Tessa's/Troisa's + Isa's

[kestrelg]

Now that the old Tessa's or Troisa's have become standard Isa's is it possible to spread the annual saving ammount of 3600 pounds over more than one Isa. I am getting conflicting information from the banks.
Some say i can invest in only one others say I can use
more as long as I don't exceed 3600 pounds

[BigMac]

Caveat: I am not a qualified financial adviser.

You can only invest in one mini-cash ISA in any tax (financial) year.

You could have invested �3,000 in a mini-cash ISA up to 5 April this year and then opened a new mini-cash ISA with a �3,600 limit in the new tax year, which started on 6 April.

You can invest in both a mini-cash ISA and a mini-stocks and shares ISA in the same financial year as long as you do not exceed the maximum limit for each.

You can continue to invest in an existing mini-cash ISA from one tax year to the next ... ... ... as long as you do not exceed the yearly limits.

Hope this helps.

[dzug]

Well the allowance isn't �3600 - it's �7200. That may be the source of your confusion - the banks are answering a slightly different question to the one you asked.

From the HMRC website:

The annual ISA investment allowance will be raised to �7,200. Up to �3,600 of that allowance can be saved in cash with one provider. The remainder of the �7,200 can be invested in stocks and shares with either the same or a different provider.
ISA savers will be able to invest in two separate ISAs each tax year; a cash ISA and a stocks and shares ISA. Mini and maxi ISAs will no longer exist.