Openning Cash ISAs with more than one Bank

1207oscarcat

Is it true that in any one tax year one is only allowed to place cash with one Cash ISA account (and therefore one Provider?)
I am in the process of waiting for my Premier 50 current account to be opened with A&L (at 8.5% up to £2,500) so that I can then open (with say 3100) a Cash ISA Issue 2 with them paying 10%. However, this may take some time and in the meantime I want to open a Cash ISA with another Provider (Icesave at 6.10%) with a very small amount so that I can then transfer (from Intelligent Finance now at 5.6%) all my previous years' ISAs (£6,500) to this new higher paying Cash ISA. This is only Ok as long as it doesn't prevent me from then placing £3,500 in the new A&L Cash ISA when it becomes available. hence my question above.
Alternatively, I can wait till I can this year's maximum when the A&L Cash ISA Issue 2 is opened. Welcome your views/advice/ Thanks.:j

kingmonkey

You cant do what you want to do - unless the a&l ISA accepts transfers in.

Lavendyr

Which it does.

Mikeyorks

If you open the Icesave one ('with a very small amount') ..... you can't then contribute to any further cash ISA in 08-09. The allowance is not splittable.

You have to 'open' the Icesave with zero funding (simply to transfer into it - that is permitted) .... to fulfill your overall intentions?