what happen when i reach my isa limit 7 July 2004 at 9:32PM edited 30 November -1 at 12:00AM in ISAs & Tax-free Savings 7 replies 5.4K views

Legacy_user

I am about to reach my £3000 limit but what will happen when i do will they just not let me put it in or will they charger me a fee.

shaun

Milarky

They [your ISA provider] should just return any extra money you attempt to pay in. If you transfer internally, from another account you hold with them, I'd guess they will transfer the payment back and tell you, but if you give them a cheque that takes your current year's subscription above £3000 their system ought to spot this if they try and key-in any amount. In that case you would be told at the branch.

What ISA do you have, and are you certain of how much you have paid into it since 6th April this year? [Note, that the limit is not on your balance, but on how much you can pay-in annually]

Leia_Stephens

Thank you, shaun and Milarky

I have been wondering the answer to this question myself, and now I know ;D

Leia

System

I'm with I.F. and do my transactions online. i just wanted to make sure i wasn't going to be charged if i made a mistake of forgot.

Thank you for putting my mind at ease

DiggingOut

Send the extra to me, and I'll make sure you never have to worry about it again.

cb_2

Last week I overpaid (by 2 PENCE!) into my Abbey ISA and they returned the payment.
However, I know that I'm a couple of pounds over on an ISA from 02/03 and the provider told me that it was my responsibility if the Inland Revenue found out (ie it's me they'd fine, not the provider).
Hope this helps!

surfernotts

does the £3000.00 limit include the interest i get payed in because i have it put in the same account?

cb_2

Nope - the £3000 is the cash you put in between April one year and March the next. Remember - you can only put in £3000 (Mini cash ISA) so avoid withdrawing any during the year, as this still counts towards your £3000 limit.
I'd get the interest paid into the account as this then earns the same rate as your £3000 cash.

Clear as mud!