Am I stuck with my cash ISA?

[dontfollowme]

The previous tax year I took out an ISA with my bank as the rate was semi decent. However, due to not canceling my S/O I have continued to pay into this ISA.

What are the implications of this? Can I still take out an ISA with a provider that offers a better rate or does the fact I have made payments this tax year mean I have to keep the ISA I have?

Thanks

[grumbledoak]

You can open a new one and transfer the balance. Just don't exceed the annual limit (£3600 I think).

[dontfollowme]

Will my allowance this year be less the total of the payments I have made this tax year?

[grumbledoak]

Your allowance is constant for any one year. I don't think there is a limit on the number of accounts you can open. If you've put £1200 into the first, you can put £2400 into the new one and transfer the £1200 to get the better interest rate (unless you signed a nasty contract, I suppose).

You just cannot exceed the limit into Cash ISAs in that year.

[bogie]

limit is £5100 this year or £10200 total in stocks n shares or 50/50

[dontfollowme]

Cheers chaps - very helpful.