Full ISA Guide Discussion Area

Top_Owl

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

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

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

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.

Consumerist

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).

ejv

Can I open an ISA with one provider and transfer my old ISA to another provider in the same financial year?

george4064

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)

ejv

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

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.

yellowlawn

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?