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Hi, I would like to ask the below questions to know the restriction of ISA account opening.Scenario A:If I open a fixed rate ISA in Nov 2023 and put £1,000 into it, can I open another cash ISA in Jan 2024 (within same financial year) and put £19,000 into it?Scenario B:If I open a 2-year fixed rate ISA in Nov 2023 and put £20,000 into it (using allowance in financial year 23/24), can I open another 1-year fixed and put £20,000in May 2024 (using allowance in financial year 24/25)?Thank you.
PostedMon, 22 Jan 2024 15:17:49 GMTbyHMRC Admin 5 Response
Hi
There are 4 types of ISA, you can open one of each in the same tax year, but not more than 1 of each and deposit a combined maximum of £20000.
If you do, you will need to contact the ISA providers, to have one of the ISAs closed. The answer to question 2 is yes, e.g. you can open a cash ISA in 23/34 and new cash ISA in 24/25.
Have a look at the ISA guidance at Individual Savings Accounts (ISAs).
Thank you
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