Multiple Large Sums Into ISA

HazyKid

Hello All.
I want to fully utilise my 20/21 ISA allowance before the tax year ends.
I have chosen a Vanguard S+S ISA.
My bank will allow me to transfer 10,000 without a fee, but anything lager will cost 20 quid.
My question is this, am I allowed to make two lump sum payments? I can't find any information on the Vanguard website or across the web.
I know it's 'only' 20 pounds, but I'd really rather not fritter it away for nothing.
Thanks,
Richard.

Alistair31

That doesn’t sound right. If you have it in a regular current account you can just put your card details in when buying on VG, no?

Costabit

Not sure what’s what’s going on here for you. You shouldn’t ever have to pay to deposit funds into Vanguard.
Every current account I hold will allow a transfer FOC , what bank is charging you ?
But failing a resolution, Vanguard will certainly accept multiple deposits by debit card or regular payments from your bank

HazyKid

Thanks for your replies.
It's a Nationwide flex account. I checked the terms for transfers online. Amounts more than 10,000 are charged.
It's not Vanguard that are charging, it's the bank. If Vanguard are happy to have 2 payments, then I'm happy to make them.
I asked the question because Vanguard's website mentions an initial lump sum and then regular payments, but there is no mention of ad-hoc payments.
R.

TheAble

You've plenty of time before the tax year ends. You could deposit £1000 per day for the next 20 days via debit card if you wanted and would still have a couple of weeks to spare.

Alexland

Is there any reason you are trying to transfer the money into Vanguard rather than just using a debit card? You can make as many ad-hoc contributions as you want into a Vanguard ISA subject to the overall £20k ISA limit each tax year.

dales1

The last time I made large bank transfers from Nationwide, I was limited to £10,000 per transfer. (Or pay for a CHAPS payment).

But I could do very many bank transfers per day, to shift lots of money to beneficiaries of the estate I was distributing.

I suggest you follow Costabit's advice, and transfer your money in £10,000 pieces.

Dales

Alistair31

dales1 said:

The last time I made large bank transfers from Nationwide, I was limited to £10,000 per transfer. (Or pay for a CHAPS payment).

But I could do very many bank transfers per day, to shift lots of money to beneficiaries of the estate I was distributing.

I suggest you follow Costabit's advice, and transfer your money in £10,000 pieces.

Dales

I (and Alex) suggested he uses his debit card. Wouldn’t that be better? 

cricidmuslibale

HazyKid said:

Hello All.
I want to fully utilise my 20/21 ISA allowance before the tax year ends.
I have chosen a Vanguard S+S ISA.
My bank will allow me to transfer 10,000 without a fee, but anything lager will cost 20 quid.
My question is this, am I allowed to make two lump sum payments? I can't find any information on the Vanguard website or across the web.
I know it's 'only' 20 pounds, but I'd really rather not fritter it away for nothing.
Thanks,
Richard.

I know lager is getting more and more expensive rather quickly these days but £20 really is taking the SIPP!

Sea_Shell

Another vote for "just use your debit card".     

masonic

OP may find that debit card transactions are also limited (without contacting NW), but making consecutive £10k debit card transactions is normally fine. I'd never use a bank transfer when debit card is an available option.