ISA noob quick help please!

woodencupboard

I opened my first ISA with Nationwide (Online ISA Issue 3) on the 4th April this year (think I just got in before the tax year if that's important?) I opened it with £4,000 as that's what I had at the time.

I now wish to 'top up' the ISA, and have read the ISA limit is £5,640.
Stupid question but does that mean I can put in a further £1,640 and be fine? What happens if I pay in £2,000? I'm over the limit so lose the tax free aspect?

Or as I opened this one 'last tax year' Can I pay in £5,640 and still be ok?

Would love to get the best out of this! :j

Cheers.

fabkids

You can put in your full allowance of £5640 per tax year.

le_loup

woodencupboard wrote: »

Or as I opened this one 'last tax year' Can I pay in £5,640 and still be ok?

That's the one.

woodencupboard

le_loup wrote: »

That's the one.

Sweet as a nut~! Best get saving pronto then :cool:

Is that why the one I have is named the 'Issue 3' and on the Nationwide site it says 'Issue 4' ? Next year 'Issue 5' (possibly until the rules/law change?) I guess then as I thought mine was infact opened last tax year then I can effectively load it up twice with cash. Wish I had the 5K to put in it :rotfl:

psychic_teabag

It is important whether you funded the previous one in the last tax year. When you opened it is not important, but when you fund it is. As long as you got the £4k in last tax year, you can add 5640. If not, the £4000 came from this year's allowance and you can only add 1640.

woodencupboard

Thank you for being clear with the rules, my deposit was on April 4th, so last year effectively. (opened the account/deposit at the same time after logging in and getting the reminder from Nationwide, has been on my to do list for a while!)