Can I Open An ISA Account

Hi All.

So I use an Invest account but looking at setting up an ISA account too.

Can I open an ISA today even though the actual tax year starts tomorrow (6th) how will this affect my deposits etc?

Any help would be appreciated


Why not just wait until tomorrow for the new tax year?

You can open one today (provided you have not already contributed to a S&S ISA with another provider) and then deposit up to £20k against the 20-21 allowance. Then tomorrow you can add up to another £20k. If you wait until tomorrow you will only be able to add up to £20k for the 21-22 year allowance. So if you think you might like to add more than £20k, you could open up to today and transfer some cash in. You do not have to immediately use it to buy anything.

1 Like

Ahhh ok that makes sense. I don’t have another open anywhere else. I just wondered if could buy any thorn with it now but seems kinda pointless as tax year starts tomorrow

Depending on how likely you are to max out the 20k allowance in 2021-2022 tax year it could make sense doing so today and depositing.

If you think it’ll be under 20k then it makes no difference.

I don’t see why wait? Tomorrow the counter gets reset so :man_shrugging: :sweat_smile: