ISA

LA468

I had an old natwest instant cash isa that I transferred from my natwest current account £20,000 into. Then a month later I saw the interest was rubbish, so opened a new Barclays fixed 1 year cash isa and set up a transfer of the £20,000 into that, I've seen that £20,017 has been transferred into barclay one and the natwest one has disappeared from my account page on app. Is it OK that £17 over the £20,000 allowance has been paid in?
Do I then wait until after 6th April to pay anymore in now?
Appreciate any help. Thank you.

sausage_time

Isn't the £17 simply the accrued interest on the Nat West ISA?  There is no problem with this - you have only paid £20k of new money into an ISA.  

LA468

Yes I did think it was, and only requested £20,000 to be transferred and was going to leave the £17 in the natwest one, but seems they have transferred the whole lot and I presume closed the account as not listed on my account page anymore. Is it correct that I need to wait until April though until can pay any more in? Thank you. 

sausage_time

Yes you can pay up to an additional £20k in April.  Either to a new account, or the Barclay one if they allow.  Meantime enjoy the extra interest on your £17!

badger09

LA468 said:

I had an old natwest instant cash isa that I transferred from my natwest current account £20,000 into. Then a month later I saw the interest was rubbish, so opened a new Barclays fixed 1 year cash isa and set up a transfer of the £20,000 into that, I've seen that £20,017 has been transferred into barclay one and the natwest one has disappeared from my account page on app. Is it OK that £17 over the £20,000 allowance has been paid in?
Do I then wait until after 6th April to pay anymore in now?
Appreciate any help. Thank you.

When did you pay £20k into your NatWest Instant ISA?
If it was on or after 6 April 2023, you will have to wait until 6 April 2024 before you can pay any new money into any ISA. 

refluxer

As mentioned above, there are no issues with having the interest transferred along with the original £20k and you haven't broken any ISA rules. If the previous Nat West ISA was paying a poor rate, then there would have been no benefit in keeping it open anyway.

One benefit of a Barclays fixed term flexible ISA is that it's one of the few accounts of this type that you can continue to add further subscriptions into throughout the duration of the fixed rate period so if the rate looks good compared to what else is available after 6th April this year, then you'll be able to pay your 2024-25 ISA allowance into it if you wish.

Just note that the Barclays ISA differs to your previous Nat West ISA in that it only offers 3 penalty-free withdrawals (limited to 10% of the balance each time) whereas you would have presumably had unlimited access to the Nat West ISA funds. This obviously won't matter if you don't intend to access the Barclays money but if you do, you just need to be careful about how much you withdraw (and how often) to avoid paying a penalty.

Albermarle

LA468 said:

I had an old natwest instant cash isa that I transferred from my natwest current account £20,000 into. Then a month later I saw the interest was rubbish, so opened a new Barclays fixed 1 year cash isa and set up a transfer of the £20,000 into that, I've seen that £20,017 has been transferred into barclay one and the natwest one has disappeared from my account page on app. Is it OK that £17 over the £20,000 allowance has been paid in?
Do I then wait until after 6th April to pay anymore in now?
Appreciate any help. Thank you.

Suggest you spend some time reading through the forum, as this question and similar ones, have been asked and answered numerous times before. 

LA468

Albermarle said:

LA468 said:

I had an old natwest instant cash isa that I transferred from my natwest current account £20,000 into. Then a month later I saw the interest was rubbish, so opened a new Barclays fixed 1 year cash isa and set up a transfer of the £20,000 into that, I've seen that £20,017 has been transferred into barclay one and the natwest one has disappeared from my account page on app. Is it OK that £17 over the £20,000 allowance has been paid in?
Do I then wait until after 6th April to pay anymore in now?
Appreciate any help. Thank you.

Suggest you spend some time reading through the forum, as this question and similar ones, have been asked and answered numerous times before. 

I did look through, but couldn't find the exact answer for my query. But have had some helpful answers which has helped.