Isa advice

[mav112]

I opened a new isa this financial year and transferred money from another isa with the same company into it, and also added my allowance for the year into it. i have 2 isas with another providor, can i open a new isa with this providor and transfer the moneys with this providor to the new isa ,

in essence can i open more than one of the same type of isa in the same year to transfer existing isas but not exeed the yearly new allowance,

Hope this makes sense , getting different answers on the Web

Thanks


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[Halitosis]

My understanding is that we may only open one new isa in a tax year, so unfortunately no. However you should be able to transfer the funds to the isa that you recently opened should you wish.

Edit: wrong advice as proven below by others (soz)

[hilly10]

I opened three new ISAs this year to transfer existing ISAs simply to get a better interest rate.

[hogthrob]

I opened three new ISAs this year to transfer existing ISAs simply to get a better interest rate.

One cash, one stocks and shares and one ???

[hilly10]

All three were cash

[David_D]

It used to be quite simple! Not now apparently. I opened a Barclays cash ISA purely to transfer previous years’ savings with another provider. Think Barclays had me sign a current year declaration. Can’t see that’s right as I thought the limits were on “new” money.

This is some Government guidance:

https://www.gov.uk/individual-saving.../how-isas-work

[MartynJC (UK)]

which.co.uk gives this advise:

Most people will want to switch their cash Isa to a new provider in order to get a better rate.

There are no limits on the number of transfers you can make. However, you can only make new contributions into one cash Isa and one stocks and shares Isa each tax year.

[Halitosis]

which.co.uk gives this advise:

Most people will want to switch their cash Isa to a new provider in order to get a better rate.

There are no limits on the number of transfers you can make. However, you can only make new contributions into one cash Isa and one stocks and shares Isa each tax year.

Thanks for that Martyn

My understanding is that we may only open one new isa in a tax year, so unfortunately no. However you should be able to transfer the funds to the isa that you recently opened should you wish.

Complete load of tosh - never pay attention to this idiot

[mav112]

Ok thanks all


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