Can I have 2 cash ISAa?

SJ_Jones

I opened one in eith er tax year 2007-2008 or 2006-2007, I honestly can't remember.

I have way less than the limit - but the money in there is for 2 different purposes. So can I open a new ISA this tax year so I can keep the funds seperate from each other and better see what's going on?

Thanks for any help offered....

macca64

Yes you can open a new cash isa for 2008-09 so long as you only contribute to 1 cash isa per tax year.

macca64

Just noticed I now have 200 posts :beer:

SJ_Jones

So I can't carry on putting money into both?

10_66

No, you can only contribute to one ISA per tax year.

macca64

No, you can only contribute to 1 cash isa per tax year.

SJ_Jones

Pants! So I'll just need to find another high-paying savings account.

I think you should be allowed to divide up ISAs to do the piggy-banking thing - get the same interest on it all, have the same max saving, but see the money in different piles!!

macca64

Otherwise you could always pay it all into one account, ideally the best payer, and then keep a spreadsheet detailing what money belongs to what purpose. As long as you don't go over the £3,600 limit this will work just as well.

SJ_Jones

That's what I've been doing, but I've got myself all confused. Some of it counts towards long terms savings to pay off a loan, some counts as short term to pay for little treats like haircuts & shoes & stuff.

bill888

10_66 wrote: »

No, you can only contribute to one ISA per tax year.

I have a similar query about whether one can open two cash ISAs.

Can I open a cash ISA for 2008/9 and use it to consolidate two ISA transfers.

Then open another new cash ISA for 2008/9 depositing up to £3,600 cash?

forevergrey

bill888,

Yes, you can.

If you think of it as up to £3600 in new money per tax year, but you can transfer in old money from previous tax years, either into the same cash isa, provider rules allowing, or into one by another provider.