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New Year, New Supplier

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Just read something on the HSBC site that has made me think.

I opened a cash ISA last tax year with HSBC and the initial deposit money is still in the ISA account. I haven't added any money since initial deposit last tax year.

I had assumed I could open a new cash ISA this tax year with any other provider, but the HSBC wording implies not so and that I cannot use another provider if the ISA I opened last year is still going.

Is that right and I cannot use someone else this year?

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Of course you can open a new isa with a new provider, as long as you have not already committed any funds with any other provider. What they probably mean is they won't allow you to transfer your existing ISA to another provider.

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You can open more than one ISA, even in the same tax year - you have to be able to do this if you want to transfer. But you can only pay into one ISA in the tax year. Transfers can happen between ISAs as often as you like.

So I could have one or more ISAs with existing providers containing a mix of previous years subscriptions. I can open one or more ISAs and ask for existing funds to be transferred as often as I like, in any combination. But I can't, of the £3600 new allowance per year, put say £2000 in one new ISA this tax year, and put the remaining £1600 in another. You have to stay with one ISA provider for your new deposit in a tax year - that's the ONLY restriction AFAIK.

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