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REALLY basic question about Isa's

(5 Posts)
dahliaaa Wed 05-Apr-17 13:39:42

I've tried to google this but can't seem to find the answer. I know - it is really basic blush
Can you have two different cash isa's with two different providers.

I know you can only save up to the limit in any one year and that you can close one account and switch to another - but can you keep an isa open and then save into a second one?

Thanks

Bourdic Wed 05-Apr-17 13:56:09

Do you mean split the allowance between two or open a new isa when you have another from a previous year? If the latter, yes if the former I don't know

dahliaaa Wed 05-Apr-17 13:59:29

Hi - yes I mean. Leave old cash in old isa with one bank. Open new cash isa in different bank and pay any money from this year into that one.

Hope that makes sense.

delilahbucket Wed 05-Apr-17 15:23:12

You can have as many as you like, but can only pay into one each tax year. If you open one, you cannot simply close it and open another. The one you are closing MUST be closed by your new ISA provider and the balance transferred to the new one also by the new provider.
If however, you open an ISA today and pay into it, you can open another tomorrow and pay into that one without doing anything to the one you have opened today, with it being a new tax year. You can only pay into the newest one from there on in though unless you transfer it to another ISA.

dahliaaa Wed 05-Apr-17 19:04:47

Thank you ! That's exactly what I needed to know.

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