I opened a ISA account with another company around May 2019. I would like to open one with Trading 212.
Since I opened a ISA account after April 2019. Do I need to wait till 2021 April to open another ISA account with Trading 212 or am I safe to open one?
You can only open one isa account per year so yes you will have to wait until the end of the tax year.
You can still only deposit upto the 20k limit across all isa accounts per tax year including withdrawals and further deposits
Trying to understanding this. If I have opened the ISA in May of 2019, wouldn’t that be within in the tax year of 2019/20?
Simple answer is yes, one new account for each tax year upto the same overall deposit limit per year.
You also can’t make further contributions to old isa accounts once you’ve opened a new one, only one isa at a time
opening in may of 2019, means that your account was open for 19-20, however as it reset in april 2020 you can open an account as part of 20-21 until april 2021 when the 21-22 year begins.
Ofcourse sorry I missed a year there
It would be may 19 to May 2020 so you can open another one now and then another one may 2021
According to directgov its 6 of April to 6th of April
So I’d have to wait till 6th April to open a new ISA on this platform?
No he’s said you can open one since last april
as your last ISA was opened in a previous tax year, you can still make one for this tax year, april is the deadline for the next tax year.
But I can only contribute to one ISA, so I wont be able to contribute to my pervious ISA?
correct. any money you have put into the old ISA this year would need to be transferred in full to the new ISA. so it may be that waiting until april to open an ISA with T212 is in your best interest if so.
Unfortunately not no you can leave the old isa as it is or transfer it to the new one (without it affecting your annual allowance)
I understand now. Thanks for clearing that up @Lenos1980 & @Dao , much appreciated.