ISA Rollover query ?!? 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

p00hsticks

As per my reply to your similar previous post on another board....

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 - or you are not alllowed to add to it because the product is no longer available.


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

Archi_Bald

You can top up a previous year's ISA provided the ISA allows further deposits. What is the title of your ISA? If it is a Fixed Rate ISA, you can only make deposits for a very short while after opening.

http://www.tescobank.com/assets/sections/savings/pdf/tesco-cash-isa-terms-and-conditions.pdf?_=cachebuster21032014

ilovemyfs

Thank you for replying. Im still finding my way on here !

The title of the Isa was simply 'Instant Access' Tesco Isa

It shows an interest rate of 1.75% when I log in

Surely if I wasnt allowed to have paid into it again this tax year, it wouldnt have let me ? and showed the 'ammount paid in this tax year' line too

I guess im gonna have to wait till im home in October

Very frustrating being abroad !

I would call them if I thought they 'pick-up' straight away but if past experience is anything to go by, ill be on hold for a long time !

LittleVoice

ilovemyfs wrote: »

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

If it has not been accepted, have they returned it to its source? If they haven't returned it, have they said what action you should take to deal with this supposed over-subscription?

ilovemyfs

They did not say in the letter what was going to happen, JUST that id oversubscribed.

One would think they would reject it ? and it be returned to my HSBC account

But its still showing in my Tesco ISA account

Ive screen prints so im not panicking

I wonder if its an automated letter ? and maybe a glitch in their system ?

Was wondering if anyone else had had an issue ?

p00hsticks

ilovemyfs wrote: »

I would call them if I thought they 'pick-up' straight away but if past experience is anything to go by, ill be on hold for a long time !

As they've written a letter to you, is there any reason why you cannot write a letter back querying it- do they not give a postal address to reply to at the top of the letter ?

ilovemyfs

That would seem the most logical and sensible thing to do !

Thanks for your input !

On the case..............

ElusiveLucy

Look up the 0870 number on "SayNoTo0870" site and find a normal UK equivalent number to use, then look up the cheapest way to call the UK from where you are.

Vortigern

ilovemyfs wrote: »

Very frustrating being abroad !

Does the tax man know you're abroad?
If you're not resident in the UK for tax purposes you can't pay into an ISA.

ilovemyfs

I am abroad, but not resident here. But I will contact them anyway to keep things above board.

And thanks for the 'sayno' loophole, brilliant !