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Posted Tue, 30 Jan 2024 18:15:28 GMT by
Hello, I already have 1 cash ISA account with Bank A which is due to mature this February 2024. Later, I plan to open a new Cash ISA account with Bank B this November 2024 and contribute full amount (20K) to this account. When comes February 2025, my pre-existing Cash ISA with Bank A matured, and I would like to reinvest it as Cash ISA again with the same provider, without any fund added, would this be count as paying into more than 1 cash ISA per tax year?
Posted Thu, 01 Feb 2024 15:58:18 GMT by HMRC Admin 25
Hi Penda Sisopha,
You cannot open 2 cash ISAs in the same tax year.
You can open 1 new cash ISA every year if you want.
You can transfer the contents of an existing cash ISA to a new cash ISA, so long as they were opened in separate tax years.
You should speak to your ISA provider for more detailed advice.
Thank you. 

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