ISA additional £1.500 deposit not allowed.

Goldenyears

On 6 October the Skipton allowed my wife (50+) to add £1500 to her 1 year FRISA opened in May.

KAYGEE_2

Both myself and my wife were able to top up our B & B ISA's in October with the extra £1500 with no problems.

Baldur

It's really not much help to the OP for people to post that institution xxxx has allowed them to subscribe their additional allowance - the OP has been told by his/her building society that that particular institution doesn't allow it to be subscribed to their fixed rate Cash ISA.

At least two large institutions (Nationwide & Egg) will reportedly not allow the additional allowance to be subscribed to certain of their Cash ISA accounts.

Staffordshire_Reader

I opened this year's mini cash ISA with NBC's 5 yr fixed rate (as recommended in MSE). They have now closed this ISA but have told me I can put my additional 1500 in another ISA product with them (although the rate isn't great). Does this mean that I could open another mini cash ISA with someone else for the £1500?

jem16

Staffordshire_Reader wrote: »

Does this mean that I could open another mini cash ISA with someone else for the £1500?

No it doesn't. That would mean you have opened a 2nd ISA with another provider which is against the rules.

Staffordshire_Reader

Thanks Jem

kostigovs

Baldur wrote: »

It's really not much help to the OP for people to post that institution xxxx has allowed them to subscribe their additional allowance - the OP has been told by his/her building society that that particular institution doesn't allow it to be subscribed to their fixed rate Cash ISA.

At least two large institutions (Nationwide & Egg) will reportedly not allow the additional allowance to be subscribed to certain of their Cash ISA accounts.

In the original post no mention is made of the building society concerned. The OP adds that they are being prevented adding the additional money because the existing a/c is a fixed rate.
Mine and other posts highlight that this is not a problem that we have met.
Posts highly relevant

pna1

I am one of those who has an existing Cash ISA of £3k, set up in tax year 08-09 with Egg.
I am now looking how best to use this year's allowance and as I am over 50 this could be £5100.
But Egg does not recognise the over 50's concession and so will only allow me to put £3600 in this year,

I am miffed about this but what do I do? Do I transfer my existing ISA to another provider who will allow me to put £5100 in NOW?

Or since I have waited, will it make much difference if I put £360 into the Egg ISA now and resolve to put £5100 as my allowance for 10-11 after 6th April 2010?

Your advice gratefully received.

P

apt

As it appears you have not paid money into a cash ISA in this tax year (since 6 April 2009) you could open one with anyone you like. Check the rate tables. Also if your new ISA allows transfers in and has a higher interest rate transfer your Egg ISA to it.

Linton

pna1 wrote: »

I am miffed about this but what do I do? Do I transfer my existing ISA to another provider who will allow me to put £5100 in NOW?

Or since I have waited, will it make much difference if I put £360 into the Egg ISA now and resolve to put £5100 as my allowance for 10-11 after 6th April 2010?

Your advice gratefully received.

P

If you havent put any money into a cash ISA this tax year there is no need to transfer your existing ISA as each year is separate. Simply go to another provider for this year.