Natwest eISA

billn

I have just transferred my Natwest eISA to another provider and noticed when I look online at the Natwest account information the final interest amount has been taken from this years allowance, ie £40 interest leaving me with £5600 for the rest of 2012/13.

Has anybody else noticed this and if so is this correct?[FONT=&quot][/FONT]

lisyloo

No it's not correct the limit is for subscriptions (deposits) so does not include interest.
But what does it matter what Natwest says if you have transferred elsewhere?

If the new provider is giving you a lower limit then that is a problem.

billn

Thanks for the quick reply, I didn't think it was correct either, it probably won't even come up as I won't be putting any money into the new ISA, I have opened another ISA for this years allowance at a better rate than the one I transferred into (hope that makes sense).

I just wondered if anybody else had noticed this?

thenudeone

The current allowance should not be affected by interest.

Were you transferring deposits made this tax year? If not, I'd just ignore it as it has no significance.

billn

thenudeone wrote: »

The current allowance should not be affected by interest.

Were you transferring deposits made this tax year? If not, I'd just ignore it as it has no significance.

That's what I'm thinking, I haven't put anything into the Natwest eISA since tax year 2010/11 so I was a bit taken aback when I saw it on the online statement.

Just got the letter to say the interest rate is being reduced in May so I even more happy that I have transferred:)