Can I open 2 cash ISA's in one tax year

Hi, I'm now managing my mothers accounts through LPA and wish to move one CASH ISA to a better interest rate with the same company (closing the old account). She hasn't used her £20K entitlement this tax year and so I would also like to open another CASH ISA with a better rate, to maximise her savings. I don't want to add the funds to the other account as it will exceed the £85K FSCS. I will not be adding new funds to the first new account, just moving the current funds across. So is this allowed? Thanks in advance.

Hi,

You can transfer your Individual Savings Account (ISA) from one provider to another at any time. You can transfer your savings to a different type of ISA or to the same type of ISA.

If you want to transfer money you have invested in an ISA during the current year, you must transfer all of it.

For money you invested in previous years, you can choose to transfer all or part of your savings.

Thank you.

Thanks for that. Another question, I've now found an inheritance cash isa transferred from my father to my mothers name when he died 4 years ago. I assume this is now considered a normal cash isa and can be moved into the 2nd new cash isa account with the £20k (if this new account also allows transfers)? Hopefully I don't need to open a 3rd cash isa specifically for transferring cash inheritance isas?

Hi Trevor Baker,
No,you cannot open two cash ISas in the same tax year.
You can have more than one cash ISA, provided they were opened in different tax years.
Thank you. 
 

Hi I opened a cash isa in October without adding any funds, its investment window has now closed. I have now received an inheritance and would like to know if I can open another cash isa and place funds in this

Hi Tinno64,
As no payments have been made, yes, you can only subscribe to 1cash ISA per tax year.
Thank you. 

Good evening. Is it allowed to open two Cash ISAs on the same year, where one of them is credited with up to the £20.000 subscription, and the other one with transfers from another ISA account? Kind rgards.

Can I have two cash isas in the 2024/5 tax year?

Hi. I opened an instant cash isa a few years ago. I am now looking at opening a cash isa to help buy a property. Would I be able open one and transfer money into both simultaneously?

Hi John Knight,
Please have a look at the guidance here:
Individual Savings Accounts (ISAs)
Thank you. 
 

Hi Charlotte,

Please have a look at the guidance on ISAs at:

Individual Savings Accounts (ISAs)

Thank you.

Good afternoon. I will soon open a cash ISA account for moving in my prior years ISA investments of £40,000 from another provider. I haven't subscribed for current year yet. Can I open another cash ISA account later in the same tax year for current year subscriptions of £20,000? Thank you.

Hi
If you want to transfer previous accounts, you need the provider to arrange this.
By doing it yourself this would be seen as making a contribution for the year and form part of the 20k.

Thanks for the reminder! May I confirm that, after arranging the transfer of previous accounts, I can still open another cash ISA for current year's 20K?

Hi s21,
Yes, you can do this. 
Thank you. 

 

Hi, I've opened ISA cash account this year and I've already make a transfer to it. Can I open another ISA cash account with different bank this year if I transfer all money from the old account?

Hi,

Yes, you can. You can see guidance here:

Individual Savings Accounts (ISAs)

Thank you.

A cash ISA from tax year 2023/24 matured post 6th April 2024. I provider transferred the total balance to a new cash ISA with the same provider without any break. Am I right that this provider transfer does not count against my 2024/25 ISA £20K allowance and I am therefore at liberty to open another cash ISA of the same type with this provider or any other Cash ISA provider to a value of £20K, or spread my 2024/25 ISA £20K allowance across other ISA types providing the total value does not exceed £20K in 2024/25? Thank you.

Hi Barneybsurfer Barnfield,
Please see guidance at Individual Savings Accounts (ISAs).
Thank you.

Hi there - I opened two stock ISA in 2023 by mistake. Do I have to close one of them as I was only allow to open one?. Can I close whichever I want or the last I opened? Can I transfer the money from 2023 ISA stock to a new one in 2024. ? Thanks