Gone over ISA limit, advice please

Synonymous

Any advice would be appreciated!

I checked my internet banking today to find that my ISA has been credited £34.52. I have already used my full allowance for this tax year, and after some confused searching had discovered that this is a payment of funds from a cashback site (wepromiseto).

I have two questions:
What will my ISA provider do about this overpayment? I am at a fixed rate until the end of march, will this invalidate my deal in any way or loose me interest?

Does wepromiseto routinely make payments without a request to do so? The BACs transfer details they used were set up a long time ago when the ISA was not yet full for the year and if I had known they were going to put any money in I would have changed the details.

Thanks in advance for any replies

waterbaby

I went £1 over with Barclays. This was because I opened it with £1, and then forgot about the £1 in my calculations when filling up the ISA. The first I knew of it was when barclays wrote me a letter to tell me they were taking £1 out and putting it into my current account. There was no penalty. But I don't know if this was due to the small monetary value.

Mikeyorks

Synonymous wrote: »

I am at a fixed rate until the end of march, will this invalidate my deal in any way or loose me interest?

Depends who you're with ..... as T&Cs vary. Most fixed rates will decline any deposits after the initial one. So the first port of call is with your ISA provider to see if any damage has been done .... or where they're holding the cash if it's not acceptable.

HMRC won't flinch so long as you havent gone over your overall £7.2k limit (£10.2k if over 50) .... so no need to consult there. But you may get a slight smack on the wrist sometime (well) after Apr 10 if your provider has accepted the funds.

And ..... change the payment instructions to the cashback people!