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ISA Increased allowances
Uncle_Mort
Posts: 3 Newbie
in Cutting tax
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
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The government will have to allow something to change so that you will be able to use your extra allowance. At the moment no-one knows what is going to happen.0
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Your bank will need to change the T&C of this particular ISA to allow extra contributions from October.
I doubt if they've thought much about how to do that yet. If nearer the time they decide it's 'too difficult' it will be unfair - but give them chance.0 -
....... duplicate post :
http://forums.moneysavingexpert.com/showthread.html?p=21220203&highlight=#post21220203If you want to test the depth of the water .........don't use both feet !0 -
The rules are per provider and not per account. You should be able to pay into one of their other ISA accounts later in the year.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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