Paying into an ISA opened in March 2024

littleD

Can I still pay into an ISA that I opened on 23/03/2024 - I thought that once the old tax year ended that was my lot thanks

amanda1024

It depends on the terms of the particular account, but in general yes you can still pay in

littleD

Thank you for replying - I opened the account with £1000.00 is there a limit on what I can pay into this do you know, I haven't opened an ISA since this date with any provider - but was hoping to do so in this tax  year - just confused with how much I can deposit - as I mentioned I thought I'd lost the chance to add more funds to last years.
thanks

Dazed_and_C0nfused

littleD said:

Thank you for replying - I opened the account with £1000.00 is there a limit on what I can pay into this do you know, I haven't opened an ISA since this date with any provider - but was hoping to do so in this tax  year - just confused with how much I can deposit - as I mentioned I thought I'd lost the chance to add more funds to last years.
thanks

I suspect you are getting confused.

You have lost the chance to use the 2023-24 subscription.

But you may be able to add funds to an existing Cash ISA using some of this tax year's subscription.

There are a couple of things to consider, will your provider allow it (fixed rate products generally have a limited funding window which could be an issue).

Do you want to use that ISA in 2024-25?

With the new ISA rules that might not be an issue but I'm no expert on the new ISA rules.

slinger2

Anything you pay in now will count as part of your 2024/25 allowance (so max £20k). As noted you need to find out whether you can still pay in or whether its been closed to new money.

littleD

Hi, thanks - this is definitely where I'm confused - I called the provider who let me know I could still pay into the ISA I opened in March with £1,000 - providing I don't exceed the £20,000 limit - so I asked can I pay £9,000 into the last years ISA and open another with £10,000 the answer is NO 

Dazed_and_C0nfused

littleD said:

Hi, thanks - this is definitely where I'm confused - I called the provider who let me know I could still pay into the ISA I opened in March with £1,000 - providing I don't exceed the £20,000 limit - so I asked can I pay £9,000 into the last years ISA and open another with £10,000 the answer is NO 

Is it a fixed term cash ISA with limited funding window?

littleD

Hi not sure its is Fixed Rate Cash ISA with Kent @ 5.07%

Dazed_and_C0nfused

littleD said:

Hi not sure its is Fixed Rate Cash ISA with Kent @ 5.07%

That might be product 93, and I can't trace T&C's for it.

But similar (lower interest rate) product 96 doesn't appear to have a limited funding window.

Maybe the issue is you referring to 2023-24.

You have missed the boat there to add funds using your 2023-24 subscription but may be able to add to it ISA using your 2024-25 subscription.

Maybe worth wording your question differently to Kent?

surreysaver

littleD said:

Hi, thanks - this is definitely where I'm confused - I called the provider who let me know I could still pay into the ISA I opened in March with £1,000 - providing I don't exceed the £20,000 limit - so I asked can I pay £9,000 into the last years ISA and open another with £10,000 the answer is NO 

But you could open another ISA with another provider 

littleD

So could I pay £9,000 into last years Isa out od this years allowance and open another with a different  provider with the £10k left of my allowance??? Thank you