I've got myself into an ISA pickle - please help

savetilibleed

I'm assuming you have made no contributions to your Abbey ISA this year, have you? I got into the mire in 2008 when I opened a YBS e-ISA with the intention of transferring over my considerable sums in Abbey ISA's (one cash ISA, one TIOSA). I had already made £1000 contribution that year to the Abbey ISA. The YBS branch completed the transfer forms for me and posted them. The YBS account terms said I'd need to pay at least £10 in within 40 days or the account would be closed. I'd heard of transfers taking a long time. My mistake was paying into the ybs account before transfer had occurred. It means I broke the rules by paying into 2 ISAs. I made a phone call to HMRC who said I'd broken the rules and I may get a warning letter at the end of the tax year.

Anyway, the transfer went ahead after some delays and I made the other contributions as the account detailed by contributions to date. My account is a variable so I could make contributions, unlike you now with your fixed account. I opened it not knowing what was going to happen to interest rates (who did). It's a right swine knowing what to do for the best these days . I ought to have transferred my ISA again to a fixed account as I have made ISA contributions just about every year since they started, plus I had a TESSA before that.

soulsaver

Lokolo wrote: »

It will say in the T&Cs that only one deposit can be made. As every fixed term savings account does. Apart from Halifax who allow upto 4 deposits.

Not EVERY fix did, but generally they do. The Halifax Guaranteed saver (not Isa) was fixed 6% (+ish) allows any number of additional deposits (maybe a total limit) - only 4 withdrawals in the period.
Coventry BS (50+) had a 6.4% fix you could continue to add to for months, and easy access!