isa's

[Mesmer]

Can you have ISA's with more than one company? I took out one with a bank in 2000. A couple of years later I took out another with another. The only additions to either are the interest on investments reinvested. The total reinvested does not by any stretch of the imagination exceed the annual allowances. I thought you could take up your allowances annually by opening an ISA with whoever you thought was the best for you at the time, Some friends say this is not the case. Am I breaking the rules? If so how do I put it right?

[dzug]

You can have as many ISAs as you want with as many different companies as you want.

The limitation is that in any one tax year you can only put new money (up to the year's limit) into one maxi ISA. OR into two mini ISAs, one cash and one stocks and shares. Receiving interest is not new money.

You are not breaking the rules.

[antiguru]

It still amazes me that after all these years people still don�t understand ISAs! It�s just a wrapper you can use once a year but you get a fresh wrapper every year to use.

dzug�s answer is correct. You should also ask yourself whether your ISAs are in the right place. Most providers will let you transfer them somewhere better but there is a procedure for this so as not to lose the tax-free status. If you find a better home, ask that provider to explain this to you.

[Mesmer]

Thank you dzug and antiguru for your answers. You have put my mind at rest. I shall also take the advice and assess whether i have my savings in the best place. Cheers