ISA Info for a friend

[Welshchris]

A friend of mine is gettin conflicting information regarding ISAs from the bank.

He has an ISA which is 3 years old and hasnt put any money into it this year at all. He has setup a second ISA this year also with the max allowd of £3600.

Can he also still put money into the OTHER ISA as they r seperate. One bank said he cant because he can only put upto £3600 a year in and one bank said Yes as they are seperate accounts.

[Wayfair]

You can only have one live ISA, if you have another one it must remain dormant accruing interest only with no depoisits being made, you can put £7200 in it but only upto £3600 can be cash, the rest has to be shares, if you want to move your ISA to another provider you are better filling in a transfer request and not just closing it and starting again as you would lose this years entitlement as the money you put into your new ISA is classed as this years..

[lucy7]

Originally Posted by Wayfair

You can only have one live ISA, if you have another one it must remain dormant accruing interest only with no depoisits being made, you can put £7200 in it but only upto £3600 can be cash, the rest has to be shares, if you want to move your ISA to another provider you are better filling in a transfer request and not just closing it and starting again as you would lose this years entitlement as the money you put into your new ISA is classed as this years..

Wayfair, are you clued up with money matters?

If so where would you put a bit of brass into to get the best out of it please?

Not in to shares at all, but my ING is rubbish now.

Any ideas?

Sorry for the hijack!

[joglynne]

Just a reminder for anyone over 50 before 6th October this year you can top up this years Cash ISA to the higher level of £5100 from that date. If you are 50 between 6th October 2009 and 6th April 2010 you can do the top up from your birthday.

This link gives more details on the the overall Isa limit which is increasing to £10,200

http://www.moneysavingexpert.com/new...a-limit-raised

...and a link for more than you ever wanted to know about ISAs.

http://www.moneysavingexpert.com/sav...gs-without-tax