‘I have 3 Isas, can I top up each and every 1 with £5,000?’

Inquire an professional: A reader asks if she can prime up 3 current Isas with £5,000 every, to use up the complete £15,000 allowance

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If I presently have 3 distinct Isas – one with Barclays, one with Nationwide and one particular with Halifax, can I top each and every of these Isas up with £5,000 to use my £15,000 allowance?

MS, by email

Puzzled by the new “super Isas”? You happen to be not the only 1. The Agencieshas been flooded with questions from readers uncertain about the new rules. Some have been answered already:

‘Can I prime up my current Isa, then transfer the complete account to a new supplier?’

‘I have a fixed Isa with Santander but now it has reduced its rates what will happen to extra deposits I put in?’

Radical improvements had been made to the Isa system in March’s Price range, with the greatest modify enabling savers to deposit up to £15,000 into a cash Isa, now named “Nisas” or “Super Isas”.

MS asks if she can prime up every of her current Isas with £5,000 each and every, to use up the complete £15,000 allowance.

Rachel Springall of Moneyfacts.co.united kingdom, a top supplier of individual finance data, said: “The new £15,000 limit is from this July tax yr and you can only invest in a single Isa within the present tax yr.

“If these are old tax-year Isas, you cannot best them up to £15,000. With these outdated Isas the consumer would be sensible to assessment the existing best Isas on the market place instead and contemplate transferring them.

“Even so, if 1 of these Isas is for the present tax yr – they can both leading this up (dependent on the providers terms and circumstances of program) to the complete £15,000 – or for simplicity and value, transfer one or all of these Isas to a new Isa to preserve its tax-cost-free status.

“To hold your tax-cost-free standing in no way funds in an Isa, transfer them.”

To reply MS then, it is not possible to split this year’s allowance in between the three Isas as you can only invest in one particular cash Isa per tax 12 months. Therefore, it is recommended for MS to open a “very best-purchase” Isa for the 2014-15 tax year, and deposit the whole £15,000 into that account. Our greatest-get “Nisa” costs can be located right here: Best money ‘Nisa’ prices .

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