ISA Rollover question ! HELP !

ilovemyfs

Hi, and help !

I thought I was ISA savvy, but it appears not.

Question: If you have an existing ISA, can you top it up the following tax year ? I thought you could ?!?

I have a Tesco Instant access ISA from 2013/2014 with the maximum in it, and, so waited until the start of the next year, this year 2014/2015, well I waited until the middle of April actually, and then payed in the maximum allowed again, which, it accepted (ive a screen print as proof), it says the ammount allowed to be paid in and shows my new ammount, and also the interest rate of 1.75%, which does not show on the website for my product for some reason ?

Now, after I paid it in, I had a letter from Tesco's saying id oversubscribed ? so the amount could not be accepted ? Yet it WAS accepted !?! Ive the screen print as prrof and its still saying the same now.

Why dont I call them ? Im out of the country nursing a sick relative for some months at the moment and the call rate will be mega as its an 0870 number, so being on hold and calling from abroad is gonna cost tons.

Can anyone help ?

Can you top up an existing ISA from the previous year ?

And why does my ISA show a 1.75% rate when I log in, yet it is not shown on the website on their new/available products?

Help !?!

Thanks in advance...............:j

Wheres_My_Cashback

You're certainly not Forum Savvy

dzug1

You can normally top an existing ISA with the new year's allowance - as long as it's not a fixed rate one


However, it would appear Tesco don't offer an instant access cash ISA any more - so you certainly can't open a new one and maybe can't pay into an existing one. That may be the cause of your problems


Maybe it's in a holding account?

p00hsticks

ilovemyfs wrote: »

Can you top up an existing ISA from the previous year ?

HMRC rules don't stop you from doing so, but individual providers can impose more draconian rules - so the devil is in the detail of the T&C of your individual ISA. Unfortunately I can't find any details of a Tesco instant access ISA online to check so it looks like the product you now have is not available to new customers ? Their current offering, a fixed rate ISA, says that you can only add to it within 30 days of opening it, so perhaps there are similar rules with yours.


Do Tesco offer a messaging facility online that would be a cheaper alternative to phoning them ?


FYI - you've really posted on the wrong part of the forum - there is a dedicated ISA board here


http://forums.moneysavingexpert.com/forumdisplay.php?f=18

Fruit_and_Nut_Case

From the website...

Tesco_Bank wrote:

Open your ISA online or by phone - once it's set up, you can make unlimited deposits in the first 30 days up to the maximum allowance of £5,940

This refers to this year's ISA. Perhaps it also applied last year.

Edit: Beaten by p00hsticks