ISA's how many

scot_789
scot_789 Posts: 4 Newbie
in ISAs & tax-free savings
Still a bit confused on ISAs

I have a cash one with Halifax (opened 5 years ago)
Stocks and shares one opened (4 years ago)
Crowd2Fund P2P ISA opened 2017

I will be transferring Halifax one as interest is poor and want to open 1 or 2 more innovative ones.

Question is I know limit I can put in per year across ALL is £20k BUT can I open 1 or 2 more innovative ones in 2018 prior to 5th April or do I need to wait until 6th April to open 1 more?

Comments

  • eskbanker
    eskbanker Posts: 30,920 Forumite
    First Anniversary Name Dropper Photogenic First Post
    It's not the opening date that counts, it's when they're funded - which ones have you paid new money into during the current tax year?
  • Linton
    Linton Posts: 17,120 Forumite
    Name Dropper First Post First Anniversary Hung up my suit!
    You can open as many as you like but you can only put new money into one of each type each year (unless your transfer during the year ). There are no restrictions on transfering old ISA money into a different ISA so you could move the whole of your Halifax cash ISA into your current or a new P2P ISA at any time. Note that you have to get the receiving ISA to arrange a transfer-in. If you take the money out of the Cash ISA it loses its ISA status.
  • scot_789
    scot_789 Posts: 4 Newbie
    So If I open a new Innovative one (meaning I have two) I can only fund one of them? So say I had £5k to invest I could not put £2,500 into each of them, I could only put £5k in one of them? I am not talking cash ISA
  • Alexland
    Alexland Posts: 9,653 Forumite
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    scot_789 wrote: »
    So If I open a new Innovative one (meaning I have two) I can only fund one of them? So say I had £5k to invest I could not put £2,500 into each of them, I could only put £5k in one of them? I am not talking cash ISA

    You can only contribute new money to one of each type of ISA each tax year. You can however open a new one, transfer in the other one and continue to contribute up to the annual limits. Your old provider should tell your new provider how much you have contributed so far as part of the transfer.
  • ds1980
    ds1980 Posts: 1,213 Forumite
    To clarify I can pay into a LISA (4k) with say AJBELL and a S&S ISA with HArgreaves (16k) ta.
  • Alexland
    Alexland Posts: 9,653 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Yes that's fine a LISA (cash or s&s) is a different type of ISA to a S&S ISA.
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