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    Former MSE Penelope
    Question Of The Week: How many cash ISAs can I have?
    • #1
    • 15th Jun 10, 7:37 PM
    Question Of The Week: How many cash ISAs can I have? 15th Jun 10 at 7:37 PM
    Q. Can a person hold cash ISAs with more than one provider? Some good deals won't allow transfers in. So, either one can have more than one provider, or such reasonable offers aren't reasonable? Joy, by email


    Martin's A: This is a common confusion. The you can only have one cash ISA rule only applies to the current tax year only. So you can have lots of different Cash ISAs for lots of different tax years.

    Thus if you want to open a new cash ISA for the 2010-11 year, you needn't do it with the same provider as you've opened ISAs with in previous years.

    There's also nothing stopping you opening one cash ISA for new money, and a separate one to transfer prior years' cash ISAs (as long as none of this years cash goes in).




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    Last edited by Former MSE Penelope; 22-06-2010 at 4:57 PM.
Page 1
    • Paul_Herring
    • By Paul_Herring 16th Jun 10, 7:28 AM
    • 6,944 Posts
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    Paul_Herring
    • #2
    • 16th Jun 10, 7:28 AM
    • #2
    • 16th Jun 10, 7:28 AM
    There's also nothing stopping you opening one cash ISA for new money, and a separate one to transfer prior years' cash ISAs (as long as none of this years cash goes in).
    Originally posted by MSE Penelope
    Misleading.

    There's nothing (in HMRC's rules) stopping you subsequently transferring this year's money into the second account, as long as it gets transferred together (and any further contributions this year go into the same account.)
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
    • Milarky
    • By Milarky 16th Jun 10, 8:20 AM
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    Milarky
    • #3
    • 16th Jun 10, 8:20 AM
    • #3
    • 16th Jun 10, 8:20 AM
    Also, any existing (past years) open ISAs can be transferred to two or more providers - thus ISA 'splitting' is available. This is possible because (in general) ISA providers allow partial transfers of past years amounts - although they have discretion - and ISA transfer rules certainly permit transfer of only part of a balance elsewhere. Splitting can also result from opening two or more products with the same provider.
    .....under construction....
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