Paying into ISA yearly maximum

vixen1500

Simple question regarding paying into a Cash ISA.

Does the £20,000 yearly limit include the interest you receive.

e.g   £2,000 interest received therefore I can only paying £18,000 this tax year?

eskbanker

The £20K allowance relates to contributions, i.e. money you deposit into the ISA from outside, rather than interest earned within it.

Abertawe25

the £20,000 you can put into a cash isa does not include any interest.also you can transfer in any other cash isa`s you may have from previous years.it depends on the banks offerings. they usually require transfers in the first 4 weeks of opening the account.  

vixen1500

Thanks,
That is what I had thought, but I have a cash ISA with Yorkshire Building Society and it says I have only got a balance of £18,000 left for the year.  

gravel_2

vixen1500 said:

Thanks,
That is what I had thought, but I have a cash ISA with Yorkshire Building Society and it says I have only got a balance of £18,000 left for the year.  

What's the full backstory to that ISA? How much have you paid in? When?

eskbanker

vixen1500 said:

Thanks,
That is what I had thought, but I have a cash ISA with Yorkshire Building Society and it says I have only got a balance of £18,000 left for the year.  

What's the history of the account, in terms of how much you paid in during 2023/24, the balance last Friday and any transactions on the account since then?

vixen1500

Paid in £20,000 last year, nothing has gone into this year other than the interest YBS has paid

gravel_2

vixen1500 said:

Paid in £20,000 last year, nothing has gone into this year other than the interest YBS has paid

How did you make £2000 interest on £20000 in a year?

BoGoF

Do you have a LISA?

eskbanker

gravel_2 said:

vixen1500 said:

Paid in £20,000 last year, nothing has gone into this year other than the interest YBS has paid

How did you make £2000 interest on £20000 in a year?

OP didn't answer the question about the year-end balance, but it presumably includes pre-23/24 money too.

No idea what YBS have done here though, so it'll need to be resolved by OP contacting them to ask....

vixen1500

Wish it was £2,000 on £20,000 🙂  I  transferred in previous ISA.

Will get in touch with YBS as suggested and see what's going on