When can I add to my ISA

joshly

I opened a 3 year ISA online on the 12th of September 2012 with £3500, so I was under my limit.

It says on my account "Unused allowance: £5,760.00" so I tried transferring online £5,760.00 from another account at the same bank but I get an error message.

I was wondering if I had to wait until the 12th of September 2013 before I could add to the 3 year ISA.

I am able to transfer funds from other accounts with the same bank.
At the moment I am abroad so I expect telephoning will be tiresome and expensive.

eskbanker

You'll need to check the Ts and Cs of the product concerned - if it's a 3 year ISA it may be a fixed rate one that doesn't accept further deposits a year into its term. If it does accept further deposits, then I think it's unlikely that it'll be any different tomorrow!

Perelandra

You can add further to funds to an ISA straight away- the new ISA year starts on the 6th April each year. Theoretically if you deposited funds on (say) the 1st April one year, you'd be able to use your new allowance on the 6th in the same calendar year.

The problem, as eskbanker says, is probably that you cannot add funds to that ISA, due to the Ts and Cs. This doesn't stop you opening a new ISA though- as long as you haven't [aid anything in to an ISA in the current tax year, there are no restrictions on opening a new account.

joshly

Thank-you for the replies.

I suspect you are correct and that it is the terms of the 3 year ISA that I cannot add to it.
The product is old and I cannot find the T & C's for it.

It is an ISA Saver fixed 3 year and pays an Interest rate of 3.75% Gross.

Now the best ISA I can find with Halifax is 1.75% for 1 year or 2.1% for 2 years so I might aswell leave it in my online saver which pays 2.8% gross (I wont pay tax this year).