ISA advice please!!!

cjsc

Hi

Hope someone out there can help me. I have a cash ISA with Nationwide in which I have paid the maximum amount each year for the last few years (including 2007/08). I am now hoping to transfer some of it to a new fixed rate ISA. Lloyds TSB say they can open me a new FRISA immediately (this tax year) to be opened with a transfer from Nationwide. A small amount would then be left in Nationwide cash ISA for emergencies, and for me to add the 2008/2009 allowance to. Am I legally allowed to do this?

Thanks.

jem16

Yes you can do this.

Finding_Scotty

So you are allowed to have more than one ISA - as long as they were opened in different years?

Does that mean you can put more than £3000 in over the course of a year if you have more than one account, or can you only put in £3000 (or £3600 this year) no matter how many accounts you have?

Liz_the_Whizz

You can only "subscribe" to (ie put new money into) one cash ISA in each tax year. This can be a new or existing ISA account, but only one, not both.

You can hold multiple ISAs from previous tax years, but can only add new ISA money to one of them if you choose not to open a new ISA account.

You can open any number of cash ISAs with "old" ISA money by transferring your existing cash ISA funds between ISA accounts/providers if you want to get a better rate of interest.

Make sense?

Finding_Scotty

Yep got it :-)

Thanks for your brain :T