How many cash ISA's can you open in a year?
Discussion
sunnyb13 said:
Just opened a moneybox cash ISA and transferred £50k into it from a S&S isa, and put £20k limit in it today.
I have a virgin fixed ISA that matures at the end of this month with £40k in it. Can I open another cash isa this year, and transfer the £40k into it.
Were the rules changed this year?
If I read you right....no, I don't think so.I have a virgin fixed ISA that matures at the end of this month with £40k in it. Can I open another cash isa this year, and transfer the £40k into it.
Were the rules changed this year?
You have already put £20,000 into an ISA this tax year, so you cannot put any more new money into any ISA for this same year.
You can transfer the Virgin £40,000 into another ISA but you cannot add any new money because you have already used up this year's amount of £20,000.
Maybe your plan is to open up another cash ISA, transfer the £40,000 to it but not to put any new money into it, which looks OK. Will you find a firm willing to open a new cash ISA with no new cash going in, only a transfer, I wonder?
R.
Anastie said:
Sorry to hijack this thread,
I have four ISA's from previous years and have used my 24/25 allowance last week.
I have fixed rate savings maturing this year. Can I move that money into my "old ISA's to benefit from the tax free or is that not allowed?
No, unless the maturing FRS is also an ISA.I have four ISA's from previous years and have used my 24/25 allowance last week.
I have fixed rate savings maturing this year. Can I move that money into my "old ISA's to benefit from the tax free or is that not allowed?
R.
xeny said:
The Leaper said:
Will you find a firm willing to open a new cash ISA with no new cash going in, only a transfer, I wonder?
R.
Agree, this may well be a challenge.R.
spikyone said:
xeny said:
The Leaper said:
Will you find a firm willing to open a new cash ISA with no new cash going in, only a transfer, I wonder?
R.
Agree, this may well be a challenge.R.
I have to admit to finding these ISA rules quite confusing.
Would someone mind giving me a steer on whether there is any issue with my doing the below please?
I invested £20k in a Shawbrook ISA last financial year.
Rate is dropping at the end of this month so I have just today opened a Zopa ISA at a higher rate.
I have an additional £5k that I can invest into an ISA, currently in an easy access savings account.
If I want to move £15k from my Shawbrook ISA (leaving £5k behind) to my new Zopa ISA, do I just transfer the £15k to my current account and then onwards to the new Zopa ISA? Then add in the additional £5k from savings into the Zopa ISA to make total £20k in Zopa ISA?
Leaving £5k plus any interest from last year behind in Shawbrook.
Many thanks if anyone can provide confirmation on this being the best approach.
Would someone mind giving me a steer on whether there is any issue with my doing the below please?
I invested £20k in a Shawbrook ISA last financial year.
Rate is dropping at the end of this month so I have just today opened a Zopa ISA at a higher rate.
I have an additional £5k that I can invest into an ISA, currently in an easy access savings account.
If I want to move £15k from my Shawbrook ISA (leaving £5k behind) to my new Zopa ISA, do I just transfer the £15k to my current account and then onwards to the new Zopa ISA? Then add in the additional £5k from savings into the Zopa ISA to make total £20k in Zopa ISA?
Leaving £5k plus any interest from last year behind in Shawbrook.
Many thanks if anyone can provide confirmation on this being the best approach.
T1547 said:
I have to admit to finding these ISA rules quite confusing.
Would someone mind giving me a steer on whether there is any issue with my doing the below please?
I invested £20k in a Shawbrook ISA last financial year.
Rate is dropping at the end of this month so I have just today opened a Zopa ISA at a higher rate.
I have an additional £5k that I can invest into an ISA, currently in an easy access savings account.
If I want to move £15k from my Shawbrook ISA (leaving £5k behind) to my new Zopa ISA, do I just transfer the £15k to my current account and then onwards to the new Zopa ISA? Then add in the additional £5k from savings into the Zopa ISA to make total £20k in Zopa ISA?
Leaving £5k plus any interest from last year behind in Shawbrook.
Many thanks if anyone can provide confirmation on this being the best approach.
You should never transfer from one ISA to another via a non ISA vehicle, such as your "current account" as you are planning. Once that money comes out of the Shawbrook ISA into something other than an ISA it loses its favourable tax status, and so that money will then form part of the current year's £20,000 maximum for this year's ISA. What you should do is arrange the transfer direct from the Shawbrook ISA to the Zopa ISA. Any organisation offering ISAs, eg Zopa, will see this direct transfer from Shawbrook ISA as an ordinary routine transaction and they should do all the work for you, once instructed.Would someone mind giving me a steer on whether there is any issue with my doing the below please?
I invested £20k in a Shawbrook ISA last financial year.
Rate is dropping at the end of this month so I have just today opened a Zopa ISA at a higher rate.
I have an additional £5k that I can invest into an ISA, currently in an easy access savings account.
If I want to move £15k from my Shawbrook ISA (leaving £5k behind) to my new Zopa ISA, do I just transfer the £15k to my current account and then onwards to the new Zopa ISA? Then add in the additional £5k from savings into the Zopa ISA to make total £20k in Zopa ISA?
Leaving £5k plus any interest from last year behind in Shawbrook.
Many thanks if anyone can provide confirmation on this being the best approach.
R.
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