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Ulidia

Cash Isas - Open More Than One In A Tax Year?

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Hi all

This is hopefully a straightforward question and I think that what I propose to do is compliant with the ISA rules but am just looking for confirmation of this.

I recently moved back to the UK from abroad and am a permanent resident here again. I have had a number of ISA accounts with various providers over the years, including one with my current account provider (Bank A).

A month or two ago, during the 2011/12 tax year, I opened a Cash ISA online with another bank (Bank B) because the rate was better and I thought it would be convenient to transfer sums to that account as I prefer to save on an ad-hoc basis. Bank B assigned me an account number and provided me with an ATM card and, in theory, I can make subscriptions to it but I have not done so yet i.e. the account balance is £0 and there have been no transactions in the account to date.

I had been intending to transfer money to this ISA but I'm finding Bank B's online process cumbersome at best and their online site rather unuser friendly. Therefore, I'd prefer not to save into this ISA and, rather, to use my ISA allowance within my exisiting Cash ISA in Bank A. The interest rate is a bit lower but, given the annual ISA limits, that is not overly material to me and I want convenience.

I'm confident that I am allowed to do this, given that although Bank B opened the ISA, I haven't made any subscriptions to it yet. Does anyone know categorically if this is the case?

Many thanks :)

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Here are the rules from HMRC:

http://www.hmrc.gov.uk/isa/faqs.htm#8

The wording is:

"There are limits on the number of ISA accounts you can subscribe to each tax year. You can only put money into one cash ISA..."

So on that basis you're fine. You're also fine from a practicality point of view because unless you overfund I can't see how anyone would become aware. I'd be cautious about seeking the advice of either bank on this btw - it's far easier for them to say 'no' when asked a challenging question.

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  • 334 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
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      • up 5%



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