ISA how much can i put in if i opended one last year?

[happenedagain]

I opened a ISA last year and the amount i could put in tax free was £5100. The rate on ta ISAhs gone really really low. So im thinking i need to transfer the money from that ISA into a new one, is that how it normally works?

Also if i used my full ISA allowance last year o £5100 how much can I put in my new ISA?

Or do i leave that mone where it is and opn a brand new ISA and put 'new' money in there?

Please advise as i'm cnfused

You can put in £5100 each tax year, either into same ISA or a new 1, you can't pay into 2 different ISA's in 1 tax year. If you aren't happy with current rate you can transfer your existing ISA to another provider - do not just take the money out though as you lose the existing tax-free status on the money eg if your ISA now is with barclays and you wanted to transfer it to HSBC you would go into HSBC and ask them to transfer the ISA to them from Barclays. Hope this helps.

thank you for the reply, so i have to tranfer the money frm my curret ISA straight into the new ISA. So that means if i open a new isa i can transfer the £5100 that i aready saved plus £5100, for this year as well?

Yes, except that that this year you can pay in £5,340, as the ISA allowance has been increased a little.

Check the small print on the ISA you are looking at - many do not allow transfers in, they are for 'new' money only.

this year (10/11) is £5,100. The increased rate applied fro 6 Apr 11 (11/12).
Lots of ISA's do accept transfers. Have a look at moneysupermarket for rates.

Oh yes, ChasingSquirrels is right - I meant this coming year .