NatWest one year fixed rate cash ISA Issue 384

RG2015

I have just noticed the following on my NatWest ISA Issue 384 maturing 12 Nov 2026.

" You must not have subscribed to another cash ISA (including a Help to Buy: ISA with another provider) or invested the maximum amount in any combination of permitted ISAs in the same tax year."

I find this a bit confusing as it appears to not allow me to subscribe to another cash ISA with a different provider.

Can NatWest do this, and how would they know if I subscibed to another cash ISA?

wmb194

RG2015 said:

I have just noticed the following on my NatWest ISA Issue 384 maturing 12 Nov 2026.

" You must not have subscribed to another cash ISA (including a Help to Buy: ISA with another provider) or invested the maximum amount in any combination of permitted ISAs in the same tax year."

I find this a bit confusing as it appears to not allow me to subscribe to another cash ISA with a different provider.

Can NatWest do this, and how would they know if I subscibed to another cash ISA?

No, ignore it.

RG2015

I have just checked the NatWest general ISA rules which state the following.

"You must not have subscribed to another Cash ISA with us or have subscribed to more than the overall subscription limit in total to a Cash ISA, a Stocks & Shares ISA, an Innovative Finance ISA and or a Lifetime ISA in the same tax year."

I think the critical element is the inclusion of "with us" and that the terms on the Fixed Rate ISA are from earlier versions before HMRC changed the rule (effective 6 April 2024).

This is poor from NatWest from whom one would expect better (from their legal / compliance teams).

clairec666

RG2015 said:

...
This is poor from NatWest from whom one would expect better (from their legal / compliance teams).

I've seen similar mistakes from smaller building societies, but thought that Natwest would get it right.

The same issue has been discussed in connection with other providers - they cannot prevent you opening an ISA with another provider in the same tax year.