Multiple ISAs

cc004-2

Hi folks,

I know that some of this has probably been asked before...?

I currently have a Britannia ISA with a few thousand in it, and a rubbish rate, last payment to it was in the previous tax year. I have not made any payments into any ISA in this tax year.
At the moment I'm in the process of opening a new ISA with Abbey, and have them transfer the Britannia money into it. My application was made 11/4/2008. At the moment, Abbey haven't received the cheque from Britannia and I assume that the Britannia ISA is still open.

Is it possible for me to:
1) do the Britannia->Abbey transfer thing - and...
2) also open an ICESAVE ISA in this tax year?
3) pay my 2008/9 entitlement of £3,600 into ICESAVE only and make no payments into the Britannia/Abbey fund?

Reason is: Abbey seem to be slow/swamped. I now have another £2k which I'd like to save with ICESAVE but I don't feel confident enough to move the entire contents of my Britannia pot to them. Trying to maximise my savings returns and spread risk at the same time.

Hope someone can help...?


Cheers,
ChrisC.

debbie42

cc004-2 wrote: »

Is it possible for me to:
1) do the Britannia->Abbey transfer thing - and...
2) also open an ICESAVE ISA in this tax year?
3) pay my 2008/9 entitlement of £3,600 into ICESAVE only and make no payments into the Britannia/Abbey fund?

At the moment you haven't made any new contributions for this tax year into Abbey, only requested a transfer of old funds, yes? In which case you are at liberty to put this years contributions (3600 max) into any ISA which will accept them.

So yes, you can do as you suggest above.

cc004-2

debbie42 wrote: »

At the moment you haven't made any new contributions for this tax year into Abbey, only requested a transfer of old funds, yes? In which case you are at liberty to put this years contributions (3600 max) into any ISA which will accept them.

So yes, you can do as you suggest above.

Thanks for the fast reply Debbie!

Yes, I'll only be transferring old funds into Abbey - the ISA application with them went in on 11/4/08 not 11/3/08 as I originally posted, don't think that makes a difference theough.

Sounds like that's what I'll be doing then.;) I'll be sorting out next tax years ISA to replace the Abbey account a lot earlier and beat the rushh!

Cheers,
CC.