How many ISAs can you have at any one time when you are over 50?
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Answers (2)
How many have you got now ? How old are you now ? Do you intend to open any more in the future ?
Hi katz1, and welcome to the forum.
Assuming you're asking about cash ISAs, you can only open one cash ISA with new money in each tax year. You can, however, hold as many cash ISAs as you like from previous tax years. The rule applies to anyone aged 16 or over, there are currently no special rules for the over 50s.
Fruitcake is right, being over 50 does not change anything.
To clarify on previous years' ISAs: Each time 6th April comes along, any cash ISA you had open becomes "last year's ISA". (You can have any number from previous years, but only one in the current year.)
If you then add funds to last year's ISA (or in fact, any previous year's), you're 're-subscribing' it and it's now THIS year's ISA as well, so you can only change to another one and add funds to that if you transfer this one to it.
If on the other hand you don't add anything to it after the turn of the financial year, you're free to open another ISA and fund that one, which may make sense if it's a great rate and doesn't allow you to transfer in previous years' cash (two things which often go together!).
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