Am I stuck with my cash ISA?
Discussion
The previous tax year I took out an ISA with my bank as the rate was semi decent. However, due to not canceling my S/O I have continued to pay into this ISA.
What are the implications of this? Can I still take out an ISA with a provider that offers a better rate or does the fact I have made payments this tax year mean I have to keep the ISA I have?
Thanks
What are the implications of this? Can I still take out an ISA with a provider that offers a better rate or does the fact I have made payments this tax year mean I have to keep the ISA I have?
Thanks
Your allowance is constant for any one year. I don't think there is a limit on the number of accounts you can open. If you've put £1200 into the first, you can put £2400 into the new one and transfer the £1200 to get the better interest rate (unless you signed a nasty contract, I suppose).
You just cannot exceed the limit into Cash ISAs in that year.
You just cannot exceed the limit into Cash ISAs in that year.
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