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Full ISA Guide Discussion Area

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  • For my 17/18 allowance I have taken out a 2 year fixed rate ISA which matures in July 2019. Come April 2018 can I still take out a new ISA for 18/19?
  • eskbanker
    eskbanker Posts: 37,074 Forumite
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    Top_Owl wrote: »
    For my 17/18 allowance I have taken out a 2 year fixed rate ISA which matures in July 2019. Come April 2018 can I still take out a new ISA for 18/19?
    Yes, the £20K annual allowance resets at the start of each new tax year, as does the rule about paying in to one ISA of each type per tax year.
  • webwiz
    webwiz Posts: 215 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    In 2014/15 I opened a cash ISA and have been paying a regular amount into it each month ever since. Does this mean that this ISA became my cash ISA for each of the years since, meaning that I cannot open another cash ISA this year?
  • eskbanker
    eskbanker Posts: 37,074 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    webwiz wrote: »
    In 2014/15 I opened a cash ISA and have been paying a regular amount into it each month ever since. Does this mean that this ISA became my cash ISA for each of the years since, meaning that I cannot open another cash ISA this year?
    In a word, yes - you can only pay new money into one ISA of each type per tax year, i.e. having paid into your cash ISA this tax year you can't pay into another one.

    Three options:
    1. You could pay into a S&S ISA if you have enough readily-available cash
    2. If you need to stay in cash, consider non-ISA accounts such as regular savers and current accounts that pay better interest
    3. If you feel cash ISAs are worth doing, you could transfer to a better product, as if you've had one for years then chances are it won't be competitive.
  • If you're not happy with the return you're getting then, of course, you can transfer the ISA to a new manager and continue paying in until you reach the ISA limit for this year (£20,000).
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • ejv
    ejv Posts: 315 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Can I open an ISA with one provider and transfer my old ISA to another provider in the same financial year?
  • george4064
    george4064 Posts: 2,928 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    ejv wrote: »
    Can I open an ISA with one provider and transfer my old ISA to another provider in the same financial year?

    Yes. The rule is you are only allowed to subscribe new money to one ISA per tax year, therefore any transfers between ISAs are allowed (make sure you transfer properly, i.e. don't withdraw the cash and transfer it to the new ISA)
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2025 - #024 £1,450 / £15,000 (9%)
  • ejv
    ejv Posts: 315 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    george4064 wrote: »
    Yes. The rule is you are only allowed to subscribe new money to one ISA per tax year, therefore any transfers between ISAs are allowed (make sure you transfer properly, i.e. don't withdraw the cash and transfer it to the new ISA)

    Thank you.
    Just to confirm...I wish to transfer the old ISA to a provider whom I'm not a current customer ie this would also be a "new" provider for me.
  • george4064
    george4064 Posts: 2,928 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 11 September 2017 at 9:28PM
    ejv wrote: »
    Thank you.
    Just to confirm...I wish to transfer the old ISA to a provider whom I'm not a current customer ie this would also be a "new" provider for me.

    Thats fine, just make sure you action it as a transfer. This involves contacting your new provider and inform them you wish to transfer your existing ISA to them, your new provider will then ask you to fill in some forms etc.. and from there your new provider will comtact your current provider to start the transfer.
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2025 - #024 £1,450 / £15,000 (9%)
  • How many ISA's can one person have in a tax year?

    If I have an ISA that I pay a monthly sum into, is there a monthly limit I can pay in? For example if I pay £30 pm into an ISA. Could I increase that monthly amount to £100 or £200 pm etc?
    Yellowlawn

    _____________________________________________

    If a man says something in the woods and there are no women there, is he still wrong?
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