There may be a few reasons why you can’t pay money into your ISA anymore. Please consider the following points:
You’ve reached your ISA annual allowance
There is a maximum of £20,000 you can pay into all of your ISAs in any tax year. This is known as an ‘annual allowance’. The tax year runs from 6th April in one year to 5th April the next.
You’ve paid into another ISA of the same type in the same tax year
You can only pay your annual allowance of £20,000 into one of each type of ISA in the tax year. If you withdraw money from your ISA, the money will no longer be tax-free. If you pay it back into an ISA this will count towards your ISA annual allowance. To avoid this, please follow the transfer in process of the provider you are transferring into.
Example 1 — If you pay £10,000 into your Santander= ISA, but then withdraw £5,000 from this ISA in the same tax year, your remaining ISA allowance would be £10,000 for that tax year.
Example 2 — If you pay £20,000 into your Santander ISA, but then withdraw £10,000 from this ISA in the same tax year, your remaining ISA allowance would be £0 for that tax year. This means you have reached your allowance for the tax year and cannot pay any money into your ISA.
The above examples don't consider any amounts you may have paid into other ISAs in the same tax year.
Read the Product Terms and Conditions before completing the application form
We recommend reading the Product Terms and Conditions. Some products have a timeframe that you must pay money into your ISA and transfer in by. This document covers our savings accounts and cash ISAs, including Terms of Business and Data Protection statement.
If you have any questions regarding the agreement or require further information, please contact us.
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