ING ISA, Concern over changes

magjak

Greetings,

I just recieved an email from ING stating that their ISA's will now be operating yearly, and then no more funds can be added for the next year unless you open a new ISA. So, this basically means £3600 maximum in each annual ISA account opened. Surely this limits the interest we can all make by not enabling savers to add more & more capital every year to the same ISA account!!!? Or am I wrong!?
Is anyone aware of other banks operating in such a way?

EXTRACT FROM THE ING LETTER SENT TO ME:

" Therefore from 15 February 2009, your current Cash ISA has been re-named “Cash ISA 2006/2009” and this is what you will see on future statements.
You will not be able to add any additional funds to this account after 5 April 2009 (the last day of the 2008/2009 tax year). If you would like to continue saving tax-free with ING Direct, you can open a Cash ISA 2009/2010 from 6 April 2009 by visiting ingdirect.co.uk".

Magjak :money:

alastair_h

You will still earn interest on the separate ISA's and this will work out about the same in the end (assuming the same interest rates).

Check out the t&c's, I don't think that's what they are getting at.
http://www.ingdirect.co.uk/savings/our_savings/isa/about_isa.asp