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Help needed cash ISA
Tara71
Posts: 5 Forumite
Hi there,
I'm new on the website, and your advise is needed as I've done a BIG MISTAKE.
Last year I opened a cash ISA with Nationwide where by April this year I had £1910. At the end of April this year I opened another cash ISA with A&L with £20 (better interest rate). Then I decided to transfer £1000 from the old ISA to the new one. Nationwide sent out the cheque on May 13th. The transfer is still taking place as the A&L operator told me there is a week or so until the completion. So far so good, but here comes the ERROR. On May 28 I paid in both old and new ISA £40 each. The one paid in the old ISA shows on transactions, but the one for A&L still doesn’t.
I realized the mistake only when I rang up A&L to ask if I could do another transfer for the outstanding balance of £955 from Nationwide, when she told me I can transfer the money, but I can not pay in 2 ISAs in the same year. Unfortunately, all along, I thought you cannot open 2 cash ISAs in the same year but you can still pay in both old and new. BIG MISTAKE!!! Brought on by myself. Also the A&L operator told me to ring up Inland Revenue and explain what happened. It really was a genuine mistake, a misunderstanding.
What should I do, as I’m really worried. What are the consequences? Any help would be much appreciated.
Kind regards, Tara71
I'm new on the website, and your advise is needed as I've done a BIG MISTAKE.
Last year I opened a cash ISA with Nationwide where by April this year I had £1910. At the end of April this year I opened another cash ISA with A&L with £20 (better interest rate). Then I decided to transfer £1000 from the old ISA to the new one. Nationwide sent out the cheque on May 13th. The transfer is still taking place as the A&L operator told me there is a week or so until the completion. So far so good, but here comes the ERROR. On May 28 I paid in both old and new ISA £40 each. The one paid in the old ISA shows on transactions, but the one for A&L still doesn’t.
I realized the mistake only when I rang up A&L to ask if I could do another transfer for the outstanding balance of £955 from Nationwide, when she told me I can transfer the money, but I can not pay in 2 ISAs in the same year. Unfortunately, all along, I thought you cannot open 2 cash ISAs in the same year but you can still pay in both old and new. BIG MISTAKE!!! Brought on by myself. Also the A&L operator told me to ring up Inland Revenue and explain what happened. It really was a genuine mistake, a misunderstanding.
What should I do, as I’m really worried. What are the consequences? Any help would be much appreciated.
Kind regards, Tara71
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