question re isa limit

moneypuddle

Hi

Just a quick one.

I have an isa that I pay into onto payday each month as we are saving for our baby due in October. I have £3200 in there at the moment and when I tried to pay £700 in in Friday I got a message saying this would take me over my remaining allowance and that my remaining allowance was £138. So I thought if I waited until today, because its a new tax year I'd be able to pay it in, so I got the same message again.

Sorry, I don't know a lot about isas but do I need to start another in my boyfriends name (I look after all our banking)

Thank you!

opinions4u

I thought if I waited until today, because its a new tax year I'd be able to pay it in

The new tax year starts on 6th April 2012. The cash ISA limit for the new tax year will be £5,640.

I have £3200 in there at the moment and when I tried to pay £700 in in Friday I got a message saying this would take me over my remaining allowance and that my remaining allowance was £138.

You should be able to deposit up to £5,340 in to your cash ISA for the tax year 6th April 2011 to 5th April 2012. I assume you have made withdrawals from the account.

Who is your cash ISA with and what rate of interest are your earning?

moneypuddle

Thanks very much. That makes sense

Its shocking, its with the Halifax and is just 0.5%. It was around 2% but they changed t without telling me. What do you suggest?

opinions4u

moneypuddle wrote: »

Thanks very much. That makes sense

Its shocking, its with the Halifax and is just 0.5%. It was around 2% but they changed t without telling me. What do you suggest?

They write to all ISA customers around 2 weeks prior to a bonus rate dropping off an account.

Wander in to a branch and ask to change to the ISA Saver Variable paying 2.75% (including one year bonus). Or better still, if you operate your account online, ring them and change it to the ISA Saver Online paying 3.00%.

moneypuddle

I've moved recently and had big problems with the Halifax and by address so its quite likely they either didn't write to me or did but sent it to the wrong address.

Anyway, I'll do that. Thanks again

psychic_teabag

There is a web page you can fill in to get it converted.
http://www.halifax.co.uk/savings/accounts/cash-isas/ISAoptions/
(don't need to be registered for online banking)

moneypuddle

Thanks for that!