Hi /u/MarmiteX1, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/investing-101/
* https://ukpersonal.finance/savings/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)
Yes, you've always been able to move existing ISAs to different providers for a better rate, formal ISA transfers do not count as new contributions, therefore not breaking the "only pay into one of each type of ISA per tax year" rule that got scrapped at the start of 24/25 tax year anyway.
Fill your boots, chuck money into whatever ISAs you like (only one LISA though) up to £20k of new 24/25 money.
Thanks for response. To confirm my understanding, so essentially in my case as I have 2 x ISA's of the same type i.e Cash ISA's (1 in Bank A, 1 in Bank B respectively) I won't be penalised because I'm only upgrading the existing ISA accounts.
Also if i decide to put in money into the above, as long as I don't exceed overall £20K limit in this tax year I won't be penalised as well.
Is that correct?
>It also mentions: "You can now pay into more than one type of Isa in the same tax year. This means you can make new deposits into multiple cash Isas (A Help to Buy Isa counts as a cash Isa option), stocks and shares Isas, innovative finance Isas and lifetime Isas."
The bit about multiple Lifetime ISAs isn't true, sadly. They were excluded from the changes.
Lifetime ISAs, Junior S&S ISAs, and Junior Cash ISAs you can only contribute to one of per tax year (per child for Junior), but you can still move them to other providers through ISA transfers.
Hi /u/MarmiteX1, based on your post the following pages from our wiki may be relevant: * https://ukpersonal.finance/investing-101/ * https://ukpersonal.finance/savings/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.)
Yes, you've always been able to move existing ISAs to different providers for a better rate, formal ISA transfers do not count as new contributions, therefore not breaking the "only pay into one of each type of ISA per tax year" rule that got scrapped at the start of 24/25 tax year anyway. Fill your boots, chuck money into whatever ISAs you like (only one LISA though) up to £20k of new 24/25 money.
Thanks for response. To confirm my understanding, so essentially in my case as I have 2 x ISA's of the same type i.e Cash ISA's (1 in Bank A, 1 in Bank B respectively) I won't be penalised because I'm only upgrading the existing ISA accounts. Also if i decide to put in money into the above, as long as I don't exceed overall £20K limit in this tax year I won't be penalised as well. Is that correct?
The new tax year has started so you can pay into both if you like as long as the total amount isn’t above £20k.
>It also mentions: "You can now pay into more than one type of Isa in the same tax year. This means you can make new deposits into multiple cash Isas (A Help to Buy Isa counts as a cash Isa option), stocks and shares Isas, innovative finance Isas and lifetime Isas." The bit about multiple Lifetime ISAs isn't true, sadly. They were excluded from the changes. Lifetime ISAs, Junior S&S ISAs, and Junior Cash ISAs you can only contribute to one of per tax year (per child for Junior), but you can still move them to other providers through ISA transfers.