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oversubscribed cash isa

Aidanmc
Posts: 1,263 Forumite

My mum accidently oversubscribed to Cash ISA's by about 10k.
The recent one was opened today, can it be rectified by cancelling the account during the 14 day cooling off period?
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Comments
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In a word, yes.0
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I did the same myself a few months ago. I only realised when my money was returned automatically without any correspondence from the bank.0
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XzavierWalnut said:I did the same myself a few months ago. I only realised when my money was returned automatically without any correspondence from the bank.
Although OP refers to ISA (singular) in the thread title, the use of ISAs (plural) in the post suggests that more than one was funded, so if cancelling the most recent one takes current year subscriptions back below £20K then that would resolve the issue....0 -
eskbanker said:XzavierWalnut said:I did the same myself a few months ago. I only realised when my money was returned automatically without any correspondence from the bank.
Although OP refers to ISA (singular) in the thread title, the use of ISAs (plural) in the post suggests that more than one was funded, so if cancelling the most recent one takes current year subscriptions back below £20K then that would resolve the issue....Yes it was 2 ISA's different providers.One in June was about 10k and today to a different ISA 20kSo best thing to do is cancel during cooling off period and no harm done?0 -
Also please, if this most recent Isa was cancelled, she would be free to open another one subscribing only the allowable remainder for 24/25
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Aidanmc said:Yes it was 2 ISA's different providers.One in June was about 10k and today to a different ISA 20kSo best thing to do is cancel during cooling off period and no harm done?Aidanmc said:Also please, if this most recent Isa was cancelled, she would be free to open another one subscribing only the allowable remainder for 24/251
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