Extremely urgent advice please on ISA

Stavros_3

Major headache. The wife opened on-line an A & L ISA for 2007/8 but somehow no funds were transferred so the ISA is showing a zero balance. Now there is only 2 days left how can she use up her 2007/8 allowance in time. She banks with Halifax, is she best just going into the Halifax branch tomorrow and opening a Halifax ISA with a cheque, will the cheque clear in time, help folks, panicc mode setting in, cheers

Mikeyorks

Is funding the A&L ISA not a more direct mechanism? A cheque over the counter should do it ..... if you can't sort out why it wasn't funded in the first place. The cheque just needs to be accepted .. not cleared.

parkside_stroller

I've got a similar problem, would appreciate any help.

I've opened an ISA account with egg but they have not given me my account number and I was not able to make a deposit into the cash ISA because of a technical difficulty.

They assured me twice on the phone this week that all would be sorted within a few days but the ISA deadline is tomorrow and they have not been back to me.
If I have not made a deposit, can I email them to close the account and open another with a different bank online or would this invalidate the tax free status on the second account?

I can't see going into a branch of a bank as a possibility unfortunately as banks are normally shut Saturday.

If I don't have the maximum amount in the account by tomorrow am I allowed to deposit funds during the new tax year but into this year's account?

Would a debit card payment to egg tomorrow be too late as it clears two working days later i.e. in the new tax year?

debbie42

parkside_stroller wrote: »

I
If I have not made a deposit, can I email them to close the account and open another with a different bank online or would this invalidate the tax free status on the second account?

You don't need to close the first account if you haven't made any contributions to it.

I can't see going into a branch of a bank as a possibility unfortunately as banks are normally shut Saturday.

There are a few that are open around my neck of the woods: they may be busy with last minute ISA openings tomorrow, though.

If I don't have the maximum amount in the account by tomorrow am I allowed to deposit funds during the new tax year but into this year's account?

Yes, but it will be from next year's allowance.

Would a debit card payment to egg tomorrow be too late as it clears two working days later i.e. in the new tax year?

I'd think so, though I'm not absolutely sure on this. Plus, if the time is as slow as Egg money, it's likely to be more than two days!

My comments in this colour.

KTF

I have found that debit card payments to egg savings accounts appear as a balance instantly and the transaction is then taken from your bank account the next working day.

I would make the debit card payment tonight if you can rather than wait till tomorrow.

Stavros_3

Well just a quick update, the wife went into the Halifax on Friday lunchtime and paid the full allowance in with a cheque with hours to spare, jesus, I won't be going through this again, thanks guys

[Deleted User]

Hi,

I did one online last night, same every year, leave it to last minute, and say to myself, right, Monday I'll do one for the new tax year, but,,,,,,,wanna bet,,,,,I'll be the same this time next year. I am great one for, 'och, I'll do it tomorrow'. :rotfl:

parkside_stroller

Thanks for those who responded to my questions. I didn't get it done in time unfortunately as other things seemed to get in the way - like normal life.
Got a reply from egg eventually on Saturday evening but had given up by then - there reply came 15 minutes after I gave up for the evening it seems.
I can't help wondering if I'll get anything out of them if I complain - I have lost quite a bit of cash in interest because of this.