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Nationwide withdrew money from my ISA
jlemaitre
Posts: 299 Forumite
I'm a bit confused as to what the Nationwide have done.
They have sent me a letter saying I haven't used my ISA subscription for the previous tax year and will need to do an ISA renewal. I understand that bit, however they have sent me a cheque for £359 which they have withdrawn from my account. Why have they done this?
I have a current account with another bank that I'd prefer to put the cheque in? Could I do that?
To explain further I have made deposits of £6208.10 and withdrawals totalling £5850 so the cheque is the difference. Doesn't that mean I have used my ISA?
They have sent me a letter saying I haven't used my ISA subscription for the previous tax year and will need to do an ISA renewal. I understand that bit, however they have sent me a cheque for £359 which they have withdrawn from my account. Why have they done this?
I have a current account with another bank that I'd prefer to put the cheque in? Could I do that?
To explain further I have made deposits of £6208.10 and withdrawals totalling £5850 so the cheque is the difference. Doesn't that mean I have used my ISA?
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Comments
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No idea, you'll need to ask them....jlemaitre said:I'm a bit confused as to what the Nationwide have done.
They have sent me a letter saying I haven't used my ISA subscription for the previous tax year and will need to do an ISA renewal. I understand that bit, however they have sent me a cheque for £359 which they have withdrawn from my account. Why have they done this?
Yes, of course, if the cheque is payable to you then you can pay it into any account in your name.jlemaitre said:I have a current account with another bank that I'd prefer to put the cheque in? Could I do that?
It sounds like your ISA was closed, but there's nothing stopping you from opening a new one, with Nationwide or anyone else, as a new tax year has started today, resetting all options and allowances, so you can pay up to £20K into a new ISA over the next year. However, if you're withdrawing almost as much as you're paying in, then there's not much value in using an ISA so you might just want to use a taxable savings account as you're unlikely to actually pay any tax unless you have significant other funds you're not disclosing here....jlemaitre said:To explain further I have made deposits of £6208.10 and withdrawals totalling £5850 so the cheque is the difference. Doesn't that mean I have used my ISA?1 -
Thank you for your reply. You are correct in that there isn't much point in me having the ISA so will look at closing it after lockdown.1
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