First Direct isa finishing

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
2 replies 823 views
rias1rias1 Forumite
12 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I will have on the 1st Nov 2009 finished my regular saving isa with Fd, I have made inquires with another bank who are giving a better rate than the one FD will put me into after 1st Nov but because I have been paying since April 2009 up to an amount of £1800 they say that because of this I cannot put the full (£5100 i`m 68) in, only the remaining £3300. I`m confused and would appreciate any advice, thanks:confused:

Replies

  • lisyloolisyloo Forumite
    27.2K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    You can only put £5100 into your ISA between April 2009-April 2010, so if you have already used £1800 then you can only put in an additional £3300.
    You could leave the £1800 where it is or transfer it to the new account.
    I'm sure they mean in addition.
  • BaldurBaldur Forumite
    6.6K Posts
    lisyloo wrote: »
    You could leave the £1800 where it is or transfer it to the new account.
    The OP cannot do this, as (s)he has subscribed to the Cash ISA in the current tax year - so the full current year's contributions MUST be transferred to the new ISA provider, as any remaining allowance (the £3,300) can then be subscribed.
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