Can I open 2 cash ISA's up to the max of £3600?

shopndrop

I know that the maximum amount for a cash ISA is £3600 this year, but can I invest up to this maximum amount with more than one provider?

Lokolo

No no no.

Thats one of the most important rules: 1 ISA to contribute into, per person, per year.

bob2007

Can you not have more than one as long as your total subscription over the current tax year is not more than 3600.

Out of interest, why would you want to split the subscription over 2 providers?

Lokolo

No.

You are allowed to put new money into ONE ISA each year. You cannot split.

You can if you want, transfer your money to another subscriber but to do so you must fill out a transfer request form, not do it yourself.

bob2007

Unless of course you want to take out another mini ISA using the stocks and shares option.

Lokolo

bob2007 wrote: »

Unless of course you want to take out another mini ISA using the stocks and shares option.

Yep can do that but then thats not a cash ISA as the op asked for ;-)

shopndrop

bob2007 wrote: »

Out of interest, why would you want to split the subscription over 2 providers?

I want to transfer in another ISA which I can do with A & L on a variable rate but need to open an account first before I can transfer in. I thought that if I could open the account with a minimum amount and then use the balance of the £3600 to open a fixed rate ISA with another provider.

Aegis

You can do that. You're fine to open as many accounts as you like, as long as you only contribute new money to one. As such, the minimum amount you should open the new ISA with is £0, though you can fill in a transfer form to effectively open it with your old account's balance.

I'm a little unsure if the rules have changed on contributions this year, but I suspect they're much the same.

bob2007

I'm confused. Do you mean you already have 3600 put in an ISA for 2008/2009?

You can open a new one to transfer absolutely - some companies don't accept transfers though.

Lavendyr

bob2007 wrote: »

Unless of course you want to take out another mini ISA using the stocks and shares option.

And just to note, there are no longer such things as "mini" and "maxi" ISAs - as of 05/04 there are "cash ISAs" and "stocks and shares" ISAs. Total allowance of £7200 of which £3600 may be held in a cash ISA and the same again in a stocks and shares ISA, or entire allowance in a stocks & shares ISA.

shopndrop

Haven't put anything in yet for 08/09 but am getting a poor rate on previous years so need to move funds as well as investing for this year.