paying into isa

333rocky333

opened a egg isa with £200 for 08/09

can I top up my ing 07/08 with the remaining £3400 as they have increased the rate.

It will all be new money.
thanks

Milarky

As to topping up - debit card payment from your bank(s) is instant for interest purposes and the cash leaves the bank some time later. (Who do you bank with?)

Alternatively, a BACS deposit should also do (but be slower and involve a little loss of interest)

Baldur

No - you can only pay into one Cash ISA in any tax year - the 07/08 one can't be topped up.

You'd need to pay it into the current year's Egg Cash ISA then transfer it to ING or transfer the Egg ISA to ING then top it (the current tax year's ISA funds) up - with up to £3,400.

333rocky333

The £3400 was from another account with the same company ing, so I assume that was an instant transfer.

I should have mentioned I had already done it,
I was looking for clarification as from what I read after, I was unsure,

Maybe as the new egg one is recent They may let me cancel it.
The egg account does not allow transfer in, so I may have to transfer the isa to ing.

Baldur

333rocky333 wrote: »

The £3400 was from another account with the same company ing, so I assume that was an instant transfer.

I should have mentioned I had already done it,
I was looking for clarification as from what I read after, I was unsure,

Maybe as the new egg one is recent They may let me cancel it.

Chapter 5.5 of the HMRC's Notes of Guidance allows that ISA providers *may* permit cancellation within a 30 day period, under certain conditions - sounds as though you'd better get in touch with Egg as soon as possible!

333rocky333

Thanks
I e-mailed egg yesterday, after reading the advice here.
They replied today, saying there was a 14 day cooling off, and if I simply replied to the e mail, they would close the isa and return the funds to my existing normal savings account.
Thanks all

333rocky333

Milarky wrote: »

As to topping up - debit card payment from your bank(s) is instant for interest purposes and the cash leaves the bank some time later. (Who do you bank with?)

I hopefully have sorted my isa mistake.
Regarding paying in, All my accounts seem to be linked to my direct debit with abbey.
None of them will allow me to link direct though.
Therefore I have to move from savings acc 1 to abbey, then from abbey to isa or savings acc 2.
The abbey to account seems instant, but the account to abbey seems to take days.
Am I doing something wrong as I assume I lose interest on that period of time.
If I have the sort codes is there a better way.
Thanks

Mikeyorks

333rocky333 wrote: »

they would close the isa and return the funds to my existing normal savings account.

Others have correctly clarified that you couldn't do what you were proposing in your OP. But you can, of course, add the £200 to the ING ISA ..... once the Egg one is closed.