Aldermore

ISAConfused

Hi,
I have been looking for a decent rate on an Easy Access ISA that allows transfers. I came across Aldermore Fixed Rate Cash ISA which is offering 2.25% for a 1 year fix.
I have since applied for this without properly reading all the info and it seems I can only make 1 deposit - is this really correct?
If so, to meet my £5760 target for the year I need to deposit it all at once??
It seems I also don't have a cooling off period in which I can now cancel this which also doesn't seem right (admitedly without reading the T&C's I have got myself into this situation).
So, what can I do, just ignore it, don't transfer any money in and open an ISA somewhere else? Is this possible?
Can I transfer my existing balance from another ISA into Aldermore and then open another ISA to actually deposit money on a monthly basis? Can I have more than 1 open ISA a year providing I don't deposit more than £5760 across the 2?
Can I transfer my balance more than once in a year i.e. transfer into Aldermore and immediately transfer out to somewhere else?
I am annoyed with myself because I have made a silly mistake here that it seems I can't get out of which is extremely annoying. Since when did ISAs become so complicated!!
Please help.

innovate

ISAConfused wrote: »

So, what can I do, just ignore it, don't transfer any money in and open an ISA somewhere else? Is this possible?

Yes, as long as you paid absolutely nothing into the Aldermore one

ISAConfused wrote: »

Can I transfer my existing balance from another ISA into Aldermore and then open another ISA to actually deposit money on a monthly basis?

yes, if, as above, you have not paid any new money into the Aldermore, and as long as the Aldermore accepts transfers in

ISAConfused wrote: »

Can I have more than 1 open ISA a year providing I don't deposit more than £5760 across the 2?

you must not deposit into more than one at any one time. If you have deposited into one and then want to use another one, you must first transfer all of your existing deposit into the new one.

ISAConfused wrote: »

Can I transfer my balance more than once in a year i.e. transfer into Aldermore and immediately transfer out to somewhere else?

yes, assuming there are no restrictions on the Aldermore one. However, given it sounds like a 1 year fixed term one, there are probably severe penalties, like losing the equivalent of 180 days interest etc.

ISAConfused wrote: »

I am annoyed with myself because I have made a silly mistake here that it seems I can't get out of which is extremely annoying.

hopefully a lesson learnt - - think before you jump. Sounds to me you might get off lightly though since it appears you have not made any deposit yet

ISAConfused wrote: »

Since when did ISAs become so complicated!!

They aren't, otherwise I of all people wouldn't understand them. There are just a few simple rules to understand.

ISAConfused

Thanks innovate. Definitely a lesson learnt.

melbury

I phoned Aldermore a few days ago and asked if I could pay this current year's ISA allowance in as well as transferring my old ISA in - which would have been two separate transactions.

The man said that I should print off the application form to do the transfer and post it to them together with a cheque for this year's ISA allowance and it would then count as one deposit.

Has anyone else done this?