ISA moved to another acc - can I open another ISA this tax year
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cloo
Posts: 1,291 Forumite
I hated the user experience of my previous Cash ISA, plus there was barely any interest and I didn't have much left in it, so I closed the account in May and moved the remaining cash to an existing bank account, intending to open a better ISA if I improved my saving position some time in the future.
It so happens I have unexpectedly now received a fairly large sum most of which I'd like to put in an ISA... but I'm wondering whether I will be allowed to open another ISA this tax year? I know you can move between ISAs, I've done it several times , but given the various limitations around them I wondered if it might be verboten to close one, move money elsewhere, then open another in the same tax year, as presumably otherwise this might be a way around the annual limit that you can put in.
It so happens I have unexpectedly now received a fairly large sum most of which I'd like to put in an ISA... but I'm wondering whether I will be allowed to open another ISA this tax year? I know you can move between ISAs, I've done it several times , but given the various limitations around them I wondered if it might be verboten to close one, move money elsewhere, then open another in the same tax year, as presumably otherwise this might be a way around the annual limit that you can put in.
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Did you pay any new money into the old account between 6 April [2018] and closure in May? If not then you still have the full £20K annual allowance and free rein as to where you put it....
And are you sure that a cash ISA is the best place for your money anyway, as opposed to other accounts that pay better interest, or S&S ISAs for longer term money?0 -
Thanks. No, pretty sure nothing was added to it in that time or possibly the last year. I agree ISA may not be best place - in fact I plan to invest a few K in something longer term, maybe an ethical investment fund of some kind. We're likely to need a quarter or so of the money in two years, and I want to keep about a third as accessible savings, but could do something with the rest.0
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I wondered if it might be verboten to close one, move money elsewhere, then open another in the same tax year, as presumably otherwise this might be a way around the annual limit that you can put in.Reed0
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