Online Banking
- Thread starter Jonners
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Man of Honour
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It might be just the way you've worded this but that's not quite true. You can have multiple cash ISAs but you can only subscribe to one cash ISA in any single tax year.
If that is the case, I dunno why Dirty Donna didn't say...Or how long before they realise and fire the funds back at me? :/
But did think one ISA could be opened per tax year as long as funds weren't over the Government set limit...
Soldato
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DO NOT DO THIS!
You can't move money in and out of an ISA, it doesn't work that way, you move it out, it will waste your isa allowance.
Did you setup a new ISA to move this move, was it an ISA Transfer or was it simply a lodgement?
ISA transfers are allowed by certain accounts, to let you move existing ISA money and not waste allowance, but simple deposits no matter where they come from, even another ISA account, do use up your ISA allowance.
Associate
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But only up to £2,500. Zero over £2,500.
Soldato
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You are correct you can have 1 ISA per year, or add to an existing ISA, but only one Cash ISA account can have funds added to it within a single year.
There is an ISA thread somewhere which it explains it all much more clearly than I could.
but in essence
Year1 - open an ISA, deposit up to allowance (we'll use 5000)
So one account 5000
Year 2 Add to existing ISA, or open new ISA, either up to the allowance, but not both.
New ISA might also allow the transfer of existing funds,
So either 10000 in original account 5000 and 5000 in two accounts, or 10000 in a new account where you were allowed to transfer the original balance.
Year 3, either add to existing or open new account, again one might be allowed to balance transfer
So either 15000 in original, 15000 in a new, or a combination of 5000 and 10000, or three 5000 accounts.
What you look to have done is move money for one ISA into a new ISA product. I am unsure if this will count as a transfer, its quite unlikely as usually specific ISA transfer revenue forms need to be filled in - it looks much more like you have simply deposited money into a brand new ISA. The source just happened to be an old ISA account. So you old ISA will be running a bit more empty than before, your new ISA is full for the year and your whole allowance has been used.
If its a new account, there will be a day or two for it to be fully functional, as the banks have certain checks and criteria to perform to get these things checked for money laundering, and for their full online functionality.
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
I would be a bit concerned here. Are you sure you've done an ISA transfer? ISA transfers are usually done by using forms or telephone calls and have the effect of automatically closing the account you are transferring out of.
If you've just gone onto online banking and done a transfer in the same way you would with any account, if you've had the opportunity to say how much etc, then are you sure you've not technically withdrawn the money from your previous ISA and then invested NEW FUNDS into the new one, thus taking up your ISA allowance?
Hopefully I'm totally wrong - but I'd definately be checking this with the bank.
If you've just gone onto online banking and done a transfer in the same way you would with any account, if you've had the opportunity to say how much etc, then are you sure you've not technically withdrawn the money from your previous ISA and then invested NEW FUNDS into the new one, thus taking up your ISA allowance?
Hopefully I'm totally wrong - but I'd definately be checking this with the bank.
I did click the transfer within the following section, after I applied and opened the new ISA.
Transfer money between accounts
From:
ISA Saver Online
To
ISA Saver Fixed 4Yr
Remaining Deposit Amount: £0.00
The above is what I did.
Transfer money between accounts
From:
ISA Saver Online
To
ISA Saver Fixed 4Yr
Remaining Deposit Amount: £0.00
The above is what I did.
Last edited:
Yup, thats what you've done. You've effectively taken your money out of the ISA and then paid it into a new ISA as new funds.
This is why it now says 'Remaining Deposit Amount: £0.00'.
You now cannot put any more money in that ISA for this tax year
What you should have done was follow the transfer in proceedure for your ISA (Transfer In is NOT the same as just doing a transfer) which would have moved the balance, closed the old account and left you with a Remaining Deposit Amount for this tax year of £5640.
It sounds like you've done what I/Fox suspected and not technically done an ISA transfer but withdrawn from your old account and deposited into the new one, essentially using this year's allowance.
I very nearly made the same mistake as I want to merge two old ISAs both currently with NatWest, it's not exactly clear and on-line banking makes it far too simple.
Wonder if you can get it reversed so you don't lose your allowance. It must be possible if it was a genuine mistake, and maybe that error might be in your favour.
edit: beat
I very nearly made the same mistake as I want to merge two old ISAs both currently with NatWest, it's not exactly clear and on-line banking makes it far too simple.
Wonder if you can get it reversed so you don't lose your allowance. It must be possible if it was a genuine mistake, and maybe that error might be in your favour.
edit: beat
[TW]Fox;24073247 said:Yup, thats what you've done. You've effectively taken your money out of the ISA and then paid it into a new ISA as new funds.
This is why it now says 'Remaining Deposit Amount: £0.00'.
You now cannot put any more money in that ISA for this tax year
What you should have done was follow the transfer in proceedure for your ISA (Transfer In is NOT the same as just doing a transfer) which would have moved the balance, closed the old account and left you with a Remaining Deposit Amount for this tax year of £5640.
I can't have closed the old account though as there are still funds within it...
I will just wait til Monday now, if that message doesn't disappear I will be on the blower.
I can't have closed the old account though as there are still funds within it...
Exactly - so you've not done an ISA transfer. An ISA transfer moves ALL the funds, you can't move only part of them.
So you've essentially wasted this years ISA allowance by taking the money out of a previous ISA and then transferring it in as cash
[TW]Fox;24073468 said:Exactly - so you've not done an ISA transfer. An ISA transfer moves ALL the funds, you can't move only part of them.
So you've essentially wasted this years ISA allowance by taking the money out of a previous ISA and then transferring it in as cash
I might see if I can reverse this on Monday then
[TW]Fox;24073468 said:Exactly - so you've not done an ISA transfer. An ISA transfer moves ALL the funds, you can't move only part of them.
So you've essentially wasted this years ISA allowance by taking the money out of a previous ISA and then transferring it in as cash
Just thought I'll mention that transfers doesn't necessarily have to be for the full amount if from a previous financial year.
I might see if I can reverse this on Monday then
Good luck, hope you find a way.
Just thought I'll mention that transfers doesn't necessarily have to be for the full amount if from a previous financial year.
Good point
