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Opening two cash ISA's in the same year
Harold.Finch
Posts: 90 Forumite
Bit of a schoolboy question but would like to get it clear in my mind.
A few weeks ago I opened a cash ISA and funded it with cash and transferred an ISA from a previous year into it. Am I now allowed to open another cash ISA provided I fund it only with a transfer from a previous years ISA? I won't be putting any new cash into it.
A few weeks ago I opened a cash ISA and funded it with cash and transferred an ISA from a previous year into it. Am I now allowed to open another cash ISA provided I fund it only with a transfer from a previous years ISA? I won't be putting any new cash into it.
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Comments
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Yes, you can open another cash ISA purely for transfers, the rule is that you can only pay new money into one ISA of each type in any given tax year.
Are you sure that multiple cash ISAs are the best home for your money, given the poor returns?0 -
Just to confirm although you can only pay into one cash ISA per tax year you can pay into one cash ISA, one stocks and shares ISA and one LISA all in the same tax year providing the total combined amount is no more than £20k.I'm a Chartered Financial Planner. Trying to be helpful without giving advice.0
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Thanks for the replies and sorry for the delay in responding due to family stuff.
@eskbanker - We have got other investments but just wanted to keep the ISA's running for a little longer. We have our other savings providing a better rate of income.0
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