Working in the financial industry for over 30 years, Rachel Thrussell is the leading independent expert on UK savings products. Her views are constantly in demand from both the industry and the press.
I opened a fixed rate ISA in November last year with £10,000 and now have another £5,000 I’d like to add to it. However, the provider is refusing to take the top-up, as it says there was a two-week period after I opened the account during that I could have made additional deposits, but that this has now passed. Is there any way I can get this £5,000 invested for the current tax year?
The main problem is that you are only allowed to subscribe to one cash ISA each tax year and the rules of the one that you have opened mean you can’t put any more funds into it. One potential solution would be to transfer to a new provider that does accept top-ups, although I presume there would be an exit penalty to pay. If you don’t want to transfer, but still want to use your annual ISA allowance (£20,000 for the 2019/20 tax year), you are allowed to open a stocks & shares ISA in addition to one cash ISA and therefore could put your £5,000 into this type of account. However, this is obviously far riskier than a cash ISA, and there is the chance you will get back less than you put in.
|1 Year Fixed Rate Bond||1.22%|
|2 Year Fixed Rate Bond||1.34%|
|3 Year Fixed Rate Bond||1.46%|
|4 Year Fixed Rate Bond||1.71%|
|5 Year Fixed Rate Bond||1.72%|
|14 January 2020|
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