NISA query

kuepper

accroding to MSE site:
"You can only open one cash NISA and one stocks and shares NISA to put new money into each tax year. But you can open other NISAs to transfer old ISAs into.
If you've opened an ISA for new money since 6 April this year, from today it just means you'll be able to top up this allowance, up to £15,000."


I opened an ISA in this tax year with Santander to the old ISA limit but it says it doesn't allow any more money in plus there's a penalty for early closure before 2 yr fixed term. In view of the above advice does this mean I can't open another NISA to top up the tax free amount up to £15000?

Your_Hero

That would appear to be the case. You may want to speak to Santander because of the new changes...perhaps they may allow this as an exception.

As an alternative, you could open another NISA for a stocks and shares version to fill up the £9,060 if it's right for you (assuming you paid in 5,940 into your cash ISA).

Archi_Bald

Santander does allow additional deposits into their FRISAs opened this FY until end of the month.

kuepper

Your_Hero wrote: »

That would appear to be the case. You may want to speak to Santander because of the new changes...perhaps they may allow this as an exception.

As an alternative, you could open another NISA for a stocks and shares version to fill up the £9,060 if it's right for you (assuming you paid in 5,940 into your cash ISA).

I've been burnt before with stocks and shares so won't touch them, it just seems wrong i can't pay £9060 into a new NISA

colsten

But you can pay more into your Santander ISA - they were one of the first ones who announced that they will allow additional deposits for short window in July. You might have to call them to do it.

kuepper

Archi_Bald wrote: »

Santander does allow additional deposits into their FRISAs opened this FY until end of the month.

I was told end of june for mine. I feel Santander should have been warned about this back in April, if i'd had an easy access isa Icould just put mor ein it.If I transfer it to another nisa provider, presumably I could top that one up and then if I wanted to transfer the toppe dup on eback to Santander?

colsten

I think you are wrong, see previous posts from me and from Archi Bald. What did Santander say when you rang them today to ask to make the top up payment?

redmalc

I have been to the Halifax earlier today to enquire what the procedure was to add 15K to my 2% 18 month fixed isa was,they confirmed the additional money would still earn the 2% for the remaining 16 months,so it went very well and sorted within ten minutes

trickydicky14

Archi_Bald wrote: »

Santander does allow additional deposits into their FRISAs opened this FY until end of the month.

I think you will find Santander will allow top ups until 31 Aug 2014.

gt94sss2

Fixed Rate Cash ISA
If you have opened a Santander fixed rate cash ISA since 10 March 2014 you can make additional deposits into your ISA up to the new £15,000 ISA allowance until 31 August 2014. No further deposits will be allowed after 31 August 2014.

from here

Regards
Sunil

trickydicky14

Fixed Rate Cash ISA
If you have opened a Santander fixed rate cash ISA since 10 March 2014 you can make additional deposits into your ISA up to the new £15,000 ISA allowance until 31 August 2014. No further deposits will be allowed after 31 August 2014. There are a number of ways to top your ISA:
Transfer from an existing Santander account: you can pay money into your fixed rate cash ISA simply by transferring money from an existing Santander account in your name. You can do this quickly and easily with Online, Mobile or Telephone Banking or by coming to visit us in one of our branches.

So yes its easy to top up use your 123 account to move money in to your ISA and yes you have until 31 Aug to do it, jobs a gooden.