Principality - paying into more than one cash ISA in a tax year

clairec666

I've had a Principality Online Bonus 5 Access Cash ISA for a few months - decent rate of 4.5% of which 1.55% is a 12-month bonus. I've got a fair bit of money in there but my bonus rate will disappear in November.

Recently realised my account is an "issue 2" and I can also open the same account again because it's now "issue 4" - thought I was onto a winner here because I can make my bonus rate last longer! However, deep in the small print of the T&Cs it says you can only pay into one Principality cash ISA in a tax year. And I've already added to my issue 2... I've successfully opened the issue 4, but haven't tried to pay in yet. Will Principality reject any money than I pay in? Anyone else held multiple cash ISAs with them?

Anyway, heads up to everyone else, you can effectively "refresh" your bonus rate by opening the issue 4 if you've got an earlier issue (from the last tax year, obviously)

35har1old

clairec666 said:

I've had a Principality Online Bonus 5 Access Cash ISA for a few months - decent rate of 4.5% of which 1.55% is a 12-month bonus. I've got a fair bit of money in there but my bonus rate will disappear in November.

Recently realised my account is an "issue 2" and I can also open the same account again because it's now "issue 4" - thought I was onto a winner here because I can make my bonus rate last longer! However, deep in the small print of the T&Cs it says you can only pay into one Principality cash ISA in a tax year. And I've already added to my issue 2... I've successfully opened the issue 4, but haven't tried to pay in yet. Will Principality reject any money than I pay in? Anyone else held multiple cash ISAs with them?

Anyway, heads up to everyone else, you can effectively "refresh" your bonus rate by opening the issue 4 if you've got an earlier issue (from the last tax year, obviously)

You paid money into issue 2 this Year?

clairec666

35har1old said:

clairec666 said:

I've had a Principality Online Bonus 5 Access Cash ISA for a few months - decent rate of 4.5% of which 1.55% is a 12-month bonus. I've got a fair bit of money in there but my bonus rate will disappear in November.

Recently realised my account is an "issue 2" and I can also open the same account again because it's now "issue 4" - thought I was onto a winner here because I can make my bonus rate last longer! However, deep in the small print of the T&Cs it says you can only pay into one Principality cash ISA in a tax year. And I've already added to my issue 2... I've successfully opened the issue 4, but haven't tried to pay in yet. Will Principality reject any money than I pay in? Anyone else held multiple cash ISAs with them?

Anyway, heads up to everyone else, you can effectively "refresh" your bonus rate by opening the issue 4 if you've got an earlier issue (from the last tax year, obviously)

You paid money into issue 2 this Year?

Yes. Unfortunately I put some money in before I realised I could open an issue 4. Presumably this means the issue 2 is the only Principality ISA I can pay into this year.

eskbanker

You could ask if they'll transfer your issue 2 into the issue 4, i.e. to ensure that current year money is only ever in one cash ISA, which was what the old rules (which they've effectively retained) required?

35har1old

clairec666 said:

35har1old said:

clairec666 said:

I've had a Principality Online Bonus 5 Access Cash ISA for a few months - decent rate of 4.5% of which 1.55% is a 12-month bonus. I've got a fair bit of money in there but my bonus rate will disappear in November.

Recently realised my account is an "issue 2" and I can also open the same account again because it's now "issue 4" - thought I was onto a winner here because I can make my bonus rate last longer! However, deep in the small print of the T&Cs it says you can only pay into one Principality cash ISA in a tax year. And I've already added to my issue 2... I've successfully opened the issue 4, but haven't tried to pay in yet. Will Principality reject any money than I pay in? Anyone else held multiple cash ISAs with them?

Anyway, heads up to everyone else, you can effectively "refresh" your bonus rate by opening the issue 4 if you've got an earlier issue (from the last tax year, obviously)

You paid money into issue 2 this Year?

Yes. Unfortunately I put some money in before I realised I could open an issue 4. Presumably this means the issue 2 is the only Principality ISA I can pay into this year.

Is the issue 4 saying waiting to be funded?
You could try a internal transfer

masonic

35har1old said:

clairec666 said:

35har1old said:

clairec666 said:

I've had a Principality Online Bonus 5 Access Cash ISA for a few months - decent rate of 4.5% of which 1.55% is a 12-month bonus. I've got a fair bit of money in there but my bonus rate will disappear in November.

Recently realised my account is an "issue 2" and I can also open the same account again because it's now "issue 4" - thought I was onto a winner here because I can make my bonus rate last longer! However, deep in the small print of the T&Cs it says you can only pay into one Principality cash ISA in a tax year. And I've already added to my issue 2... I've successfully opened the issue 4, but haven't tried to pay in yet. Will Principality reject any money than I pay in? Anyone else held multiple cash ISAs with them?

Anyway, heads up to everyone else, you can effectively "refresh" your bonus rate by opening the issue 4 if you've got an earlier issue (from the last tax year, obviously)

You paid money into issue 2 this Year?

Yes. Unfortunately I put some money in before I realised I could open an issue 4. Presumably this means the issue 2 is the only Principality ISA I can pay into this year.

Is the issue 4 saying waiting to be funded?
You could try a internal transfer

This would be unwise as it could be treated as an additional subscription, as well as breaching Principality's T&C.

clairec666

Thanks all. If nobody's had a similar experience with Principality before, I'll contact their customer support, who I've always found helpful in the past.

friolento

Please do not transfer your Principality ISA yourself. Use the Principality internal ISA transfer form and post it to them, or visit a Branch if you can.

https://www.principality.co.uk/home/savings/isa-transfer

clairec666

friolento said:

Please do not transfer your Principality ISA yourself. Use the Principality internal ISA transfer form and post it to them, or visit a Branch if you can.

https://www.principality.co.uk/home/savings/isa-transfer

Thanks. I already found their internal transfer form.

35har1old

clairec666 said:

friolento said:

Please do not transfer your Principality ISA yourself. Use the Principality internal ISA transfer form and post it to them, or visit a Branch if you can.

https://www.principality.co.uk/home/savings/isa-transfer

Thanks. I already found their internal transfer form.

You may have only 5 days to fund the new ISA

surreysaver

Ask them to convert your Issue 2 into an Issue 4 by secure message. You will keep the same account number and everything.