Probably daft cash isa question

Shakin_Steve

I've just opened a 12 month flexible cash is a with Barclays, obviously it runs from now till next November. The tax year ends and begins in April, so can I put £20,000 in before April and another £20,000 in before it closes in November? Thank you.

masonic

It depends on what the T&Cs say about paying money in.

winkowinko

Yes, but i'd consider looking elsewhere where you'll get a better rate.

Shakin_Steve

masonic said:

It depends on what the T&Cs say about paying money in.

Under what circumstances would the above not be allowed? As I see it, it's £20,000 per financial year.

winkowinko

Actually, it's a fixed rate, so you might not be able to add to it. Although there's nothing stopping you from opening a new ISA elsewhere in April for your next £20k.

slinger2

Shakin_Steve said:

masonic said:

It depends on what the T&Cs say about paying money in.

Under what circumstances would the above not be allowed? As I see it, it's £20,000 per financial year.

eg if the T&Cs said you could only pay in for the 14 days after you opened it.

eskbanker

Shakin_Steve said:

masonic said:

It depends on what the T&Cs say about paying money in.

Under what circumstances would the above not be allowed? As I see it, it's £20,000 per financial year.

Fixed term accounts usually only allow contributions during a limited initial funding window, such as 30 days, but then again they're rarely flexible - the point remains that you'd need to check!

winkowinko

• Fixed rate of 4.05% p.a. AER/tax-free2 per year
• Grow your balance by using your annual ISA allowance to pay more in during the term
• Make up to three withdrawals, each one of up to 10% of your current balance
• Open and manage your account using our app, Online Banking, by phone1 or in a branch
• Open from £1. If you want to save regularly, you can set up a standing order
• Transfer-in your existing ISA for a limited period.

This suggests to me that you possibly can.

Ayr_Rage

Yes you can.

Shakin_Steve

Yes, I can pay in each month, and I started it off with £5000 and set up a standing order to add to it at the beginning of each month. This was offered as part of the opening process.
I wasn't concerned about adding to it monthly, just that I can continue adding to it above £20,000 after April.

slinger2

The point is that some products let you and some products don't. Read the T&Cs for the product you're interest in and hopefully you'll find out.