Not able to pay into Nationwide ISA

gdunbar

Hello,

I had a LloydsTSB ISA last year and this new financial year I paid some more money into it. I have just transferred all of my ISA across to a Nationwide E-ISA and closed my Lloyds account as part of the process. Nationwide have now informed me that I can't pay any money into my new E-ISA, even though I haven't used up my allowance yet. Apparently I have to go back to LloydsTSB if I want to use up my allowance.

Im a bit confused about this? I thought I was ok as long as I dont pay into more than one ISA at a time. Can anyone shed any light on this?

Many Thanks,

Glyn

Lokolo_2

I believe If you've transfered anything you've contributed this tax-year in full to Nationwide (via the correct ISA transfer process), then you should be able to top that up to this tax year's ISA allowance of £5340.

Sooler

Says here it's valid to transfer and then pay in remaining allowance


http://www.timesonline.co.uk/tol/money/savings/article7082715.ece

Q: Can you open more than one cash Isa in a tax year?
A: It depends what you mean by the word ‘open’. You cannot, in the same tax year put money into a cash Isa with Bank A and then do exactly the same with bank B. So in that sense you cannot open more than one cash Isa each year.



However you can, in the same tax year, subscribe to one new cash Isa and also transfer money from a previous year’s cash Isa to a different cash Isa manager. So you can hold more than one cash Isa.

You are also free to open a cash Isa with Bank A and then, in the same tax year, transfer all the money from Bank A to Bank B. If you have not used up your annual cash Isa allowance while with Bank A you can also subscribe more money into the cash Isa now held by Bank B. So cash Isas are more flexible than many people realise.