messed up isa allowance

jeps

Opened a Santander 2 year fixed ISA in June 2012. transfered my previous years from old ISA provider and deposited an initial payment of £1000. I have made further payments each month since. Tried to make a payment last week but couldn't. Got a message which didn't make any sense so contacted Santander via email and was advised that deposits to this type of ISA could only be made in the 14 day period after opening it. Now i'm usually pretty good at reading small print but have to admit on this occasion i didn't register that.

As I have money that i want to pay in up to the maximum amount is there anything I can do?. Can i transfer the full amount into another ISA and pay in the rest? If I dont what will happen to the money Santander have continued to accept after the initial 14 day period? I am concerned that at some point in the future they will turn round and say that they will not pay interest on the money paid in after that date. Does anyone know if this is likely to happen?

I would appreciate any advice. I cant believe I have messed it up! I am so annoyed with myself:mad:

innovate

Urrrgh sounds messy.

If you have a fixed-term ISA (or any other fixed term savings account), it's quite usual that you can't make more than x payments within x days of opening the accounts. Seems you learnt that by eperience, but hopefully you also learnt that you need to fully understand the T&Cs before you jump.

Also, if you terminate a fixed-term account, you usually pay penalities - such as 180 days lost interest or similar. A transfer of an ISA would count as a termination.

May be the best way forward for you is to

1. leave your existing ISA as is, review on maturity
2. open new ISA on April 6 2013 - - after having done proper research of your options
3. save into Regular Savers in the meantime. Currently, they are likely to pay you more interest than any ISA (on monthly savings of up to £550) but you have to understand the T&Cs fully before you jump into any of them.