Open 2 ISAs, pay into one, transfer into the other?

pal77
pal77 Posts: 1 Newbie
in ISAs & tax-free savings
Like everyone, I'm trying to get my head around the ISA rules and not seeing an easy guide anywhere that answers my questions.

This year, I've opened a Nutmeg LISA (just in time before my 40th) and a Moneyfarm stocks & shares ISA. I've paid into the LISA and transferred last year's Santander cash ISA into the Moneyfarm one.

Can I now open another stocks & shares ISA this year (Fundsmith or Nutmeg, probably) and pay into that with the rest of my allowance? I've not actually paid into the Moneyfarm one, just transferred.

Any help much appreciated!

Comments

  • eskbanker
    eskbanker Posts: 30,993 Forumite
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    Yes, you can open another S&S ISA and pay new money into it - the basic rule is that you can only pay new (current tax year) money into one ISA of each type, so, as you haven't paid any 2017/18 contributions into a S&S ISA, then you're free to open another one and do so.
  • ThriftyFelicity
    ThriftyFelicity Posts: 771 Forumite
    First Anniversary Combo Breaker
    On a related note, I've opened a Halifax flexible cash ISA this year in order to transfer funds from a maturing Santander cash ISA. I've not put any "new" money into the Halifax ISA. Does that mean I am free to open another cash ISA this year, for this year's ISA contributions? Thanks :)
    R.I.P. Bart. The best cat there ever was. :sad:
  • badger09
    badger09 Posts: 11,205 Forumite
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    ThriftyFelicity wrote: »
    On a related note, I've opened a Halifax flexible cash ISA this year in order to transfer funds from a maturing Santander cash ISA. I've not put any "new" money into the Halifax ISA. Does that mean I am free to open another cash ISA this year, for this year's ISA contributions? Thanks :)

    Yes you can do that. Just make sure you use Halifax's transfer process to move your maturing Santander ISA.

    However, are you sure a cash ISA is the best place for your savings?
  • ThriftyFelicity
    ThriftyFelicity Posts: 771 Forumite
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    edited 17 May 2017 at 1:53PM
    badger09 wrote: »
    Yes you can do that. Just make sure you use Halifax's transfer process to move your maturing Santander ISA.

    However, are you sure a cash ISA is the best place for your savings?

    Yes, I've used the Halifax transfer process to move the funds, they did it very quickly. The reason I chose a flexible ISA is so that I can withdraw to higher-rate savings accounts, but I'll make sure I have the funds transferred back before the new tax year next year. :)

    I was unsure whether I'd be making any 2017/2018 ISA contributions, but Ford's new regular saver ISA at 4% is looking like a good place for a couple thousand of new money at least.
    R.I.P. Bart. The best cat there ever was. :sad:
  • eskbanker
    eskbanker Posts: 30,993 Forumite
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    edited 17 May 2017 at 2:13PM
    ThriftyFelicity wrote: »
    Ford's new regular saver ISA at 4%
    Not familiar with this and it isn't shown at https://www.fordmoney.co.uk/savings-products/overview, do you have a link please? It sounds a suspiciously large differential from the rest of the market!

    Edit: I see it's mentioned in today's article at http://www.thisismoney.co.uk/money/saving/article-4510644/Ford-Money-launches-best-buy-4-cent-regular-saver.html, presumably Ford will update their site at launch....
  • badger09
    badger09 Posts: 11,205 Forumite
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    eskbanker wrote: »
    Not familiar with this and it isn't shown at https://www.fordmoney.co.uk/savings-products/overview, do you have a link please? It sounds a suspiciously large differential from the rest of the market!

    Edit: I see it's mentioned in today's article at http://www.thisismoney.co.uk/money/saving/article-4510644/Ford-Money-launches-best-buy-4-cent-regular-saver.html, presumably Ford will update their site at launch....

    Also mentioned here

    http://forums.moneysavingexpert.com/showthread.php?t=608697&page=273

    Not like you to miss something like that eskbanker:p
  • eskbanker
    eskbanker Posts: 30,993 Forumite
    First Anniversary Name Dropper Photogenic First Post
    badger09 wrote: »
    Also mentioned here

    http://forums.moneysavingexpert.com/showthread.php?t=608697&page=273

    Not like you to miss something like that eskbanker:p
    To be fair it was only posted there less than two hours before my post, and nobody (other than your good self!) has referred to it from the ISA board - someone's going to need to tell Kazza242 of a rare new regular saver ISA....
  • badger09
    badger09 Posts: 11,205 Forumite
    First Post First Anniversary Name Dropper
    eskbanker wrote: »
    To be fair it was only posted there less than two hours before my post, and nobody (other than your good self!) has referred to it from the ISA board - someone's going to need to tell Kazza242 of a rare new regular saver ISA....

    My name is badger09 and I am an MSEaholic:o
    :rotfl:
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