Hi
Year 1, I put 3K in a cash ISA with bank A. Year 2, I put 3K in a cash ISA with bank B.
In year 3, can I put 1.5K in each or am I restricted to using the same bank for that fiscal year?
-tia
CASH ISA Query
Jan 18, 2004
9 Replies
You are restricted. You can't put money into more than one mini cash ISA in any one tax year.
Bitstring , from the wonderful person Ed said
You can only contribute to one in any tax year. You can contribute to B (since it is 'active') without filling in any forms. If you want to contribute to A again, you'll need to fill in a new application form with your NI number etc. etc.
I thought you could transfer providers mid year such that you could put
1.5K into bank A in the first half of year 1, then transfer the 1.5k (with interest) to bank B and put in the additional 1.5k?
In that case you would in effect have put £3k into B and nothing into A, wouldn't you? :-)
"Ronald Raygun" wrote.....
If in year 3, you saved another 3K in bank B, could you also transfer your funds from bank A (inc interest) or would that replace your 3Kpa allowance?
Yes, you could save the 3k in bank B in year 3 & then transfer funds from bank A (assuming bank B will accept the transfer - not all do) HTH Vic
"Vic" wrote
What about putting 3K in year 3 into bank B, then (almost immediately) transferring 1.5K from bank B into bank A?
[To give same effect as having contributed 1.5K to each of banks A & B, as OP desired ...]Bitstring , from the wonderful person Tim said
You can only transfer a whole year's (or 'whole year to date's) ISA.
Yes you could, transfers don't count as putting money in.
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