Fixed Term ISA Query

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
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AbsintheMindedAbsintheMinded Forumite
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edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
All

I opened a cash ISA with Virgin Money in 2012 fixed for 1 year, and in 2012-2013 I paid in around £1,000. At the time I was disappointed to realise that I could only make payments within the first 30 days). On the maturity of the account I was given the option to renew the ISA with Virgin Money for the 2013-2014 period and I agreed to do so (assuming that I wouldn't have much available to invest).

So far this year (2013-2014), I have not paid any additional amounts into this account as the period for doing so has again expired under the terms of the account. As such I have not used any of my £5,760 allowance for 2013-2014.

As it turns out I am lucky enough to now have funds, I am keen to deposit the full amount of £5,760 this year.

I am aware that it is not possible to subscribe for more than one cash ISA in a financial year and with that in mind, I would like to know whether my acceptance of the option to renew the ISA with Virgin Money prevents me from opening a new ISA (even though I have not desposited any funds into the account during 2013-2014).

Please let me know if you have had a similar problem/have found a solution to this question.

Thanks!

Replies

  • Question, have you paid any money into any ISA this tax year? If the answer is no, then you can invest up to the full amount in ANY cash ISA. If the Virgin one will only take £1000 and you want to invest more then put the whole lot into a different one.
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