Coventry ISA bounced back payment

wattc

I opened a Coventry Fixed Rate ISA (2018) on 2nd April.

On the 8th April, I paid money into it online. This was rejected and returned to me.

Anyone have any idea why?

KGriff

There is not much detailed information here, but my guess is that as the ISA was opened on the 2nd of April, it was started in the 2014/2015 tax year, rather than this financial year.

As it is a fixed rate ISA, I suspect you can only deposit funds in the same financial year and/or for a short period following the opening of the account. As the financial year ended on the 5th April 2015 the deposit period ended and no further deposits or funding of the account is allowed under the terms and conditions of the account. It transpires that your payment into the account on the 8th April was too late and disallowed and returned to you.

If this is the case, it means that ISA is closed until the fixed period ends and you would have to open a new ISA for the 2015/2016 financial year and deposit the money into that account instead.

Note I am having to guess that this is what may have happened, as there is insufficient detail in your first posting.

Anyhow I hope that helps ... A bit !

wattc

Ahh, I bet that is what it is. Thanks KGriff.

wattc

I was wondering why I did this, so looked at what I printed out from MSE website at the time.



MSE! :mad:

badger09

Don't rely on MSE

This the Coventry replacement product

http://www.coventrybuildingsociety.co.uk/savings-accounts/cash-isa.aspx

Are you sure a cash ISA is best in your circumstances? :cool:

KGriff

wattc wrote: »

Ahh, I bet that is what it is. Thanks KGriff.

No problem, I had a similar issue some years ago, where I opened an ISA in branch at Nationwide and a person behind the counter helped me fill in the application and ticked the wrong tax year. The cashier was rushing to close their till and go home and I didn't read the application. My fault I guess.

Anyhow I contacted their customer services when I later realised what had happened and it got resolved without any problem... They were really helpful.

That too, was a fixed rate ISA and I had already submitted some transfer documents to move old ISA's into the new account. Anyhow they sorted it all for me without too much of an issue. Good ol' Nationwide!

Perhaps a phone call to Coventry BS might sort it. Otherwise just open another isa for this tax year 2015/16.

I can see why the text on the MSE website would have mislead you on this occasion, looking at your screen-capture above.

Anyhow glad to have helped.

wattc

Thanks badger09 and KGriff. I've applied for the 2019 version now, which I guess will be okay once it's approved.

MSE, as they like to boast, have "15 million users a month", so I do wish they would make sure what they recommend is fact not fiction. As Martin sold the business for £87million, it's not like they can't afford to pay experts.

Thanks for helping me clear this up