Multiple Large Sums Into ISA

HazyKid

Thank you all for your input.
Much appreciated.
I think my question has been answered - Vanguard will accept multiple ad-hoc payments.
I'll go ahead and open the account.
Thank you all.

Alexland

masonic said:

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.

Yes the main advantage of using a debit card is you can't send the money to the wrong place assuming you are on the real Vanguard website. When doing transfers I always send £1 first to check it gets there. It really annoys me when some banks then make me reenter the destination details to send the next/main transfer(s) as there is risk of human error again.

cricidmuslibale

Alexland said:

masonic said:

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.

Yes the main advantage of using a debit card is you can't send the money to the wrong place assuming you are on the real Vanguard website. When doing transfers I always send £1 first to check it gets there. It really annoys me when some banks then make me reenter the destination details to send the next/main transfer(s) as there is risk of human error again.

I always send £1 first too and furthermore take an absolute age (in relative terms) to make that first transfer to a new account to try to ensure that it gets to the correct destination! I find the mere thought of sending my money to the wrong account absolutely horrifying! Naturally I'm much quicker with any subsequent transfers to that same account once I've seen that the initial £1 deposit is showing as cleared funds within it!

TheAble

cricidmuslibale said:

Alexland said:

masonic said:

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.

Yes the main advantage of using a debit card is you can't send the money to the wrong place assuming you are on the real Vanguard website. When doing transfers I always send £1 first to check it gets there. It really annoys me when some banks then make me reenter the destination details to send the next/main transfer(s) as there is risk of human error again.

I always send £1 first too and furthermore take an absolute age (in relative terms) to make that first transfer to a new account to try to ensure that it gets to the correct destination! I find the mere thought of sending my money to the wrong account absolutely horrifying! Naturally I'm much quicker with any subsequent transfers to that same account once I've seen that the initial £1 deposit is showing as cleared funds within it!

Haha not just me then! 😄

Pangolin76

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.

My bank, HSBC, limit me to £20k a day on my card and for some reason when I try to move the full £20k in iWEB it doesn't go through so have been doing two deposits of £10k a day in a stock and shares account (not ISA as that's maxed until next FY).

HazyKid

Pangolin76 said:

My bank, HSBC, limit me to £20k a day on my card and for some reason when I try to move the full £20k in iWEB it doesn't go through so have been doing two deposits of £10k a day in a stock and shares account (not ISA as that's maxed until next FY).

That's interesting, as I was considering transferring the money to my HSBC account first and then transferring from there.

pat1976

I just buy with debit card, usually get one of those authorisation codes texted to me to enter due to the large amount, but never had an issue. 

HazyKid

I was amazed at the response I got to my post.
Thank you all for your input.
I've come across another thing that puzzles me, and I wonder if anyone knows the answer.
If I use my whole 20K allowance in a S+S ISA that pays dividends, am I allowed to pay those dividends back into the ISA as a tax free investment? Everything I read tells me that it should be possible, but surely it would break the threshold for the ISA?

eskbanker

HazyKid said:

If I use my whole 20K allowance in a S+S ISA that pays dividends, am I allowed to pay those dividends back into the ISA as a tax free investment? Everything I read tells me that it should be possible, but surely it would break the threshold for the ISA?

£20K is the annual contribution allowance - what happens to the money once it's in the ISA doesn't affect this, so dividends or capital growth don't breach the limit....  You wouldn't be paying dividends back in as such anyway, they'd be within the ISA at all times unless you consciously withdrew them to a non-ISA account (which would prevent you from paying them back in if you'd reached the limit).

grumiofoundation

HazyKid said:

I was amazed at the response I got to my post.
Thank you all for your input.
I've come across another thing that puzzles me, and I wonder if anyone knows the answer.
If I use my whole 20K allowance in a S+S ISA that pays dividends, am I allowed to pay those dividends back into the ISA as a tax free investment? Everything I read tells me that it should be possible, but surely it would break the threshold for the ISA?

ISA limits are based on contributions (I. e. outside ISA). Once it’s within ISA it can rise or fall and this doesn’t impact contribution limits in any way. 

Dividends will be paid within ISA so can reinvest as you choose. 

If you withdraw dividends from ISA wrapper then you can’t pay them back in without counting towards that years contribution limits.