Cash Isa Transfer Question

[raisinbran]

Its probably easy to explain my situation, please let me know if my understanding is wrong.

I took out an 08/09 Isa with Birmingham Midshire Feb09 for the full amount.
I have just applied today for an online Isa for 09/10 for full amount.

Now my first one is about to mature next week and I planned to transfer to another provider but will I have already used my 09/10 allowance up by applying for the 2nd one today. Or can I have 2 as long as one is a transfer and keep building them up each year.

Will I have to wait until April 2010 to get my 2nd one?

I am getting a bit confused.

you can transfer 1 into 2 ok. dont withdraw the money from 1 though, it needs to be a direct transfer between the banks. You can then opena third in April this year

In April you can apply for your thrid ISA and the full amount will be £5.200 ish...

Thank you both for posting,

So you can buy a new one each year even though you have your previous years reinvested as long as its transfered not withdrawn.

Yep, thats it. Check out moneysavingexpert.com in March/April for user-friendly help on choosing your next isa.