I accidently paid into my old 2010/2011 ISA

s79

I was using my Barclays online account to pay into my Barclays 2011/2012 ISA from my current account (it was only £10 as a test) but i paid into my old 2010/2011. Is this a problem? I have approx £5100 in there.
Thanks

McKneff

It is not an old ISA, it just runs on through the years and it is still just one ISA so if this is the only ISA you have then it will be okay so you can still pay more into it this year. Up to the limit for the year, if you see what I mean.

You wont be able to open another ISA elswhere but you havent done anything wrong.

p00hsticks

McKneff wrote: »

if this is the only ISA you have then it will be okay

It sounds like the OP has also opened a new 2011/12 ISA with Barclays as well though, whcih is how the mistake occurred. I think as both old and new ISAs are with the same bank, I'd say to get in touch with Barclays and explain the error and see what they say....

pinkteapot

Out of curiosity, why didn't you just put this year's allowance in the existing ISA? Did you get a better rate on the new one?

There's no obligation to open a new ISA every year. I have one single ISA account that now has about £15k in it; I've just paid into it every year.

Baldur

pinkteapot wrote: »

Out of curiosity, why didn't you just put this year's allowance in the existing ISA? Did you get a better rate on the new one?

There's no obligation to open a new ISA every year. I have one single ISA account that now has about £15k in it; I've just paid into it every year.

Presumably because Barclays competitive Cash ISAs have a 1 year bonus, after which the interest rate plummets and each new issue does not accept ISA transfers.

If you haven't checked the rate that you are receiving on your Cash ISA, I suggest that you do so, you may receive a nasty shock as you've presumably been paying into it for 3 years or so.

tuggy12

£5,100 was the limit for last years cash ISA but if you have mistakenly overpaid in a further £10 then just simply withdraw that same £10 back to your current account.