With a CASH ISA, can I hold more than one ISA as long as I only add funds to a max of £5,100 in TOTAL per year across all of them... e.g one with RWS £2000, HSBC £3,100 ?
Cheers.
Answered my own question "The golden rule is you can only open a cash ISA with one provider in a tax year you can't split it. However you can hold lots of different cash ISAs from different years with different providers."
You sure ? I'm pretty sure that you only add funds to one ISA in a year so even though you are allowed to hold multiple ISAs you could not split your annual contribution across them so £5100 to one ISA only.
That's what he said? You can only contribute to one, but, in subsequent years you can either add to that one or move it. You can also transfer existing balances when your current bank drops your interest rate to ****-all for existing customers while launching excitingly high rates for new customers.
Nope I got it wrong, thanks Fubar.. that makes it more clear.... er ish.. So only contribute to one per tax year while holding many. Now if you have a shares ISA, that can be with another provider, and you can add to that at same time as adding to a single cash ISA as it has a different allowance ?
Cheers.
Northwind, there conning B'stards are they not.. terrible practice about ISA's, millions of people getting ripped of over this point and yet FSA etc see it as reasonable !!!
Well... Nothing to stop people shifting their ISAs and you get a written notification of rates so it's not that open and shut. But people are lazy and the banks know it.