Opening two Cash ISA's with one provider in a year

Oldhand_2

I had a two-year fixed rate cash ISA with Natwest which matured in July this year. At maturity it converted into a low rate easy access ISA. I then opened a new Natwest fixed rate cash ISA and transferred the full balance from the easy access ISA to it. I didn't add any cash (my 2025/6 ISA allowance is elsewhere).

Very soon another fised rate cash ISA will be maturing, this time with Kent Reliance. Their new 1 year fixed rate is 3.75%, whilst Natwest is offerring 4.2%. I would like to transfer the maturing KR ISA to Natwest. However I see on Natwest's website it says 'You can only subscribe to one cash ISA with NatWest in any tax year up to £20,000.' Does this mean that I've burnt my boats with the earlier ISA transfer? Or is the key word 'subscribe'? 

El_Torro

You used to be able to pay into one ISA of a given type every year. That law no longer applies. You can legally open as many ISAs as you want, as long as you stick to the restrictions of how much money is put into an ISA every year. Banks are allowed to have their own restrictions though. 

If Natwest don't let you open another fixed rate Cash ISA, or pay into your current one, there are other options. 

Ch1ll1Phlakes

Oldhand_2 said:

I had a two-year fixed rate cash ISA with Natwest which matured in July this year. At maturity it converted into a low rate easy access ISA. I then opened a new Natwest fixed rate cash ISA and transferred the full balance from the easy access ISA to it. I didn't add any cash (my 2025/6 ISA allowance is elsewhere).

Very soon another fised rate cash ISA will be maturing, this time with Kent Reliance. Their new 1 year fixed rate is 3.75%, whilst Natwest is offerring 4.2%. I would like to transfer the maturing KR ISA to Natwest. However I see on Natwest's website it says 'You can only subscribe to one cash ISA with NatWest in any tax year up to £20,000.' Does this mean that I've burnt my boats with the earlier ISA transfer? Or is the key word 'subscribe'? 

You can open as many Cash ISAs as you want in a tax-year. However, Natwest only allow you to subscribe to one ISA with them in a tax-year. They state on their website that once you've a fixed rate ISA opened and paid into you won't be able to pay into any further ISAs with them, see Fixed Rate Cash ISA | ISA Rates | NatWest and the following rules section.



However, if you got to their ISA transfers page (What is an ISA Transfer? | NatWest) including internal transfers they say the following 


As they don't clearly state anywhere that an internal transfer of an ISA from previous year is counted, as you noted, as subscribing, I would contact them directly, probably via phone or the chat service to check if you can open a new one with current year subscriptions.

masonic

Oldhand_2 said:

I had a two-year fixed rate cash ISA with Natwest which matured in July this year. At maturity it converted into a low rate easy access ISA. I then opened a new Natwest fixed rate cash ISA and transferred the full balance from the easy access ISA to it. I didn't add any cash (my 2025/6 ISA allowance is elsewhere).

Very soon another fised rate cash ISA will be maturing, this time with Kent Reliance. Their new 1 year fixed rate is 3.75%, whilst Natwest is offerring 4.2%. I would like to transfer the maturing KR ISA to Natwest. However I see on Natwest's website it says 'You can only subscribe to one cash ISA with NatWest in any tax year up to £20,000.' Does this mean that I've burnt my boats with the earlier ISA transfer? Or is the key word 'subscribe'? 

The key word is 'subscribe' which you will not be doing if you simply transfer in an ISA from a previous tax year from KR.