Cash ISA

nazzlebanon

Dear All
i have recently opened HSBC ISA cash, my question is can i deposit cash money of £1270 at my local branch each month into this account ?

Regards

Nazz

xylophone

You have only just opened an instant access cash isa and have opened no stocks and shares isa this tax year and do not intend to do so?

Your allowance for this tax year is £15240 so you can deposit up to this total amount between opening and 5/4/16 whether at monthly intervals or at other times.

nazzlebanon

i intend to invest in stocks at later stage, but my question was can i deposit monthly cash payments of £1270?

Playing_with_Fire_2

Yes, unless you have contributed to another ISA in this tax year, or you opened the ISA with more than £7620.

As it is October you could put in more than that per month until March, if you have the money available. Unless it is an online ISA you can deposit it in cash at a branch.

nazzlebanon

very informative , thank you guys

nazzlebanon

Hi
There was a monthly limit on depositing cash £1270, someone did mention that this will be lifted in October. is that true?
Thanks

jimjames

nazzlebanon wrote: »

Hi
There was a monthly limit on depositing cash £1270, someone did mention that this will be lifted in October. is that true?
Thanks

There is no monthly limit on deposits into an ISA and never has been. The only limit is an annual one.

nazzlebanon

so how come some banks do mention that maximum limit is £1270 per month deposits for cas ISA?

jimjames

nazzlebanon wrote: »

so how come some banks do mention that maximum limit is £1270 per month deposits for cas ISA?

If you are paying into the ISA every month then £15240/12 will be the amount per month.

But it's not a monthly limit, it's the annual limit divided by the number of payments

colsten

Regular saver cash ISAs generally only allow max £1,270 a month but that is just an offering by the provider and there is no monthly limit imposed by law. No S&S ISA provider has an offering that limits the amount you can deposit in any single month. As always, you remain responsible for ensuring you do not exceed the annual ISA allowance

nazzlebanon

ok got it , there is no monthly cash deposit limit for ISA