Inactive ISA, what does that mean?
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trinidadone
Posts: 3,337 Forumite
I have a "inactive ISA" and I am therefore unable to deposit any money this financial year, anyone know what this means?
Trinidad - The hottest place to go
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Sounds as if you've opened one (last tax year? ) however failed to deposit any money. As a consequence at the end of the tax year it becomes inactive.0
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Thrugelmir wrote: »Sounds as if you've opened one (last tax year? ) however failed to deposit any money. As a consequence at the end of the tax year it becomes inactive.
Yes your correct I did open a ISA last financial year.
In regards to "failing" to deposit any money, slightly true, although I did transfer money from a previous ISA. What does "inactive" actually mean and who decides??Trinidad - The hottest place to go0 -
The ISA declaration you make is valid for the year you open the ISA and each following year until you do not make a new deposit in the ISA during a full tax year. Once a full tax year goes by without a new deposit, excluding transfers in, the declaration is no longer valid and you need to make a new ISA declaration before you can make another deposit into that ISA. This is stipulated by the ISA regulations. It doesn't affect ISA transfers into the account.Did you really mean to put loose?
Lose: no longer possess, not to retain, unable to find
Loose: not firmly or tightly fixed in place0 -
AirlieBird wrote: »The ISA declaration you make is valid for the year you open the ISA and each following year until you do not make a new deposit in the ISA during a full tax year. Once a full tax year goes by without a new deposit, excluding transfers in, the declaration is no longer valid and you need to make a new ISA declaration before you can make another deposit into that ISA. This is stipulated by the ISA regulations. It doesn't affect ISA transfers into the account.
Oh, i did not know that. so how do i prevent my account being "inactive" again?Trinidad - The hottest place to go0 -
I have a Coventry Easy Access Isa which I opened a couple of years ago.
This has been inactive twice over that period.
I just rang them up the first time and they made it active again as I was transferring another old ISA to them.
Showing inactive now as I didn't add any money last year to it.
Don't think you mentioned what kind of ISA you have?0 -
I have an ISA with Coventry as well. I made no subscriptions to it during the previous tax year (although I did make withdrawals and deposits under the flexible ISA arrangements). On 6th May this tax year I made a withdrawal, and the online portal was telling me I could still deposit £20,000 from this year's allowance, as well as repaying the funds I had withdrawn during this tax year. This was the case up until the 12th of May.On the 12th of May I made a transfer out to another ISA provider. From that point on the online portal stopped telling me I could deposit £20,000 of this year's allowance (although I could still do this by reactivating the account).I have been 'toing and froing' with messages to the Coventry asking why I was allowed to deposit £20,000 until the 12th of May, but not since. I still have not received a satisfactory answer from them. According to what I read here my account should have been inactive from the 6th of May. Have they slipped up by not indicating that in the online portal until the transfer was made?0
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