Northern Rock ISA not accepting deposits

numskie

Hi there,

I've had a look through the forums to see if anyone has any suggestions. I opened a Northern Rock fixed rate 3% ISA account just after Christmas with £18k that I transfered in. Not long after, the ISA offer ended and I can't deposit any money into the account.

Can I open another ISA account? If so, will I be able to transfer my Northern Rock ISA when it matures? I thought you must only ever have one ISA at any one time.

Thanks for any help.

Numskie

ChiefGrasscutter

You can only CONTRIBUTE to one ISA in any tax year.

In this case you have opened an ISA with NR but not contributed to it and instead you have transferred a previous ISA into it.
You are quite free to open another ISA with another provider (or indeed NR) for this tax year 2010/11 and contribute the full amount into it.

I have no idea of the terms of NR's fixed rate ISA but I imagine when it matures it will automatically change into some low variable rate rate ISA unless you take up an new offer either with NR or with another provider and transfer it to the new ISA account.

As you see it is quite possible to have built up over a number of years multiple ISA's with multiple providers if each year you opened an ISA with a different provider