Slight Annual ISA overpayment!

vigman

Hi

I had put 10k into a Coventry cash ISA this year. I then put 5k into a Vanguard S&S ISA. I just topped up the Coventry ISA with another 5K to reach the 20K limit.

However........when I opened the Vanguard S&S ISA I added £30 cash for fees so technically I have invested £20,030 into ISAs this year.

Apart from asking when the ISA police will call(!) I don't want to move the extra £30 anywhere from either ISA in case it counts as a withdrawal and causes a penalty payment.

Should I just leave the overpayment?

Also I see the interest on my wife's cash Post Office ISA has dropped to 1% but they have a new issue at 1.1% (both have a year's bonus). Should I simply transfer the current 1% ISA to the 1.1% ISA

Just looked and you can't open a new PO ISA issue 12 then transfer the balance of the existing PO ISA issue 10 to fund it as you can't have two online ISAs with the Post Office. Seems odd that you can transfer out to another provider though?

Second edit: OK. PO advise close issue 10 ISA but move funds to the existing holding account then open issue 12 and fund with holding account. If you don't go into the holding account apparently interest is not correctly transferred!?

Any advice welcomed please on overpayment?

TIA

Vigman

sheffieldeagle

Not a big deal I think. See this Telegraph post.


https://www.telegraph.co.uk/investing/isas/exceeded-2017-isa-limit-should-do/

vigman

Many thanks for that link

Annoyingly the £30 overpayment was in the S&S ISA not my cash ISA so withdrawal is not so straightforward.

Also as the value of the S&S ISA has at some points recently gone down more than £30, it seems silly still to have to withdraw £30!

Vigman