What to do with my isa ?

roryp15

Looking for a bit of advice.

My ISA is currently with santander but the bonus rate runs out at the end of the month. I arranged a transfer to virgin moneys 3 year fixed at 2.2%. Ive had to take alot of money out my isa for various reasons so only transfered £140. I have just over £1000 left of my isa allowance for this year.

Ive got the letter through today about the virgin ISA and obviously mis understood when applying - i have 30 days to get all funds to virgin then cannot make any more deposits.

So as basically ive lost £1000 left of this years allowance as i cannot open another isa and deposit this year. What do i do ?

Its a little thing over 1000 i know but i my goal was to have 50K in my cash isa in 7 years and 11 months time ( starting 2014 / 2015 tax year ) paying £475 per month at a rate of 2% ( could be more in a few years ) , as i will not have the starting balance of 1000 as i cannot deposit any more in this year i will have a starting balance of 0 so i would be unable to put the 50K within my goal time.

Hope this makes sense.

What can i do ?

Lokolo

Cancel the ISA, you usually have 14 days from opening to do so.

And in the future, read the T&Cs. They aren't rocket science.

roryp15

Lokolo wrote: »

Cancel the ISA, you usually have 14 days from opening to do so.

And in the future, read the T&Cs. They aren't rocket science.

I know you cant with virgin fixed rate bonds as its a fixed rate so cannot be cancelled once opened.

I was aware some fixed rate ones you could not make additional deposits but it says minimum addition deposits allowed £1 so i just though i could keep adding - clearly not

MoneySaverLog

roryp15 wrote: »

I know you cant with virgin fixed rate bonds as its a fixed rate so cannot be cancelled once opened.

I was aware some fixed rate ones you could not make additional deposits but it says minimum addition deposits allowed £1 so i just though i could keep adding - clearly not

As Lokolo says you should cancel the ISA as per http://bank.virginmoney.com/savings/pdf/virgin_fixed_rate_cash_isa_issue_53-key_product_info.pdf within 14 days