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  • FIRST POST
    • cinek
    • By cinek 14th Apr 19, 12:49 PM
    • 82Posts
    • 6Thanks
    cinek
    pay into 2 ISAs in 1 year
    • #1
    • 14th Apr 19, 12:49 PM
    pay into 2 ISAs in 1 year 14th Apr 19 at 12:49 PM
    I know in the past you could only pay into 1 ISA each year but I recall reading somewhere that you can now pay into multiple ISAs as long as you stay within the £20k limit? Is this correct? I have a cash isa and a stocks & shares isa and want to split the 20k between them
Page 1
    • masonic
    • By masonic 14th Apr 19, 1:07 PM
    • 11,780 Posts
    • 9,408 Thanks
    masonic
    • #2
    • 14th Apr 19, 1:07 PM
    • #2
    • 14th Apr 19, 1:07 PM
    You could always split your money between a cash and a S&S ISA. Nothing has changed in that respect.
    • ColdIron
    • By ColdIron 14th Apr 19, 1:57 PM
    • 5,272 Posts
    • 7,219 Thanks
    ColdIron
    • #3
    • 14th Apr 19, 1:57 PM
    • #3
    • 14th Apr 19, 1:57 PM
    There are 4 types of ISA:
    • cash ISAs
    • stocks and shares ISAs
    • innovative finance ISAs
    • Lifetime ISAs
    You can put money into one of each kind of ISA each tax year.

    https://www.gov.uk/individual-savings-accounts
    • MarkBargain
    • By MarkBargain 19th Apr 19, 7:13 PM
    • 1,620 Posts
    • 711 Thanks
    MarkBargain
    • #4
    • 19th Apr 19, 7:13 PM
    • #4
    • 19th Apr 19, 7:13 PM
    Can you pay into different kinds of ISA with different providers in the same tax year i.e. cash ISA with provider A and shares ISA with provider B?
    • G_M
    • By G_M 19th Apr 19, 7:43 PM
    • 48,323 Posts
    • 59,299 Thanks
    G_M
    • #5
    • 19th Apr 19, 7:43 PM
    • #5
    • 19th Apr 19, 7:43 PM
    Can you pay into different kinds of ISA with different providers in the same tax year i.e. cash ISA with provider A and shares ISA with provider B?
    Originally posted by MarkBargain
    There are 4 types of ISA:
    • cash ISAs
    • stocks and shares ISAs
    • innovative finance ISAs
    • Lifetime ISAs
    You can put money into one of each kind of ISA each tax year.

    https://www.gov.uk/individual-savings-accounts
    Forgive the plagiarism!
    • Reed_Richards
    • By Reed_Richards 19th Apr 19, 9:03 PM
    • 446 Posts
    • 260 Thanks
    Reed_Richards
    • #6
    • 19th Apr 19, 9:03 PM
    • #6
    • 19th Apr 19, 9:03 PM
    Can you pay into different kinds of ISA with different providers in the same tax year i.e. cash ISA with provider A and shares ISA with provider B?
    Originally posted by MarkBargain
    Yes.

    There is a 10 character minimum length of reply so this additional comment is obligatory.
    Reed
    • Alexland
    • By Alexland 19th Apr 19, 9:03 PM
    • 5,113 Posts
    • 4,437 Thanks
    Alexland
    • #7
    • 19th Apr 19, 9:03 PM
    • #7
    • 19th Apr 19, 9:03 PM
    Can you pay into different kinds of ISA with different providers in the same tax year i.e. cash ISA with provider A and shares ISA with provider B?
    Originally posted by MarkBargain

    Yes, they will each individually report to HMRC who will check you have complied with the rules..
    • MarkBargain
    • By MarkBargain 20th Apr 19, 10:40 AM
    • 1,620 Posts
    • 711 Thanks
    MarkBargain
    • #8
    • 20th Apr 19, 10:40 AM
    • #8
    • 20th Apr 19, 10:40 AM
    Thanks for the replies, you have confirmed my understanding. I was confused as Nationwide wrote this to me:

    "Although you can pay into different types of ISAs in the same Tax year, you are only allowed to pay into one ISA provider per tax year, as I have stated in my previous message: you can only pay into one ISA provider per tax year. The only way you would be able to pay into your Stocks and Shares ISA with another provider after paying into your Flexclusive ISA with us, is if you transfer your ISA over to the other provider (this can only be done if they accept cash ISA transfers)."
    • Alexland
    • By Alexland 20th Apr 19, 12:17 PM
    • 5,113 Posts
    • 4,437 Thanks
    Alexland
    • #9
    • 20th Apr 19, 12:17 PM
    • #9
    • 20th Apr 19, 12:17 PM
    It looks like your Nationwide person has only been trained on Nationwide Split Cash ISAs where this would be true. For example if you were contributing to both a HTB Cash ISA and a traditional Cash ISA in the same tax year they would both need to be with Nationwide.
    • masonic
    • By masonic 20th Apr 19, 3:27 PM
    • 11,780 Posts
    • 9,408 Thanks
    masonic
    It is always a bad idea to ask bank and building society employees about the ISA rules. Most do not know the rules well enough to give an accurate response to even the simplest question.
    • Lord Baltimore
    • By Lord Baltimore 20th Apr 19, 8:20 PM
    • 1,318 Posts
    • 1,306 Thanks
    Lord Baltimore
    So, can I have an active CASH ISA with 2 different providers in the same financial year as long as the total sum deposited in them does not exceed this year's limit of £20k i.e. can I put £10k (say) in one and £10k in the other or must I put the whole £20k in one of them only? I think it's the latter?
    MorniŽ utuliŽ
    • Alexland
    • By Alexland 20th Apr 19, 8:50 PM
    • 5,113 Posts
    • 4,437 Thanks
    Alexland
    So, can I have an active CASH ISA with 2 different providers in the same financial year as long as the total sum deposited in them does not exceed this year's limit of £20k i.e. can I put £10k (say) in one and £10k in the other or must I put the whole £20k in one of them only? I think it's the latter?
    Originally posted by Lord Baltimore
    You can only contribute new money into a single Cash ISA provider each tax year - but some providers such as Nationwide will let you spread it across several of their Cash ISA products.

    Alex
    • poppy10
    • By poppy10 22nd Apr 19, 6:04 PM
    • 6,181 Posts
    • 7,494 Thanks
    poppy10
    If I have already subscribed to a stocks and shares ISA in this tax year, can I open another one purely to transfer an existing ISA from another provider from a previous year, as long as I don't make any new subscriptions to it?
    • ColdIron
    • By ColdIron 22nd Apr 19, 6:06 PM
    • 5,272 Posts
    • 7,219 Thanks
    ColdIron
    Yes you can
    • badger09
    • By badger09 23rd Apr 19, 12:10 PM
    • 6,923 Posts
    • 6,535 Thanks
    badger09
    If I have already subscribed to a stocks and shares ISA in this tax year, can I open another one purely to transfer an existing ISA from another provider from a previous year, as long as I don't make any new subscriptions to it?
    Originally posted by poppy10
    Can I ask why you need to open another S&S ISA? Does your existing provider not offer the investments you require?
    • eskbanker
    • By eskbanker 23rd Apr 19, 1:55 PM
    • 10,446 Posts
    • 12,718 Thanks
    eskbanker
    If I have already subscribed to a stocks and shares ISA in this tax year, can I open another one purely to transfer an existing ISA from another provider from a previous year, as long as I don't make any new subscriptions to it?
    Originally posted by poppy10
    Can I ask why you need to open another S&S ISA? Does your existing provider not offer the investments you require?
    Originally posted by badger09
    I can't speak for poppy10 but have done something similar before to take advantage of different pricing models. by using one platform (with no fund purchase fee) for investing current year money and another (with no ongoing annual fee) for holding prior year money. Not a life-changing financial difference by any means but every little helps and all that....
    • badger09
    • By badger09 23rd Apr 19, 3:20 PM
    • 6,923 Posts
    • 6,535 Thanks
    badger09
    I can't speak for poppy10 but have done something similar before to take advantage of different pricing models. by using one platform (with no fund purchase fee) for investing current year money and another (with no ongoing annual fee) for holding prior year money. Not a life-changing financial difference by any means but every little helps and all that....
    Originally posted by eskbanker
    Fair enough.

    Its just that some inexperienced investors (and I'm not including poppy10 in that as I know nothing about him/her) think that S&S ISAs function in a similar way to cash ISAs. IE that the S&S ISA is the investment, rather than the envelope/shopping bag/suitcase which can hold a variety of different investments.
    • poppy10
    • By poppy10 25th Apr 19, 9:49 PM
    • 6,181 Posts
    • 7,494 Thanks
    poppy10
    Can I ask why you need to open another S&S ISA? Does your existing provider not offer the investments you require?
    Originally posted by badger09
    My provider this year is Vanguard which only offers their own funds. I am happy to stick with Vanguard for this and future years subscriptions. But I have some non-Vanguard funds from previous years held with a platform that has a high platform fee, and want to move them to a platform with a lower percentage fee
    • maxkins
    • By maxkins 29th Apr 19, 8:04 AM
    • 19 Posts
    • 1 Thanks
    maxkins
    so you can only put cash into one CASH ISA per year but you could open a S&S ISA as well?
    mini money saving noob
    • ColdIron
    • By ColdIron 29th Apr 19, 9:08 AM
    • 5,272 Posts
    • 7,219 Thanks
    ColdIron
    See post #1 onwards
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