Multiple ISA's?

Paul_Herring

10_66 wrote: »

You can't open another one in the same tax year, regardless of whether you've fully used your limit or not. Once you've opened one with new funds (not transferred), even if it's with just £1 and even if you close it, you cannot open another in the same tax year and put £2,999 new funds (next tax year £3,499) into it. HMRC will close the second one.

Of course you can open another one. In your example, you simply open the account, transfer your £1 over to the new one, then add your new funds.

What you can't do, as you subsequently imply, have 'this year's' contributions split amongst two or more ISAs.

10_66

Paul_Herring wrote: »

Of course you can open another one. In your example, you simply open the account, transfer your £1 over to the new one, then add your new funds.

What you can't do, as you subsequently imply, have 'this year's' contributions split amongst two or more ISAs.

I think you'll see I did use the phrase "not transferred".

sloughflint

I'm not getting much joy here so I will try asking my question a different way.

I was in the process of transferring to Icesave but there was a problem ( lost cheque). An Icesave account is open but at this moment in time is still empty.

I am now wondering if I can pull out of the transfer ( fix with current provider instead) and leave Icesave empty until 06/04 or as this account has been created in this financial year, am I obliged to ensure this transfer is done as far as Icesave is concerned?

Current provider happy to fix if I give the go ahead but I am unclear what the position with this newly created account is.

maypole

sloughflint wrote: »

I'm not getting much joy here so I will try asking my question a different way.

I was in the process of transferring to Icesave but there was a problem. An Icesave account is open but at this moment in time is still empty.
I am wondering if I can pull out of the transfer ( fix with current provider instead) and leave Icesave empty until 06/04 or as this account has been created in this financial year, am I obliged to ensure this transfer is done as far as Icesave is concerned?

Current provider happy to fix if I give the go ahead but I am unclear what the position with this newly created account is.

I believe that if you open an ISA account and there is no activity on that account within a tax year, you will have to apply again when you want to put some money into it.

sloughflint

Thanks. In that case maybe a way round it will be to do a small partial transfer from current provider and fix the rest.

Paul_Herring

10_66 wrote: »

I think you'll see I did use the phrase "not transferred".

Indeed.

You also used the phrase "You can't open another one in the same tax year" which stuck out more, and more to the point is misleading and incorrect.

sloughflint

For anyone else in a similar position, I finally managed to get through to Icesave. The accounts are not fully open until funds ( transferred or otherwise) reach the account so what maypole mentioned wouldn't apply in this instance.

10_66

Paul_Herring wrote: »

Of course you can open another one. In your example, you simply open the account, transfer your £1 over to the new one, then add your new funds.

But then it would be a transferred ISA, not a new one. My point exactly.

Sussex_by_the_sea_2

Sorry to hijack this thread, it might have already been answered above but can anyone help me please; I am still being a bit blonde from isasmurf’s ISA FAQ
http://forums.moneysavingexpert.com/showthread.html?t=35681

I currently used up this year’s cash Isa limit, my ISA is with Abbey (£9k). I went into Lloyds to transfer my ISA into their 6.5% ISA. According to isasmurf, you can only open one and save in one ISA.
Question is, does it matter how many you open, as long as you only save in one?
And if the money hasn’t reached to my Lloyds account by 6th April (after reading other threads it’s highly unlikely), is it possible to open a Barclay’s tax haven and put 3.6k in?

jem16

Sussex_by_the_sea wrote: »

Sorry to hijack this thread, it might have already been answered above but can anyone help me please; I am still being a bit blonde from isasmurf’s ISA FAQ
http://forums.moneysavingexpert.com/showthread.html?t=35681

I currently used up this year’s cash Isa limit, my ISA is with Abbey (£9k). I went into Lloyds to transfer my ISA into their 6.5% ISA. According to isasmurf, you can only open one and save in one ISA.
Question is, does it matter how many you open, as long as you only save in one?

Yes as long as the others are opened by transferring.

And if the money hasn’t reached to my Lloyds account by 6th April (after reading other threads it’s highly unlikely), is it possible to open a Barclay’s tax haven and put 3.6k in?

Yes that's ok as long as you don't put new money into Lloyds as well.