HSBC ISA's - How much per day, and how much overall?

[Tess]

Morning all,

 

Just a quick one really - does anybody know how much you can transfer from a current account and into a HSBC ISA each day? I tried to transfer quite a large amount across (although it would still be under the ISA limit, which I am lead to believe is £5,100 per annum) and it would not let me, although it would let me transfer a smaller amount into it?

 

Is this because there is a limit as to how much can be put in each day or is there something wrong with my account - I certainly have the funds! Alternatively maybe it's because I can only withdraw so much from my cash account each day although I don't think that should be the case.

 

Also, if I am correct about the ISA limit, say if I put in the full amount this tax year, would I be able to put in the same again the next tax year, taking it up to £10k, or would I need to open a completely seperate ISA?

 

Edit: Just thought I would mention that my current account is with HSBC as well.

 

Thanks!

Tess

[gribz]

The ISA limit is £5100 per tax year, so you would be able to put that amount in the ISA each tax year.

 

It would be wise to contact the ISA provider at the time because the interest rate may only last a year and then you'll either need to renew the ISA rate or opening a new one.

 

As for why HSBC won't let you transfer the money yourself, this could be to do with their fraud limits, best to give them a call or go in branch to do it. (Also, some banks impose a retention limit, i.e. they want you to contact them so they can find out where the money is going to, retain your business if possible.)

 

Hope that helps a bit !

[milquetoast1]

You can transfer the £5,100 annual allowance into an ISA in a single transaction, £20 per day, or anything in-between.

 

Having said that I couldn't transfer our allowances into our ISAs in one go without actually going to the counter. It seems that some banks are simply placing transfer limits on certain accounts these days.

 

It might be that you just have to visit your branch with a cheque.

[Tess]

Thanks Gribz, Milquetoast1, I think i'll have to pop into the bank. I was trying to transfer quite a significant amount (well, to me anyway!) and it just won't let me do more than about £500. Will have to transfer the other £200 tomorrow (fingers crossed).

[max]

<snip>

 

It would be wise to contact the ISA provider at the time because the interest rate may only last a year and then you'll either need to renew the ISA rate or opening a new one.

 

<snip>

 

I'd echo that. My oh & I both have cash ISAs with the same provider yet they only notified me that the interest rate was being reduced to less than 1% after the first year. So check their offerings carefully.

[Tess]

It still wont do it today! It says "check if the funds are in your account" which they clearly are, so there is no reason it shouldn't transfer. Bank at lunchtime, methinks. How annoying!