ISA question

davidm1

is there some kind of penalty if you put more than £5k ish allowance in a cash isa account?

reason i ask this is i dont no if my parent has opened an ISA account yet?

Gromitt

You want get any interest on the unauthorised amount, and you may receive a 'Don't do it again' type letter from HMRC.

Marisco

davidm1 wrote: »

is there some kind of penalty if you put more than £5k ish allowance in a cash isa account?

reason i ask this is i dont no if my parent has opened an ISA account yet?

I have a standing amount that goes from one account into an ISA every month, and when I went over the limit, the bank just put it back into the account, and advised me I'd gone over the limit, and not to put any more in until the following year.