Santander 1 year fixed ISA, contributions remaining = 5640?

keeleyh

Hi,
I hate this time of year, and I'm better at spending money rather than saving it and the financial year end always seems to confuse me.

Last year I moved my ISA's to the Santander 1 year fixed, I logged into it over the last few days to see my balance and see if the interest was paid as others on the 1st of March and my account says the following..
Current balance:£16,355.01

Available balance:£16,355.01

• Contributions to date:£0.00
• Contributions remaining:£5,640.00

What I dont understad is I thought I had used all my 2012/2013 allowance but to me that says otherwise?

Can anyone else with Santander check their account, is it showing my next years 2013/2014 early?
Of course I will call in brance Monday and confirm, or can I tell from the statements if they were new ISA's or transfers in?

innovate

If you did not pay new money into your ISA since April 6 2012, you still have your entire 2012-13 allowance, £5,640, left. Transfers in do not count towards your allowance. Surely you know whether you paid new money in?

marathonic

innovate wrote: »

If you did not pay new money into your ISA since April 6 2012, you still have your entire 2012-13 allowance, £5,640, left. Transfers in do not count towards your allowance. Surely you know whether you paid new money in?

It can be easy enough to let a £5,640 transfer slip your mind from time to time...

westy22

If it says £5,640 then it must be available for 12/13 - if it was for 13/14 it would say £5,760

keeleyh

innovate wrote: »

If you did not pay new money into your ISA since April 6 2012, you still have your entire 2012-13 allowance, £5,640, left. Transfers in do not count towards your allowance. Surely you know whether you paid new money in?

My statement reads as..
27/03/2012 cheque paid in at banking center
28/03/2012 cheque paid in at banking center
06/04/2012 FASTER PAYMENTS RECEIPT REF.SANTANDER ISA FROM....

and in between thses is lots of in and out tranfers done by Santander which was something alot of people had happen at the time (for the reason I'm not sure).

westy22 wrote: »

If it says £5,640 then it must be available for 12/13 - if it was for 13/14 it would say £5,760

That is a very good point! why would it say I have not used 2012/13 though? I will let you know what they say when I visit the brance Tuesday.

Peter999_2

If you paid in your cheque on 27th March 2012 and haven't opened another ISA then Santander are correct and you can still invest £5640 before 6th April 2013.

Incidentally, I have a load of transactions the same as you. Don't know what they are for.

Shame we can't get the same rate this year, mine was 3.5% which was a nice £326.

keeleyh

Right so I called them today, explained that online (and also now on a paper statement which arrived yesterday) that it says 2012/2013 has remaining contributions of 5640 available, she had my details on screen and said no you have used 2012/2013 as on the 6th of April 5640 was deposited. I went on to ask why it says amount deposited in 2012/2013 read £0? It was now that I was placed on hold for a few mins. She came back to tell me the amount I deposited on the 6th April went onto last years ISA!! Which I had already used with my old provider! How can that happen?

So now I am given the next few days to ensure I use my 2012/2013 allowance, and have the issue that in the 2011/2012 period I have double the amount I should have.
Will this come back to bite me? What shall I save to prove it was not intentional?
Really don;t know how money deposited on 6/4/2012 went onto the 2011/2012 ISA year.

BobQ

keeleyh wrote: »

Right so I called them today, explained that online (and also now on a paper statement which arrived yesterday) that it says 2012/2013 has remaining contributions of 5640 available, she had my details on screen and said no you have used 2012/2013 as on the 6th of April 5640 was deposited. I went on to ask why it says amount deposited in 2012/2013 read £0? It was now that I was placed on hold for a few mins. She came back to tell me the amount I deposited on the 6th April went onto last years ISA!! Which I had already used with my old provider! How can that happen?

So now I am given the next few days to ensure I use my 2012/2013 allowance, and have the issue that in the 2011/2012 period I have double the amount I should have.
Will this come back to bite me? What shall I save to prove it was not intentional?
Really don;t know how money deposited on 6/4/2012 went onto the 2011/2012 ISA year.

I would ask Santander to sort it out. Start by explaining that if they credited the £5640 to your 11/12 ISA it was for more than the Cash ISA allowance that year (£5340). Then point out that 6 April 12 is the first day of the 12/13 tax year.

I think they have simply made a mistake in their calculations.

Try visiting a Branch to sort this out.

BobQ

keeleyh wrote: »

My statement reads as..
27/03/2012 cheque paid in at banking center
28/03/2012 cheque paid in at banking center
06/04/2012 FASTER PAYMENTS RECEIPT REF.SANTANDER ISA FROM....

.

You might also check the account from which you made the faster payment on 6/4/12. As this would be completed at worst in 24 hours and more than likely the same day you may have evidence that it was not actually paid to them until the 12/13 tax year had started.

keeleyh

Thanks guys,
It was from the Halifax and my online statement says..






10 Apr 12 MY NAME (lots of numbers I have removed) 06APR12 12:44 FPO 5,640.00

So proving it was done in the new cash year should not be an issue, I'm really annoyed as I like to keep things simple, and log into my bank as little as possible to minimize any possible account compromise (a friend says that is best), wish I had kept a closer eye on it but assumed I had done right way back 12 months ago.