Accidental transfer out of ISA

pento

Hi, I have accidentally managed to transfer money out of my ISA and into my normal account. I was trying to transfer money in and clicked on the wrong button online. Is there any way to reverse this? Or do I now lose the allowance for that tax year?

Lokolo_2

pento wrote: »

Hi, I have accidentally managed to transfer money out of my ISA and into my normal account. I was trying to transfer money in and clicked on the wrong button online. Is there any way to reverse this? Or do I now lose the allowance for that tax year?

Oh dear, unless the transaction can somehow be stopped then I don't see much hope, as you initiated the transaction. Was there not a confirmation page for you to check and confirm you were doing the right thing?

Luckily the next tax year is very near so you'll be able to put a further £5340 into a Cash ISA from this Wednesday!

welshmoneylover

pento wrote: »

Hi, I have accidentally managed to transfer money out of my ISA and into my normal account. I was trying to transfer money in and clicked on the wrong button online. Is there any way to reverse this? Or do I now lose the allowance for that tax year?

If I were you I'd phone the bank pronto first thing in the morning, iirc, this happened a few years back and the mistake was rectified but was done straightaway.

Give us an up date mate, I'd love to know the outcome.

pento

Not sure if there was a confirmation screen, I don't remember one. I was a bit rushed at the time.

Oh well, mistakes happen. Thanks for your answer.

Guess this gives me an excuse to spend that money as it won't be going into the next ISA for while!

pento

welshmoneylover wrote: »

If I were you I'd phone the bank pronto first thing in the morning, iirc, this happened a few years back and the mistake was rectified but was done straightaway.

Give us an up date mate, I'd love to know the outcome.

Will give them a call tomorrow lunch time and see what they say. Will update when I know more. Not holding out much hope.

Yorkie1

If you haven't maxed out your ISA subscription for this year, you can put the money back in up to the annual limit of £5100 - but you'll need to do it tomorrow.

Kiotari

I did something similar today

Already held a Direct ISA with Santander earming 2.5%
Opened a new Flexible ISA as it was paying a higher rate - 3.3% for year
Accidentally transferred 5k from old isa to new.

Immediately rang santander
explained situation
within 10 minutes they had reversed my mistake and transferred the 5k from my normal savings account - which is what I had meant to do

Excellent customer service from Santander

well done