HMRC rules mean that you cannot hold more than one cash ISA in the same tax year. If you have already opened a cash ISA in this tax year with another provider then you cannot open and fund a new cash ISA with Shawbrook Bank unless:
In order to transfer an existing cash ISA account across to Shawbrook Bank simply complete an application for a new cash ISA and as part of the application process we will capture the details of your current cash ISA. We will then work with your existing cash ISA provider to complete the transfer for you.
Please note: you cannot undertake a cash ISA transfer by simply making a withdrawal from your existing cash ISA and depositing it into your new Shawbrook Bank cash ISA as you will lose your tax benefits.
You can hold a stocks and shares ISA as well as a cash ISA in the same tax year but your total subscription allowance for the year remains the same (for 2019/20 the total maximum annual subscription amount is £20,000). This means if you currently hold a stocks and shares ISA in this tax year, but do not hold a cash ISA, you can open and fund a Shawbrook Bank cash ISA.
What happens if I exceed the maximum annual cash ISA subscription allowance?
We will monitor the total level of deposits made during any tax year and if we receive an individual payment that takes your account above the maximum annual subscription amount, we will return the whole amount of that individual payment. To review your level of available subscription allowance for your current tax year simply log on to eSavings and review your specific cash ISA account.