Cash isa advice

[j0nb0y]

I have been paying into a cash isa with the same bank since January 2010. the interest rate is 3% until November this year. Can I open a new isa in November with a different bank to get a better rate or do I have to wait until the new tax year in April 2012?

I am getting quite confused. Any advice would be much appreciated.

[classylady60]

I feel sure you can open a cash ISA anytime this year if you haven't used your limit which is just over £5k. Check this out on the government website or even Martin Lewis's website for clarification. You can put it into other ISA's in a tax year as long as it doesn't exceed the limit. In fact you should make sure you top up your ISA's each tax year because otherwise you will have to complete another form when you come to do something with it in the next tax year. Best to google the advice to be100%

[classylady60]

Whoops...the £5k is related to age I think...again better check it out first.

[classylady60]

Just looked it up for you it's £5340 limit for 2011/12 in cash isa

[j0nb0y]

I am nowhere near the 5k limit. But a letter I recieved says that if I have subscribed to the isa in the 2010/2011 tax year, I can continue to subscribe to it in the 2011/2012 tax year without completing a new isa apllication, but, will not be able to subscribe to any other cash isa in the next tax year??????

[classylady60]

Perhaps it might help you to look here, hope it does.

http://www.moneysavin...e-savings-without-tax

[Maydup]

You can subscribe to this one this year up to the limits, but not to anew one too.
You can transfer this one to a new provider, if the new ISA accepts transfers, and continue to subscribe to it this year.
You can leave it where it is and open a new one, provided you do not subscribe to the old one anymore this year.

[j0nb0y]

thanks maidup, that is where I was getting confused. As long as I can transfer this one to a new provider when the interest changes in November, then that is fine.
Many thanks for all the replies.

[classylady60]

Sorry but in a roundabout way that was what I was trying to say (as maidup)....if I had a brain I'd use it...but there you are...I have to make do with what I've got....<kisses>