Question about my ISA at the end of the year

smulx

I've never had an ISA before so I don't know what's going to happen at the end of the financial year, and the Natwest website doesn't really say anything about it.

I had an ISA with the maximum amount of £5,340.00 in it. A family member had an emergency so I lent them £3,000 and when I got it back, I obviously had to keep it in a different account as I couldn't deposit it back in the ISA, so it now has £2,340.00.

On April 1st, will I get a new ISA that I have to make new deposits in to, with a fresh £5,340.00 allowance?

Or will my existing ISA just start again but with £2,340.00 already deposited so I can add another £3000?

Or will I be able to deposit £5,340.00 in my existing ISA on top of whats already in there, but obviously I'll only get the extra interest on the new balance and not what's in there right now?

le_loup

Yes
No
Not quite. The answer is yes BUT you will get interest on ALL the money.

thenudeone

The ISA allowance is the maximum allowed to be DEPOSITED in each tax year, not the maximum balance on the account.
It's quite possible to have £50-60k in a Cash ISA account.

So come 6th April you can deposit another £5640 (the 2012/13 allowance) in this account or another ISA somewhere else.