Help!! Northern Rock Fixed Rate Cash ISA Issue 64

bankersmug

I've just transferred in to a new Fixed Rate Cash ISA Issue 64 with Northern Rock with around £1000, with the intention of building it up over the year to the £3600 limit.
I received the Certificate of Deposit on Friday.
Having just rang up Northern Rock to enquire how to pay in, they tell me that Issue 64 has been withdrawn and I can no longer pay any more money in!

Have I basically forfeited my right to the rest of my £3600 annual allowance?

bankersmug

Bump! Any help/advice gratefully received.

oxenryd

It does seem like you can't add to it anymore, it's like a fixed rate bond, you can only add whilst it's available for people to open.

Couldn't you transfer into another provider? You'll probably be charged/penalised on interest but isn't that better than losing out on the other £2600 ? (Because if you transfer into somewhere else, you 'll have that 1000 and then you l b able to add the rest of 3600.)

Hope this helps.

RayWolfe

That's the way fixed rate products work. It would have been clear from the Terms & Conditions.
Will NR not take the balance in another ISA product?

bankersmug

oxenryd wrote: »

It does seem like you can't add to it anymore, it's like a fixed rate bond, you can only add whilst it's available for people to open.

Couldn't you transfer into another provider? You'll probably be charged/penalised on interest but isn't that better than losing out on the other £2600 ? (Because if you transfer into somewhere else, you 'll have that 1000 and then you l b able to add the rest of 3600.)

Hope this helps.

Thanks
I've already made one transfer this financial year - can I make another?

Baldur

bankersmug wrote: »

I've already made one transfer this financial year - can I make another?

There are no limits on the number of ISA transfers per year.

bankersmug

Baldur wrote: »

There are no limits on the number of ISA transfers per year.

So I could transfer in to Nationwide fixed ISA bonds then? I've heard with Nationwide you can have more than one fixed ISA provided it doesn't exceed the 3600 annual limit - is this correct?

bryanb

bankersmug wrote: »

So I could transfer in to Nationwide fixed ISA bonds then? I've heard with Nationwide you can have more than one fixed ISA provided it doesn't exceed the 3600 annual limit - is this correct?

You may not subscribe to more than one ISA in any tax year, this does not include transfers.

Baldur

bankersmug wrote: »

I've heard with Nationwide you can have more than one fixed ISA provided it doesn't exceed the 3600 annual limit - is this correct?

You'd need to check that with Nationwide.

bristolleedsfan

bankersmug wrote: »

So I could transfer in to Nationwide fixed ISA bonds then? I've heard with Nationwide you can have more than one fixed ISA provided it doesn't exceed the 3600 annual limit - is this correct?

http://www.nationwide.co.uk/pdf/savings/P115_ISAs.pdf


Cash ISA
[FONT=Verdana,Verdana]This is a tax-free savings account that allows you to save up to £3,600 each tax year in an Instant Access ISA, Members’ ISA Bond or a Fixed Rate ISA Bond. Alternatively, you can split your £3,600 annual allowance between the accounts, so you can benefit from instant access on part of your savings and receive a higher rate of interest on the remaining part.[/FONT]
[FONT=Verdana,Verdana]If you have an ISA with another bank or building society you can transfer the account to us, (see page 4 for details).[/FONT]
Important
[FONT=Verdana,Verdana]You cannot pay into more than one cash ISA operated by different providers in the same tax year.[/FONT]

Milarky

BLF - The answer is 'Yes' - you can open further Fixed Rate ISAs (and are not restricted to a single bond) at the offered rate by repeated transfers - each opening a separate new account. (Your quote from NW's terms is rather unlcear on that)