Potentially stupid question

LizzieB86

I opened a cash ISA in January and it isn't full, now it is a new tax year what happens? Can I still put money in it? or do i have to get a new one for this tax year? I just don't understand :-( Any help would be appreciated lots and lots

debbie42

As it's the start of a new tax year, you have this year's allowance available (£3600). It depends on your particular ISA as to whether you can (or should!) add this allowance to it. You may do, or you may decide to open a new one.

It's an opportunity to check what's available and whether your old ISA is still a good place for your money. Kazza's thread discusses available options.

DocProc

Since it is now 'this year', well, sorry, but you missed out on 'last years' full ISA alllowance' of £3,000.

However, this year you get a new ISA allowance of £3,600.

So where to put it your money (either the full £3,600 or just part of it) once again? If only 'part', you should be able to top it up later, but only up to £3,600 in total for this new tax year.

Put it with last year's money in the existing ISA - if you can and if you want to.

If you don't want to or can't, then open a new ISA elsewhere.

Oh, and if you want to and can transfer the old, existing one into the new one, after you've opened the new one, well, that's a possibilty too.

Hope that helps.