Nationwide Reg ISA

Mr0

Hi, I am still a bit confused about how many ISAs I can hold.

I want to open one of these Regular Savings ISAs for new money.

I currently have Barclays loyalty ISA which I had for years. This morning I transferred the whole amount to one of my current accounts as it pays more in interest even after tax (the nationwide ISA I want to open doesn't allow transfers).

Can I still open a NEW nationwide ISA, even if I have one already with another provider. I have not opened a new ISA account for over 2 years. I don't really want to close the Barcalys ISA, as it isn't available anymore and it is better than the other instant access accounts available.

Another thing is when I transferred the money, I didn't realise that there was a £10000 limit on transfers to other banks, so I transferred £10000 and then put the money back into the Barclays ISA. Would this make a difference? I understand the ISA allowances but I don't plan to save up to the new £15000 limit anyway. I only put £100 back in so I will still have alot of the allowance left.

Dee140157

If you have paid into any ISA in this tax year, since 6th April, even one that you had before, you won't be able to open another ISA

McKneff

Dee140157 wrote: »

If you have paid into any ISA in this tax year, since 6th April, even one that you had before, you won't be able to open another ISA

Correction, sorry. You would be able to open another ISA, you could open 50 new ones if you want. But you wont be able to pay any money into them.

innovate

Mr0 wrote: »

Another thing is when I transferred the money, I didn't realise that there was a £10000 limit on transfers to other banks, so I transferred £10000 and then put the money back into the Barclays ISA. Would this make a difference? I understand the ISA allowances but I don't plan to save up to the new £15000 limit anyway. I only put £100 back in so I will still have alot of the allowance left.

Crickey, sounds like you made a bit of a mess of this.

If you indeed paid £10,000 back into your Barclays ISA, you have broken the current ISA rules. But you also said you only paid £100 back in, so you may not have broken any current rules.......what exactly is it you did do?

If you paid anything at all into your Barclays ISA today, you must not put money into any other ISA for now. You would be able to use the formal ISA transfer process to move the money to another ISA (that allows transfers in), and then you would be able to pay up to your allowance into that ISA. This obviously excludes the Nationwide regular saver ISA since it does not allow transfers in.

If you post exactly which transactions (amount, precise time, from/to) you made, people will be able to comment in more detail. I would suggest you don't make any further transactions until you have a clear view of what you did and what you can still do.

Mr0

Ye I know I messes this one up, didn't think it through.

I took out £10,100 from the ISA and transfeered £10,000 to another bank. I then put £100 back in, so I guess I cant put money into another ISA this year. So I don't think I broke the ISA rules, but I guess I cant open another ISA account now.

Well not too fussed, as it seems like current accounts pay more in interest these days.

Gromitt

If you've not deposited the full £5,940 then you can still deposit that, or transfer and then deposit. You just can't deposit in two at the same time.

The £15,000 limit doesn't start until 1st July, so you'll be able to deposit more then (another £9,060)

If you've already deposited £10,000 then you have broke ISA rules.