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Can I pay money into 2 ISAs where one wa…

Can i put money into two different cash isas in one year. Can you pay into 2 cash isas but still keeping to the allowance. Pay money. 

Hi everyone. I opened a Cash ISA last year so this year I can keep it and as far as I understand I can open another Cash ISA this tax year so I would have 2. My question is: would I be allowed to pay money into both ISAs this year? Or am I restricted to pay money just into one of them?
Thanks a lot!

You may pay into only one ISA per financial year.

It can be either one that is already open, or it can be a new one.

The reason you might choose to open a second, different ISA is that you might get a better rate of interest than the one you opened previously.

Some ISA-providers pay more interest for a greater amount, so it may be worth building up the one you already have. you should check the terms and conditions to find out if this applies to you.

At the end of each (Tax Year = 5 April) your current ISA is 'closed' and you can open a new one.

Many suppliers AUTOMATICALLY "re-open" your old ISA (in other words, they combine last years with this years) to keep down costs.

However you do not have to let them re-open your old ISA, you can opt for a brand new ISA from another supplier (of course you will get charged 2 sets of fees, but what the heck).

Plainly you can ONLY contribute into your 'current year' ISA ..

you can have as many ISAs you want but the only amount you can pay in is a total of £3600 a year, I had an ISA with halifax and bradford and bingley, but over 3 years I only put money in 1 of them a year to save being confused, this year I have cancelled them and transfered all the money to another banks ISA with a better interest rate, you can transfer but not add to after your £3,600 limit.

Firstly why have two. it seems like you are over complicating your finances. As far as I am aware you cannot pay into two cash isa's in the same tax year even if you do not go over your £3,600 allowance. in case you are confused by other answers their are no fees or charges for setting up a cash ISA.

You are getting confusing answers! you cannot open, or contribute to any ISA other than for the current tax year. So, last year's is closed for additional investment. if you have more to invest than £3,600, you can go for a maxi ISA.

I'm pretty sure you are restricted to paying a total of 3600 into ANY cash ISA in any tax year.

I'd be interested to see other answers though because I always find ISAs confusing

Can I pay money into 2 ISAs where one was opened last year?