Plum ISA opened last year - how do I put money into an ISA for this financial year?

whalemoney

Hi I opened an ISA with Plum and filled it with the maximum 20k last financial year.

I want to add another 20k now for this financial year.  I'd add it to Plum if that's still the best easy access rate around.

How do I do I add the money?  Do I just transfer another 20k to the same Plum ISA account?  Or do I need to open another ISA with them, and end up with two ISA accounts both with 20k in each?

Thanks

masonic

You should be able to add to the existing account.

MX5huggy

The current Plum ISA has a 12 month bonus on the rate, so you need to know if you’re current ISA is subject to this bonus and when the bonus expires, and what you are going to do about it. 

Personally I would open a new a ISA at the currently best paying account and transfer the Plum balance to that. 

whalemoney

Anybody have an answer to this???  I appreciate there's a reply but he says you "should" which implies it's a bit of a guess rather than a factual answer.

I need to know if I can transfer money to my Plum ISA, how will it know I'm adding it to this years allowance? 

It's extremely confusing, if I added another 20k that means there will be 40k in total.  But then if i were to withdraw some money from Plum, how would it know whether I'm withdrawing from last years 20k allowance or this years 20k allowance?

masonic

whalemoney said:

Anybody have an answer to this???  I appreciate there's a reply but he says you "should" which implies it's a bit of a guess rather than a factual answer.

It's a factual answer, but I don't know your capabilities or if you have an individual problem with your account. The very fact you have asked the question suggests there is something unusual going on with you specifically. Hence I used "should be able to".

whalemoney said:

I need to know if I can transfer money to my Plum ISA, how will it know I'm adding it to this years allowance? 

Unless you possess a time machine or are posting from an alternate reality in which the current tax year is something other than 2024/25, then these temporal issues shouldn't be a problem for you. Rest assured Plum doesn't offer accounts that cater for time travellers or those using advanced worm-hole technologies to operate their account from a different tax year, and the ISA rules are governed by the natural laws of the dimension in which I am currently posting where it is currently 11th July 2024.

Therefore the money will be treated as being subscribed in the tax year it is received.

whalemoney said:

It's extremely confusing, if I added another 20k that means there will be 40k in total.  But then if i were to withdraw some money from Plum, how would it know whether I'm withdrawing from last years 20k allowance or this years 20k allowance?

It is not at all confusing to those who have looked up the rules. Flexible withdrawals from ISAs are made first from current year subscriptions until these are completely removed. This no longer has any practical significance however, as you must now replace them in the same ISA before the end of the tax year or lose the ability to do so, just like prior tax year subscriptions. Withdrawing all of your current year subscriptions doesn't mean you have not subscribed to the ISA in the current year. So my question to you is why do you care about this?

slinger2

As noted, there is a rule: "Flexible ISA withdrawals are deemed to be firstly of current year subscriptions, and secondly of previous year funds. Replacements are deemed to be firstly of previous year funds, and secondly of current year subscriptions."