Have I lost my Isa allowance

jacko028

Hello , on 20/10/ 25 my identity was verified with Trading 212 but I didn’t deposit any money until today 10/11/25 ….i was unaware that if I did not deposit funds into my account within ten days of opening the account I would lose the bonus amount of 0.68% and would therefore only get a basic 3.85% …being rather hot headed I threw my toys out of the pram and in a huff closed my account with them today 10/11/25 and the money was transferred back into my current account . So my question is have I now lost my 2025 £20,000 tax free allowance because I have closed the account and moved to another account despite not earning one penny of interest ? I’ve found customer service at Trading 212 to be utterly useless and respond like you are talking with a robot .
can I just open another cash Isa with another provider or have I lost my allowance ?? 

Just to clarify . I only transferred money into the account today and withdrew the money within two hours of it going into the account , but I had actually opened the account on the 20/10/25. 

mebu60

You should have opened an ISA with another provider that accepts transfers-in then instructed them as part of the application process to transfer-in your T212 ISA rather than withdrawing the funds and closing the ISA.

Technically, yes, you have used your 25/26 ISA allowance. Assuming you put the full £20k into T212 (you don't explicitly state how much you actually deposited) that would be all of it. If you put less than £20k into T212 then you could put the remaining amount of your allowance into a new ISA with another provider. 

masonic

It's a flexible ISA, so no allowance has been lost.

clairec666

Was the money you deposited "new money" / from this tax year, and not a transfer from another ISA of previous tax years' money?
If so, then as it's a flexible ISA, any money withdrawn can be paid back in during the same tax year without it affecting your allowance.
If it is previous years' money, then it will need to be returned to the same ISA it was withdrawn from, which I'm assuming will be impossible as you've already closed that ISA.

I agree, their customer service is pretty hopeless most of the time.

QrizB

clairec666 said:

If so, then as it's a flexible ISA, any money withdrawn can be paid back in during the same tax year without it affecting your allowance.

But doesn't it need to be paid back into the same account that it ws taken out of?

Unbiased seem to think it does.

https://www.unbiased.co.uk/discover/personal-finance/savings-investing/what-is-a-flexible-isa-and-how-does-it-work

The key hard and fast rule with a flexible ISA is that you must return the money you withdrew to the same ISA account you took it from. 

OP says they've closed their T212 account:

jacko028 said:

... I have closed the account and moved to another account ...

Even if they open another account with T212, it won't be the same one they made the first payment to?

masonic

QrizB said:

clairec666 said:

If so, then as it's a flexible ISA, any money withdrawn can be paid back in during the same tax year without it affecting your allowance.

But doesn't it need to be paid back into the same account that it ws taken out of?

Unbiased seem to think it does.

https://www.unbiased.co.uk/discover/personal-finance/savings-investing/what-is-a-flexible-isa-and-how-does-it-work

The key hard and fast rule with a flexible ISA is that you must return the money you withdrew to the same ISA account you took it from. 

OP says they've closed their T212 account:

jacko028 said:

... I have closed the account and moved to another account ...

Even if they open another account with T212, it won't be the same one they made the first payment to?

The rules have changed twice. Originally current year subscriptions could be flexibly withdrawn and replaced into any current year ISA. Then when the restriction to subscribe to only one ISA of each type was dropped, the restriction that you could only replace flexible withdrawals from the current year to the same ISA was added. Then in July this year that restriction was removed again.

Unbiased need to update their website. It was correct when the article was last updated on 3rd Oct 2024, but it is not correct now.

So when the OP asks "have I now lost my 2025 £20,000 tax free allowance", the answer is no.

Kim_13

QrizB said:

clairec666 said:

If so, then as it's a flexible ISA, any money withdrawn can be paid back in during the same tax year without it affecting your allowance.

But doesn't it need to be paid back into the same account that it ws taken out of?

Unbiased seem to think it does.

https://www.unbiased.co.uk/discover/personal-finance/savings-investing/what-is-a-flexible-isa-and-how-does-it-work

The key hard and fast rule with a flexible ISA is that you must return the money you withdrew to the same ISA account you took it from. 

OP says they've closed their T212 account:

jacko028 said:

... I have closed the account and moved to another account ...

Even if they open another account with T212, it won't be the same one they made the first payment to?

The rules were changed earlier this year (July I think) to permit paying back into any ISA where the funds that were flexibly withdrawn were current year funds. 

If they were previous year funds then as the rules in that case require the funds to be returned to the same ISA as they were withdrawn from, this can't be done as the account is closed and the allowance would be lost.

But from my reading it seems very likely they were current year funds, so OP would be OK.