What if I open two ISAs in the same tax year?

UUnfortunately HMRC makes no allowances for human error – a second ISA opened during the same tax year as an earlier application becomes fully taxable and you cannot nominate it as your preferred account for the year. This is particularly relevant for regular savers, as the first payment after 6 April automatically opens a new ISA for the new tax year. If you wish to stop or move your investment before the new tax year starts, ensure you provide instructions well in advance or you will have to go through the transfer process to get your ISA where you want it.