Isa question's

NotRichAtAll

Hi basic question, i am new to the world of Isa's and i am after some advice.

Last year i opened 2 isa's one with marcus £15k and one with kroo £5k so what should i do with this year's comiing allowance should i deposit into each of them and make them 20k each, or should i open another isa with someone else for the sum of another £20k?

Also if i wanted to merge the kroo and marcus isa into one or the other is that possible and is any interest earned just carried across, lets say marcus has £15,250 in it and a remaining deposit allowance of £5k and kroo has £5150.00 in it £5k plus interest would the whole amount move across to marcus without breaching any allowance rules?

thanks, hope this is understandable

clairec666

Yes, your interest will be transferred and doesn't count towards the £20k limit. Make sure you do a transfer between the ISAs, don't withdraw it.

As for where to put your next £20k, you can open as many ISAs as you want, so just shop around for the best rate. If for the sake of simplicity you would prefer to keep all your money together, look for an ISA that accepts transfers in (some of the top rates are a bit sneaky and don't apply to money transferred in, so read the product description carefully).

FrugaiMacDugal

When you say 'last year', do you mean last tax year 24/25?

We are still in this tax year 25/26, so still have time to deposit £20k by 5th April.

Next tax year is 6th April 26/5th April 27.

Vitor

A cash ISA account can hold more than £20k. £20k is the annual deposit limit.

NotRichAtAll

https://forums.moneysavingexpert.com/discussion/comment/81936302#Comment_81936302

25/26

NotRichAtAll

https://forums.moneysavingexpert.com/discussion/comment/81936368#Comment_81936368

i reached my limit with the 2 i already opened

DRS1

Have a look at the start of this thread. It splits ISAs out according to whether they are new money only or accept transfers in

Cash ISAs: The Best Currently Available List — MoneySavingExpert Forum

Malchester

https://forums.moneysavingexpert.com/discussion/comment/81936705#Comment_81936705

It's not the opening of cash ISA that's the restriction it's the funding. In theory you could open 30 ISAs in a year but max funding is a total of £20k