ISA question

[DustyLee123]

I recently opened an ISA for my DF, for the last financial year. Now we’re in a new one, do I have to open another ISA, or can I just put another £20,000 in the ISA he’s already got?

You can just add to the ISA you already have, if that is your preference.

Some fixed rate ones you can't, they sometimes have a window of a few weeks at the start when you can add money and thats it.

It depends on the ISA. Usually you can add to it but some have restrictions.

If it's a flexible ISA usually you can keep adding, if it's a fixed ISA usually you can only add money during the first few weeks. You need to check the terms and conditions of the ISA you have opened.

The next question is whether you should. A lot of accounts offer a bonus rate for the first 12 months then it drops to a poorer rate. If the good rate of current ISA has finished it might be beneficial to open a new ISA, deposit the £20k and move the original ISA into it at the same time.

I’ve added another 20, and it’s showing at the same fixed rate as when I opened it. Thanks