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Increased ISA Allowances
Uncle_Mort
Posts: 3 Newbie
In mid April I took out a regular saver ISA, opting to save the maximum of £300 per month. Then the Gov announced an increase from October to a yearly £5100 limit.
But my bank tells me I'm stuck with the terms of their account (£3600) and that I can't open another ISA in October to take advantage of the additional allowance (I'm over 50 of course).
Seems very unfair - any comments?
But my bank tells me I'm stuck with the terms of their account (£3600) and that I can't open another ISA in October to take advantage of the additional allowance (I'm over 50 of course).
Seems very unfair - any comments?
0
Comments
-
Which bank is this? I suspect the answer you have received is not going to be their final word. We have the unusual situation where the government has pre-empted existing ISA providers after the start of a tax year. If the rules, when clarified, say you CAN susbscribe an additional £1500 from 6 October 2009 to your chosen ISA provider, then the ISA provider may be obliged to accept this into the account you opened in order to comply.
If the RS ISA provider still wanted to, they could largely nullify this and still comply with the gov - e.g. add a term which states you can subscribe a further £1500 - but NOT from 6 October - only in the FINAL month of the tax year in which you opened it - so that, in effect they pay the added interest for the least time they can get away with.
(Wait and seen what happens as October approaches).....under construction.... COVID is a [discontinued] scam0 -
I managed to cancel my account and have since made alternative arrangements with another bank who were much more positive in this respect. Thank you0
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What is the total amount you can have in a cash isa including previous years contributions.
thanks0 -
What is the total amount you can have in a cash isa including previous years contributions.
thanks
£34,200 plus accrued interest over the 10+ tax years since ISAs began, so many will have around £50,000 especially if they had the ISA's predecessor, the TESSA:
From April 1999 to March 2008 maximum allowance of £3,000 per tax year = £27,000 (plus accrued interest).
April 2008 & April 2009 maximum of £3,600 per tax year = £7200 (plus accrued interest).0 -
There is no limit on the total balance.
The only limit is to the amount of new money (i.e. money that was not previously in an ISA) that you can add each year (£3600).0
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