Can I pay into 2 S&S ISAs in the same tax year?

[AlexaStop]

Hi, I have a S&S ISA open from a few years ago, with a standing order paying to it monthly.

I have just opened a new S&S ISA with a different provider, and would like to start contributing to that one too.

Can I split the payments between the two providers as long as I stay within the 20k allowance? So for example, paying £100 a month to each accounts?

Thanks

No. It’s only one ISA of each type you can pay into.

There is a caveat if you close one of your stocks and shares ISAs and do transfers I think. But that’s not what you are describing.

No, and you'll have to stop the standing order into your old one before you've paid into two this tax year (unless you already have since April 6th...?).

I think the payment for my old one came off on 1st April and I opened the new one on 6th April. Both accounts need a minimum monthly payment to stay open.

Argh I should have looked into this more. I knew I couldn't open two in the same tax year, but didn't know I couldn't pay into a new one and a long standing one.

You are still in your cooling off period for the new ISA, so you've still got the option to close it if you need to.

Could you transfer the old ISA into the new one, as previous years' ISA allowance? It's more complicated with stocks and shares than cash accounts, but it would be worth asking the question.

If you paid into the 1st April then that is the previous tax year and so you haven’t as yet subscribed for the current tax year.
If you do pay into both the HMRC will write to you and the providers the one you deposited into first in that tax year will stay active, the other one the subscriptions will be removed and you’ll be taxed on that amount (from the date of deposit to the date of notification. Usually the HMRC don’t catch up with this until the next tax year unless you notify them.
Whatever you do, do not close the existing one if you want your previous years allowance to remain. To transfer it to another provider you must follow the ISA transfer process.

Thanks. I am going to cancel the account I just opened and continue paying in to the old one, as I'm still within the cooling off period.

Feel a bit silly for not understanding it better. I know of various people who seem to have more than one S&S account with multiple providers - but they do have financial advisors too.

You can have multiple S&S ISAs, as long as you pay into only one of them in any tax year. Your friends probably have the type that don't require regular payments, so they're just sitting there with previous years' allowance in them.

You could have a cash ISA this year alongside the old S&S one you're still paying into.

Thanks for the advice. I didn't realise there were S&S ISAs that didn't need a monthly deposit. Unfortunately the long standing account I have with BMO does require a minimum of £50 per month and I am reluctant to cancel that one.

I would speak to the provider you opened the new one with. Even if you close it you still paid into it. I would ask if you can transfer the second one into the first.