If you can only pay new money into one cash ISA a year,what if that ISA is withdrawn?

M271

I have transferred the money from last years Nationwide e-ISA to the current Nationwide Online ISA Issue 1 at 2.75% inc Bonus. I now want to pay regular payments into this ISA for the remainder of this tax year. I know that you can only pay new money into one cash ISA per year, what happens if the ISA is withdrawn or becomes Issue 2, 3 etc.. ? Can I pay any remaining payments, up to the annual limit, into another Nationwide or other company ISA ?

Lokolo

No its then gone, but usually these ISAs do say "You can only deposit whilst the issue is available", so the warning is there.

Alternatively, you can transfer the ISA out to another ISA, and then continue to top the rest of your allowance there.

le_loup

erm, unusually Lokolo is wrong on this.
With Nationwide you can put money, up to the annual limit into any of their offerings. So, if you run out of time on a fixed rate offer, you can put the remainder into another offer that they have available at that time.

Lokolo

le_loup wrote: »

erm, unusually Lokolo is wrong on this.
With Nationwide you can put money, up to the annual limit into any of their offerings. So, if you run out of time on a fixed rate offer, you can put the remainder into another offer that they have available at that time.

I don't bank with Nationwide, didn't think they would let you

jamesd

You can pay into any other account within their ISA, it doesn't have to be the same one as the one you started with.

An ISA isn't the same as an account, an ISA manager can have many different accounts within their ISA and savers can use any combination of them. Though not all ISA managers will have systems that are set up to accept this.

AirlieBird

The posters replying to your questions appear to have got mixed up between fixed interest rate accounts and fixed term accounts. So to answer your question...

If this issue is withdrawn and another issue is launched you can continue putting money into this account. The Online ISA is an easy access account. It is the fixed term accounts which normally have a time limit on deposits. It does have a fixed interest rate as an introductory offer until January 2013 but this doesn't make it a fixed term account.

xrjtg

The account is no longer available to new customers. You already have one, and can continue to use it as you would have before.

AirlieBird

xrjtg wrote: »

The account is no longer available to new customers.

You must be confusing it with something else as the account is still available.

xrjtg

AirlieBird wrote: »

You must be confusing it with something else as the account is still available.

Good catch!

OP: add "hypothetically" to the front of my other post.