5 Year ISA

mmrb159

If I take out a 5 year ISA with the maximum deposit of  £20000 does that mean I cannot open any more ISA`s in the future until this 5 year term has lapsed

Newly_retired

No.
The £20,000 is per tax year, unless the Chancelllor changes that.

Ayr_Rage

mmrb159 said:

If I take out a 5 year ISA with the maximum deposit of  £20000 does that mean I cannot open any more ISA`s in the future until this 5 year term has lapsed

No.

You can contribute £20,000 of new money in each and every new tax year irrespective of previous contributions.

You can, currently, subscribe to multiple ISAs per year.

Rachel from accounts may tweak the rules on Wednesday.

Albermarle

mmrb159 said:

If I take out a 5 year ISA with the maximum deposit of  £20000 does that mean I cannot open any more ISA`s in the future until this 5 year term has lapsed

Suggest you have a read through the forum to improve your knowledge about savings accounts and ISAs.

Emmia

Ayr_Rage said:

mmrb159 said:

If I take out a 5 year ISA with the maximum deposit of  £20000 does that mean I cannot open any more ISA`s in the future until this 5 year term has lapsed

No.

You can contribute £20,000 of new money in each and every new tax year irrespective of previous contributions.

You can, currently, subscribe to multiple ISAs per year.

Rachel from accounts The Chancellor may tweak the rules on Wednesday.

Fixed that for you 

I appreciate that "Rachel from accounts" is intended to be "funny" but it belittles the person with a senior government position, who for the first time happens to be a woman.

Did you ever refer to Kwasi from accounts, Rishi from accounts, George from accounts or Gordon from accounts etc.? No, you referred to them I expect as "The Chancellor".

Rachel Reeves should also be referred to as The Chancellor, as that is her title.

mmrb159

Thanks for the replies

Albermarle

Emmia said:

Ayr_Rage said:

mmrb159 said:

If I take out a 5 year ISA with the maximum deposit of  £20000 does that mean I cannot open any more ISA`s in the future until this 5 year term has lapsed

No.

You can contribute £20,000 of new money in each and every new tax year irrespective of previous contributions.

You can, currently, subscribe to multiple ISAs per year.

Rachel from accounts The Chancellor may tweak the rules on Wednesday.

Fixed that for you 

I appreciate that "Rachel from accounts" is intended to be "funny" but it belittles the person with a senior government position, who for the first time happens to be a woman.

Did you ever refer to Kwasi from accounts, Rishi from accounts, George from accounts or Gordon from accounts etc.? No, you referred to them I expect as "The Chancellor".

Rachel Reeves should also be referred to as The Chancellor, as that is her title.

I am sure she would not mind being called just Rachel Reeves.

I agree though that a lot of the flak and name calling is simply just because she is a woman.

fuzzzzy

Emmia said:

Ayr_Rage said:

mmrb159 said:

If I take out a 5 year ISA with the maximum deposit of  £20000 does that mean I cannot open any more ISA`s in the future until this 5 year term has lapsed

No.

You can contribute £20,000 of new money in each and every new tax year irrespective of previous contributions.

You can, currently, subscribe to multiple ISAs per year.

Rachel from accounts The Chancellor may tweak the rules on Wednesday.

Fixed that for you 

I appreciate that "Rachel from accounts" is intended to be "funny" but it belittles the person with a senior government position, who for the first time happens to be a woman.

Did you ever refer to Kwasi from accounts, Rishi from accounts, George from accounts or Gordon from accounts etc.? No, you referred to them I expect as "The Chancellor".

Rachel Reeves should also be referred to as The Chancellor, as that is her title.

I agree with you.

But I do hope you yourself have stopped referring to pensioners as " grey haired wrinklies". That too is rather belittling.

https://forums.moneysavingexpert.com/discussion/comment/81730771#Comment_81730771

Emmia

fuzzzzy said:

Emmia said:

Ayr_Rage said:

mmrb159 said:

If I take out a 5 year ISA with the maximum deposit of  £20000 does that mean I cannot open any more ISA`s in the future until this 5 year term has lapsed

No.

You can contribute £20,000 of new money in each and every new tax year irrespective of previous contributions.

You can, currently, subscribe to multiple ISAs per year.

Rachel from accounts The Chancellor may tweak the rules on Wednesday.

Fixed that for you 

I appreciate that "Rachel from accounts" is intended to be "funny" but it belittles the person with a senior government position, who for the first time happens to be a woman.

Did you ever refer to Kwasi from accounts, Rishi from accounts, George from accounts or Gordon from accounts etc.? No, you referred to them I expect as "The Chancellor".

Rachel Reeves should also be referred to as The Chancellor, as that is her title.

I agree with you.

But I do hope you yourself have stopped referring to pensioners as " grey haired wrinklies". That too is rather belittling.

https://forums.moneysavingexpert.com/discussion/comment/81730771#Comment_81730771

Happy to refer to people as pensioners, which is my normal mode.

Albermarle

fuzzzzy said:

Emmia said:

Ayr_Rage said:

mmrb159 said:

If I take out a 5 year ISA with the maximum deposit of  £20000 does that mean I cannot open any more ISA`s in the future until this 5 year term has lapsed

No.

You can contribute £20,000 of new money in each and every new tax year irrespective of previous contributions.

You can, currently, subscribe to multiple ISAs per year.

Rachel from accounts The Chancellor may tweak the rules on Wednesday.

Fixed that for you 

I appreciate that "Rachel from accounts" is intended to be "funny" but it belittles the person with a senior government position, who for the first time happens to be a woman.

Did you ever refer to Kwasi from accounts, Rishi from accounts, George from accounts or Gordon from accounts etc.? No, you referred to them I expect as "The Chancellor".

Rachel Reeves should also be referred to as The Chancellor, as that is her title.

I agree with you.

But I do hope you yourself have stopped referring to pensioners as " grey haired wrinklies". That too is rather belittling.

https://forums.moneysavingexpert.com/discussion/comment/81730771#Comment_81730771

I prefer ‘retirees’
Better than pensioners or seniors .

eskbanker

Albermarle said:

fuzzzzy said:

But I do hope you yourself have stopped referring to pensioners as " grey haired wrinklies". That too is rather belittling.

https://forums.moneysavingexpert.com/discussion/comment/81730771#Comment_81730771

I prefer ‘retirees’
Better than pensioners or seniors .

But those terms aren't synonymous - you can be a retiree without being a pensioner, and vice versa!