Cash ISA

Mutter · 05/04/14 - 14:05

After listening to a money programme on the radio, I topped up today with £5,760, the maximum amount allowed.
What I don't understand is rather than open it with £5,000 why didn't I put £10,760 in at the beginning? It's the same tax year after all. It's 5k to open an ISA.
Also, where has the £760 figure come from? Also and, could I have put 5k in earlier in the year, surely more interest?

Also, also and, Nat West say to top up ISAs they are using the financial year end as tonight. Lloyds told me they are using tomorrow, Sunday. Confirmed by a financial adviser in branch. So not only confusion in my head, but with the banks also.

Martin Lewis said tonight, but that was a few days ago so HMRCS may have relented.

Keefy-boy · 05/04/14 - 14:16

The total ISA limit this year was £11,520 of which you could put a maximum of £5,760 into a cash ISA, the balance (or all the £11,520 allowance) into a stocks and shares ISA. You have put the maximum into your cash ISA, can't really help you with why you didn't fund it with the extra earlier, but you won't really have lost much.

LostFool · 05/04/14 - 14:16

You can't put £10,760 into a Cash ISA in a single tax year. The maximum in cash is £5,760, the rest would have to be in stocks and shares. If you had put in £5000 earlier in the tax year then you would have to wait until Monday to put in another £5760.

However, the rules are changing in July and you will be able to put £15,000 in cash in a single year.

Lots of information at http://www.moneysavingexpert.com/savings/ISA-guide-savings-without-tax

gemma-the-husky · 06/04/14 - 02:50

if you already put money in this year, and you have over filled, you might lose it all as an ISA. The max was £5760. Is that what you did? If so, go and see your Building Society/Bank

(it is a funny figure because they increase it by a bit each year - from Monday it will be £5940 - although it will be upped again to £15000 in July, as pointed out

you can only have one new ISA each year.

John259 · 06/04/14 - 08:51

The maximum deposit in a cash ISA per year is set by the government.

The minimum opening deposit for any type of account is set by each bank and building society, for each of their accounts, and in some cases can be as low as £1.

Keefy-boy · 06/04/14 - 08:54

gemma-the-husky wrote: »

you can only have one new ISA each year.

One new ISA of each type, so strictly speaking two.

MARTYM8 · 06/04/14 - 14:28

What annoys me is why you cannot have multiple ISAs up to the limit each year (e.g. 2 or 3 different accounts up to the limits) - rather than all this transfer business.

You might say want to put half your ISA allowance into an instant access account - and half into a longer term fixed rate. You can't - you have to pick one or the other and a fixed rate will restrict your flexibility later.

Andrue · 06/04/14 - 15:13

gemma-the-husky wrote: »

(it is a funny figure because they increase it by a bit each year - from Monday it will be £5940

From today, actually. I put mine in this morning

LostFool · 06/04/14 - 16:42

MARTYM8 wrote: »

What annoys me is why you cannot have multiple ISAs up to the limit each year (e.g. 2 or 3 different accounts up to the limits) - rather than all this transfer business.

You might say want to put half your ISA allowance into an instant access account - and half into a longer term fixed rate. You can't - you have to pick one or the other and a fixed rate will restrict your flexibility later.

I suppose the reason for this is that it would be too easy for people to save over the maximum by using multiple accounts.

gemma-the-husky · 06/04/14 - 23:05

it sounded like the OP might have overshot the total for the year, if he put in £5K initially, and then a further £5760

I forgot you can do this stuff on the web now. I casually assumed we would be waiting for BS's to open on Monday for this year

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