More than one ISA

carnet

scruffian wrote:

When I opened an ISA before April this year I asked my bank manager about the rules regarding opening more than one ISA and paying up to the limit each year. I was lead to believe that you can only open one Mini cash ISA a year, and the maximum you can pay into it each year is £3000, but you can pay £3000 into more than one ISA per year.

I suspect that maybe I misunderstood this, becasue it doesn't seem to fit with other advice I have heard.

You can open more than one ISA in any tax year with either the same or, more commonly, two different providers - a Mini Cash ISA up to a limit of £3K and a Mini Stocks & Shares ISA up to a (newly revised) limit of £4K.

Is this perhaps not what the bank manager meant ?

lipidicman

Thats why I was careful to say Mini Cash ISA (mcISA). Anyone not sure about mcISAs needs to be careful when being sold stocks and shares ISAs!