New tax year - New Account?

🤝 Help
1

I have a Cash Isa 24-25 but I want to open one for this year. I cant find anywhere that says “Open an Account”. I can only find “Deposit”. Will this automatically open a new account number - or add it to the one I already have (whic will muddle me!)

2

You don’t need to open an account at the beginning of each tax year. What’s important is ensuring you don’t contribute more than the annual allowance of 20,000 GBP.

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3

Thanks. So if I deposit and then withdraw any, it will come out of this years amount - not previous year/s

4

Your 212 ISAs are flexible, so any amount you withdraw, including contributions from previous tax years, can be redeposited within the same tax year.

5

Thanks…I had thought it was only contributions made in the same tax year that the withdrawal and replacement is made. Useful to know.