Working in the financial industry for over 30 years, Rachel Thrussell is the leading independent expert on UK savings products. Her views are constantly in demand from both the industry and the press.
Can you split the permitted ISA allowance over a number of providers or do you have to put your money into the same ISA/provider? I have started a regular ISA saver, but I’m not sure on the rules for opening another account.
You can only put new money into one current tax year cash ISA at any time, meaning you cannot open another cash ISA with a separate provider, unless you decide to transfer your existing regular savings ISA to this new provider. You can have old cash ISAs from previous tax years with different providers, and you are also allowed to open separately with different providers a stocks and shares ISA, a Lifetime ISA and/or an Innovative Finance ISA, provided you don't exceed the total ISA allowance for the tax year of £20,000. It is worth noting that some providers do allow different versions of their cash ISA to effectively count as one, meaning you could hold a fixed, easy access and/or regular saver ISA with them at the same time. Check with your regular saver ISA provider to see if this is something they offer.
|1 Year Fixed Rate Bond||0.43%|
|2 Year Fixed Rate Bond||0.51%|
|3 Year Fixed Rate Bond||0.67%|
|4 Year Fixed Rate Bond||0.72%|
|5 Year Fixed Rate Bond||0.90%|
|13 April 2021|
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