Put £10 too much in mini ISA?

make_life_easier

I have set up an isa for my boyfriend with a £10 deposit online, that was about a month ago. I recently checked that the balance was nil so I requested for £3000 to be transfered for the years allowance. Yesterday he recieved a letter saying the £10 will be transfered. I had forgotten about the £10 - what will happen now?

david78

Nothing. You have broke the rules, but they won't close your ISA or anything. They will just send £10 back to the bank where you made the £3000 deposit from (effectively making it a £2990 transfer on top of your initial £10 deposit). You now have a cash ISA with £3000 in it.

make_life_easier

thank you, I was getting worried incase they rejected all the money. I haven't told my boyfriend what I done, so he probably won't notice a £10 refund on his statement (don't want him to think I am stupid and helping him deal with his money hey:D )

david78

You might want to tell him that he has an ISA, if only to prevent him from opening one for himself.

make_life_easier

Oh he know's he's got an ISA, I just help open it as he doesn't have a clue what to do. I just won't mention I put too much in :blushing: .