Cash ISA Options

stevec59

Hi,
I opened a cash ISA with Metro, fixed rate of 3.25%, I opened it with with £1000, transferred my previous years Northern Rock ISA, and transferred an additional £800 in. They tell me that I can't pay any more in, as they only allow 1 transfer per year, so this year I have paid in £1,800, what are my options? I guess I am tempted to leave the £1,800 where it is and open another Cash ISA with another provider, can I do that?

Many Thanks

Steve

innovate

Is your ISA fixed-term?

McKneff

You have already opened and put new money into an ISA for this tax year.

You cannot open and add new money to another one, sorry

kidmugsy

Some providers will allow you to open multiple ISAs with them in one tax year so long as the total of your contributions is less than the annual allowance. You could check whether Metro allows this.

stevec59

Thanks for the replies.
I will email Metro because when I called them about why my latest Transfer was returned, it took a while to get to the bottom of it.

Seems strange that they limit the number of times that you can Transefr in, I will also ask if I can post a cheque.

Thanks again

Steve

innovate

You didn't say whether your ISA is fixed term. If it is, there's a good explanation for what they told you what they did. Trying to deposit by cheque won't make a difference.

stevec59

innovate wrote: »

You didn't say whether your ISA is fixed term. If it is, there's a good explanation for what they told you what they did. Trying to deposit by cheque won't make a difference.

Sorry, wasn't sure, Yes it's fixed term.

Called them today, basically I can't do anything, so I guess I will hold onto it until April next year and then decide what to do.

Thanks for eveyone's help.

Steve

innovate

Shame - - this sort of thing has happened to a few people because they didn't read the T&Cs properly. Fixed-term savings accounts (ISA and non-ISA) usually limit the number of deposits and/or the timescale for deposits. The only exception I am aware of is the Lloyds 2-year ISA.

You can search the forum for the couple of others who reported the same predicament. One of them could negotiate a compromise with their ISA provider (I think it was Santander) - they agreed to change the ISA to a flexible one, at the lower interest rate, and the person could then make further deposits.

stevec59

Thanks for that :beer:

alastair_h

stevec59 wrote: »

Hi,
I opened a cash ISA with Metro, fixed rate of 3.25%

As per the t&c's for this account:-

https://www.metrobankonline.co.uk/Personal/Savings/Fixed-Term-Savings/

A minimum deposit of £500 is required. Only one deposit is permitted. Once you have made your deposit, you cannot add further amounts to the account (although you can open another fixed term savings account).