transfer has used up my allowance?

welshguy_456

Hello, I have just logged onto my halifax account and seen my new isa, of which I opened with £1200 on the 6th of april and while I was there transferred last years allowance from santander to it. Now today I have seen last years allowance has been put on top of my £1200 and it says 'allowance left to pay in = £0. I thought transfers didn't use your allowance at all?

please help
thanks
chris

Baldur

Lots of posts about this, including a couple of my own - see existing threads, e.g. http://forums.moneysavingexpert.com/showpost.php?p=43013472&postcount=2058

Give it a few days for the system to settle down, took about 6 days in my case; possibly more now, due to Easter/Bank Holidays, etc.

welshguy_456

I did begin to wonder this before you post, so im guessing after a few days the system works it out and will then show I can still put in £4140.

Also I have noticed the interest shows as 3% and has shown this for a while now, even though I should be getting the 0.2% extra im guessing that this just doesn't show?

thanks for your quick reply
chris

Baldur

welshguy_456 wrote: »

I did begin to wonder this before you post, so im guessing after a few days the system works it out and will then show I can still put in £4140.

Also I have noticed the interest shows as 3% and has shown this for a while now, even though I should be getting the 0.2% extra im guessing that this just doesn't show?

As I understand it, the extra 0.2% is only applied to the end of the year's balance, assuming that you meet the criteria.

See edit of my initial post, giving link.

Chickabee

welshguy_456 wrote: »

I did begin to wonder this before you post, so im guessing after a few days the system works it out and will then show I can still put in £4140.

Also I have noticed the interest shows as 3% and has shown this for a while now, even though I should be getting the 0.2% extra im guessing that this just doesn't show?

thanks for your quick reply
chris

The extra 0.2% will never show as part of the actual isa interest rate.
Reason being is the interest rate quoted for the isa is the rate being applied to your isa on a daily basis, and you are not guaranteed to receive the extra 0.2% unless you meet the full criteria.
The extra 0.2% is only added after 1 year