How does last tax year's ISA relate to this year's

cara06

Hi everybody,

I opened a cash mini ISA at HSBC and put in £3000 in January 2008. I haven't touched anything except transfered another £200 to this account 1 week ago. I recently noticed there is a new product at HSBC called e-ISA that has a better rate.

So I am wondering

1.the maximum amount I could invest in this new e-ISA account if I open it? Has the £200 I recently transfered to cash mini ISA already used my allowance (£3600) for this tax year?

2.if I used my allowance for this tax year for this new account, what would happen to my old cash mini ISA if I want to keep it, ie what is the rate I am going to have? Or could yearly allowances be accumulated?


Many thanks for your attention and help!...

earlgrey_3

cara06 wrote: »

Hi everybody,

I opened a cash mini ISA at HSBC and put in £3000 in January 2008. I haven't touched anything except transfered another £200 to this account 1 week ago. I recently noticed there is a new product at HSBC called e-ISA that has a better rate.

So I am wondering

1.the maximum amount I could invest in this new e-ISA account if I open it? Has the £200 I recently transfered to cash mini ISA already used my allowance (£3600) for this tax year?

2.if I used my allowance for this tax year for this new account, what would happen to my old cash mini ISA if I want to keep it, ie what is the rate I am going to have? Or could yearly allowances be accumulated?


Many thanks for your attention and help!...

Cara, if you paid new money to an HSBC ISA last week then you've taken out an ISA plan for this year and can't open another new one.

What you can do is transfer that and last year's ISA to any ISA provider or account you choose that accepts transfers and pay in the rest of this year's allowance as you want - so that's £3400 you've still got available. Some of the best payers are listed here http://www.moneyfacts.co.uk/savings/bestbuys/mini-cash-isas-accepting-transfers-in.aspx and in other threads.