Cash Isa - Help please

BobtheDrive

No doubt this has been answered before but I have searched the forum and cant find it.
I have a cash isa with £11,000. I have not made any deposits into it in this financial year 2012-2013. In September I withdrew £10,000 for a large purchase. In a few months time I will have some funds available to save. Can I put them into my cash isa. As I mentioned earlier I have not invested any money into any cash isa this financial year.

Thanks

pqrdef

You can, or you can open a new one, which will probably pay better.

thenudeone

You can only put £5640 into an ISA this tax year.

You cannot replace the money you took out, except up to £5640, which uses up this year's allowance.

Once money is withdrawn from an ISA, the allowance you "used up" when it was deposited is lost forever.

innovate

Meaning the OP can deposit up to £5,640 into a new ISA before April 6 2013, since no deposits have been made this FY yet.

As pqrdef already said, could also pay into existing ISA, but the rates on that are most likely a lot worse than in a new ISA.

If the new ISA allows transfers-in, the new provider can be asked to transfer the remaining £1K from the old ISA into the new ISA. This will not affect the allowance of £5,640 for new money but the £1K can earn better interest.

bigfreddiel

as you have saved into an isa in the past, please tell me that you understood the rules then, they haven't changed (except the allowance) so i don't understand why you asked this question.

could you let us all know what you were confused about and why?

cheers

fj

BobtheDrive

Thanks for your replies, somehow I got confused that having withdrawn that amount I couldn't put any back in for this financial year.