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Yes, you can have as many Cash ISAs with different providers as you want.
You have until midnight on 5th April each year to use your annual £20,000 ISA allowance, at which point, it resets for the coming year.
So, if you’ve paid £20,000 into a Wealthify easy access Cash ISA for the current tax year, you’d have to wait until the new tax year when your ISA allowance resets, to pay into it (or another one of your Cash ISAs) again.
Similarly, if you’ve only paid £19,000 into your Cash ISA with Wealthify for the current tax year, then you’re still free to save the remaining £1,000 of your allowance in a Cash ISA with another provider.
Yes, you can. Because they’re two different types of ISAs, you’re also allowed to pay into a Cash ISA and Stocks and Shares ISA in the same tax year. In fact, having both could be a good way to prepare for your immediate needs and financial future.
However, you’ll need to make sure your total contributions across both don’t exceed your annual ISA allowance of £20,000.
You can currently put £20,000 in a Cash ISA — although this amount is subject to change each tax year. This £20,000 allowance is for all your ISAs, however, not per ISA.
So, if you had one of each type of ISA, your £20,000 allowance would be spread across all four. You can choose to split this however you want, the only restriction being the Lifetime ISA allowance, which can only be £4,000 of your £20,000 limit.
Cash ISAs – including Wealthify’s easy access Cash ISA – are, subject to eligibility, protected by The Financial Services Compensation Scheme (FSCS).
Up to the first £85,000 of your money saved in a Wealthify easy access Cash ISA can be protected by the FSCS in the event of the insolvency of either our Cash ISA provider, ClearBank, or Wealthify itself.
The FSCS's compensation limit of £85,000 is per banking licence and as our easy access Cash ISA is powered by ClearBank, this means the £85,000 limit is shared across all accounts you hold with ClearBank.
For example, if you have £80,000 saved in a Wealthify easy access Cash ISA and £20,000 saved in another account powered by ClearBank elsewhere, only £85,000 of your deposits would be eligible for FSCS protection.
For more information, and to find a list of other accounts under the ClearBank banking licence, please visit the ClearBank website.
No, they’re just different terms that mean the same thing: being able to deposit and withdraw money from your Cash ISA at any time without penalty.
Some providers may have restrictions in place on their Cash ISAs, but at Wealthify you can rest assured that you can withdraw instantly, whenever you need.