Natwest Isa Deactivated!

magsiebee

I felt a right div when I took £100 that I'd got with a tax rebate to slap in to my depleted isa. The tiller told me the account was frozen because I had taken most of my money out during 2007 and so they assumed I'd gone elsewhere! I could withdraw funds but not invest!
:eek:
I took it out to lend someone some dosh that they needed desperately, despite me loosing interest on the money for last year but I thought my isa account would be open forever!

My response was:

"Well, thank you for telling me that you'd thought I'd gone elsewhere so now I will!"

Am checking out Barclays isas... Anyone got a better idea? I want to deposit small weekly sums that I have saved from the money that I'm saving from purchases recommended on this site too.

:T Any suggestions would be appreciated... within reason Lol! :rotfl:

Hungerdunger

The banks and Building Societies sometimes launch "special offers" which are open for just a limited period, and after that period you can't put more money in. Are you sure you didn't inadvertently open one of these?

RayWolfe

all ISA accounts anywhere are deactivated if you miss an investment year. You can reactivate it by completing a new application for the current tax year.
It is not the bank's fault, it is how the legislation is set out.

magsiebee

No I'm not saying it's the banks fault at all. I just wish they'd said that would happen...

Not to worry, I'm going to shop around for a higher rate and reactivate it as a last resort.

Thanks for you help.

Baldur

magsiebee wrote: »

Not to worry, I'm going to shop around for a higher rate and reactivate it as a last resort.

If you find a better rate ISA, which accepts inward transfers, you could always apply to your new ISA manager to arrange to transfer the remaning funds in your old ISA into the new one.

magsiebee

Thanks Baldur I'll try that!