Shall i add another £3600 to my ISA ?????

stylus360

Hi All

Last tax year i had an a cash ISA with Abbey and paid full amount into it. Then at the start of this tax year i paid £3600 into it and just after that was payed into it transfered the full amount to a Natwest E-ISA.

I am know getting letters asking me do i want to deposit £3600 into this account.

I am pretty sure that i can not as i have used my full amount for this year ?

Or shall i just put another £3600 in and plead ignorance ie thought as different isa account could deposit again ???

Cheers

rb10

No, you can't. Banks have to provide details of who has subscribed to ISAs in any tax year to HMRC, so you will be found out.

Natwest obviously don't know that you've already subscribed to Abbey, so they are just wanting to get your business for this tax year too.

Baldur

Abbey are required by HMRC to indicate on their transfer paperwork that any portion of the current tax year's allowance had already been subscribed to the account which they were transferring to Natwest, so it looks as though Natwest's administrative processes may have been lax or swamped.

GregH

As rb10 and Baldur have already pointed out, you cannot deposit anymore money this financial year.

i just wanted to add, my father has taken out a NatWest ISA for this financial year, he had paid in his full £3600 limit by early April, yet he is still recieving letters from NatWest about paying £3600 into the account.

I believe they have a glitch in their system that is just sending these letters out regardless of the situation.

dreamypuma

GregH wrote: »

I believe they have a glitch in their system

More commonly known as a "Fred Goodwin"

Bernie

...check it actually got into your ISA and that it did not end up being dumped into the normal instant access account that NatWest insist you open at the same time as your ISA.

I was unhappy to find that NatWest had done this unilaterally and not bothered to inform me. I had correctly specified the account to be credited, NatWest had decided to put my money into a non-interest bearing account instead, contrary to my instructions. I would have expected the bank to return the payment if unable to credit the nominated account.

I visited the local branch (so what's the point of internet access?) and was informed that my fixed rate ISA had been "de-activated because of the lack of activity". Doh! What activity were NatWest expecting on a one year, fixed rate account?

So make sure you check up on what these tricky people are up to....

:beer:

stylus360

Yea it is in there mate. Never knew they were so stringent with checks.

Cheers

paulwellerfan

just wanted to add my tuppence worth.
last year i only put 20 odd quid in to another ISA by mistake and i recieved a letter stating that i had over subscribed.
they said that they would forgive me that time as mistakes do happen
however a a warning is a warning.
you need to be so careful !