Am aware that you can have as many cash ISA’s as possible but can only pay into one Cash Isa in a single tax year. I have already paid into a Cash Isa this tax year, so my question is for next tax year.
Can I open the Cash ISA below to secure the product as the product can be withdrawn at any time but only pay into the account 6th April 2023?
You can only invest new money into one of each type of ISA per year.
So you can’t open that product right now. You could potentially switch, if it has a better rate.
The new Coventry cash ISA product has better rate than my current cash ISA which i have already paid in money this year.
Am trying to understand if i can open the Coventry ISA and leave it at zero balance until the new tax year in April ?
Alternatively i can open the Coventry ISA and transfer my old ISA into it?
Thanks for contribution - ISA’s just does my heading
The minimum deposit to open is a quid so no.
I agree with you. I find them confusing at times too, and savings/investments/pensions should 100% be something taught in school.
So long as your current Cash ISA isn’t fixed you can transfer any time. You can only pay into one ISA of each type per tax year, but if you transfer from one to another that’s within the rules.
ISAs have active and dormant status. So if you open two Cash ISA’s in a year and only pay into one that’s fine too - as one will be active and the other dormant.
It’s a silly system. We have Open Banking now, just force them to talk to each other.
Thanks everyone for the valuable feedback, with better understanding I’ll keep an eye for a better opportunity to come. As i anticipated Coventry has withdrawn the product, although as the BOE is anticipated to jack up rates by 0.75 this Thursday - it can only result in better ISA rates in pipeline.
Kinda annoying why the major banks are not passing down these rates to savings customers, nevertheless am happy to move funds to the highest fscs bidder