multiple ISAs. I believe it would be but I would like to get this confirmed if possible. Many thanks.

clairec666

Yes, that is fine. You are able to open multiple cash ISAs within the same year, and your deposits are limited to £20000 each tax year (this does not include money transferred in).

Albermarle

You might find that some providers will either 
1) Not allow you to open more than one cash ISA with them.
2) Say that you can not open a new cash ISA with them if you have already opened one in this tax year.

It is not totally clear why, but for some reason some Cash ISA providers have not yet adapted to the new rules.

Regarding Point 2 , you can just ignore it if any provider states it ( say No)  as legally you can open more than one cash ISA, and they would have no way to find out if you had. 

surreysaver

Charter Bank is another one which reckons you cannot open an ISA with them if you've opened one somewhere else

Yorkie1

surreysaver said:

Charter Bank is another one which reckons you cannot open an ISA with them if you've opened one somewhere else

Although just to point out that "cannot open" (with transferred cash) is not the same as the bar in those T&Cs on "cannot subscribe" (i.e. new cash)