Isa problem what to do

newmum1

I have a halifax account the isa direct i have approx £2500 in it and have now been told that i cannot add any more to it this tax year and i cant open another isa this year. the isa was opened in jan this year, i need another account to start putting money into but dont know which one to go for can any one help????

carnet

Jan was last tax year (which runs from 6 April to 5 April), not the current tax year.

As you say that you can't open another ISA this tax year I assume you have already opened another one for this current tax year ?

If you haven't, there's nothing to stop you from doing so.

newmum1

when i spoke to the lady from halifax i was told that because i had put money and taken out since april this year hence why i cant open another account, ???

MPH80

newmum1 wrote:

when i spoke to the lady from halifax i was told that because i had put money and taken out since april this year hence why i cant open another account, ???

Ah yes - well that makes sense.

If you make a deposit into an ISA during a tax year - that counts as using it and you are only allowed to open/use one mini cash isa in any one year tax year (6th April -> 5th April).

I presume you have deposited, over the course of the tax year £3000 then (even if some of that has been withdrawn). So - you won't be able to open or add to another ISA until April.

I would suggest looking for a normal savings account then instead.

M.

grumbler

MPH80 wrote:

...I would suggest looking for a normal savings account then instead....

... or a regular saving account that pays even more than ISA. For example, A&L 10% gross is 8% net (for 20% tax), Halifax 7% gross is 5.6% net, ...

newmum1

thanks grumbler