Can I top up my fixed rate ISA?

As of July 1, 2014, rules surrounding tax-free ISAs (individual savings accounts) are changing – and all for the better. If you are an existing ISA holder, your account will automatically become a New ISA (NISA) and you will be able to take advantage of a new boosted allowance of £15,000.

Woman saving money
YesWhat’s more, this allowance can be held entirely in cash, entirely in stocks and shares – or in a combination of the two in whatever ratio you like, so long as you don’t bust your £15,000 annual allowance. 

But what if you already have a fixed rate ISA? Aside from being tax-free, these are just like fixed rate bonds in that after you have made your initial investment, you generally can’t add to it. 

The good news is, the major providers have recognised this is an unprecedented turn of events and ARE letting you top up. However, deadlines and terms and conditions vary – which is why we’ve taken to the phones, email and Twitter to find out where you stand.  Here’s the result:

 Provider

 Top-ups allowed?

 Any deadline for top-ups or other restrictions?

 Aldemore Bank

 No  

You can’t top up an existing ISA, but you can open additional cash ISA deals from July 1, 2014 to take advantage of the new limit. This means you can save the £15,000 across two ISA products. You can sae up to £15,000 in any ISAs opened on or after July 1 ,2014.

 Bank of Cyprus UK

 No

Bank of Cyprus will not allow you to top up an existing ISA but you can fix the rate once before July 1, 2014 and once after July 1, 2014.

 Bank of Scotland

 Yes

If you opened your ISA on or after March 4, 2014 you’ll have to make your top-up within 180 days of the account opening date. Any accounts opened earlier, however, have to be topped up within 60 days of the account opening date and so won’t be eligible for the £15,000 limit.

 Barclays

 Yes 

From July 1, 2014 you can top up any fixed rate ISAs opened on or after April 6 this year and will have until April 5, 2015 to utilise the full £15,000 limit.

 Barnsley BS

 Yes

If you’ve already opened a fixed rate ISA during the current tax year you have until July 31, 2014 to top up to the new £15,000 limit.

 Bath BS

 Yes 

You will have from July 1, 2014 to April 5, 2015 to top up your fixed rate ISA.

 Buckinghamshire BS

 Yes

You can pay an additional £9,060 into Buckinghamshire’s one-year Fixed Rate ISA Issue 50 between July 1, 2014 and July 31, 2014. Any further investments are only permitted while the issue is still open.

 Cambridge BS

 Yes

If you took out a fixed rate ISA from April 6, 2014 onwards you will have until the end of the tax year on April 5, 2015 to top up to £15,000.

 Chelsea BS

 Yes

Top-ups depend upon the type of ISA held but you should be able to increase allowance to £15,000 during July. Deposits must be made before July 31, 2014 to qualify.

 Cheshire BS

 Yes

If you opened/open a fixed rate ISA between April 6, 2014 and June 30, 2014 you will be able to top up to £15,000 until July 31, 2014.

 Clydesdale Bank

 Yes

If you opened an ISA on or after April 6, 2014 you’ll have until July 31, 2014 to top up to the new limit.

 Coventry BS

 Yes

You can top up your Fixed Rate ISA (21) 31.05.2018 to the new limit of £15,000 between July 1 and July 31, 2014 or while the deal is still open if you’re a new investor – whichever is longer.

 Cumberland BS

 Yes

If you opened a fixed rate ISA between April 6, 2014 and June 30, 2014 you will be able to top up to £15,000 between July 1 and July 31, 2014.

 Derbyshire BS

 Yes

If you opened a fixed rate ISA between April 6, 2014 and June 30, 2014 you will be able to top up to £15,000 between July 1 and July 31, 2014.

 Dunfermline BS

 Yes

If you opened a fixed rate ISA between April 6, 2014 and June 30, 2014 you will be able to top up to £15,000 between July 1 and July 31, 2014.

 Furness BS

 Yes

If you opened a fixed rate ISA between April 6, 2014 and June 30, 2014 you will be able to top up to £15,000 between July 1 and July 31, 2014.

 Halifax

 Yes

If you opened a fixed rate ISA on or after March 11, 2014 you’ll have to top up within 180 days, so this will still be possible on and beyond July 1, 2014. Any accounts opened before March 11, however must be topped up within 60 days, and so won’t be eligible for the £15,000 limit.

 Ipswich BS

 Yes

All ISAs in the current range, Premier ISA, FRISA39 and FRISA40 will accept the new £15,000 limit. You must top them up by end of tax year on April 5, 2015.

 Julian Hodge Bank

 Yes

You will be able to make a single additional deposit during July 2014 to utilise the new ISA allowance providing you have already deposited the current allowance of £5,940.

 KRBS

 Yes

All fixed and variable ISAs can be topped up to the new allowance from July 1, 2014. There are no restrictions but you must top up by the end of the tax year on April 5, 2014.

 Leeds BS

 Yes

If you opened a fixed rate ISA on or after April 6 this year, you can top it up to the new £15,000 limit from July 1 to July 31 this year.

 Lloyds Bank

 Yes

You can deposit up to £15,000 (minus any deposits already made) from July 1, 2014 and can continue to fund the ISA throughout the duration of the account.

 Marks & Spencer  Bank

 Yes

You can deposit up to £15,000 (minus any deposits already made) from July 1, 2014 and can continue to fund the ISA throughout the duration of the account.

 Marsden BS

 Yes

You can top up your fixed rate ISA from July 1, 2014 and there are no deadlines for top-ups this tax year.

 Metro Bank

 Yes

If you have a fixed rate ISA you have 30 days from July, 1 2014 to top this up to the new limit. There are no restrictions if you hold a Metro Bank cash ISA.

 Nationwide BS

 Yes

If you opened a fixed rate ISA between April 6, 2014 and June 30, 2014 you will be able to top up to £15,000 until July 31, 2014.

 NatWest

 Yes

You can top up your ISA to the new £15,000 limit between July 1, 2014 and July 18, 2014. If you opened an ISA between June 10, 2014 and June 30, 2014, you can increase the tax-free savings in your fixed rate ISA to the new £15,000 allowance from July 1, 2014 to August 22, 2014.

 Newcastle BS

 Yes

You will have the whole of July to top up your fixed rate ISA to the new £15,000 limit provided you opened the account on or after April 6 this year.

 Norwich & Peterborough BS

 Yes

If you have already opened a fixed rate cash ISA during the current tax year (from 6 April, 2014) you will be able to top up your account to the new limit until 31 July, 2014.

 Principality BS

 Yes

If you have opened a fixed rate ISA between April 6 and June 30 2014, you have from July 1, 2014 until April 5, 2015 to top it up to the new £15,000 allowance. Any fixed rate ISAs opened from July 1, 2014 can save the maximum of £15,000 for as long as that ISA is on sale to new applications.

 Royal Bank of    Scotland

 Yes

You can top up your ISA to the new £15,000 limit between July 1, 2014 and July 18, 2014. If you opened an ISA between June 10, 2014 and June 30, 2014, you can increase the tax-free savings in your fixed rate ISA to the new £15,000 allowance from July 1, 2014 to August 26, 2014.

 Saffron BS

 Yes

If you opened a fixed rate ISA on or after April 6, 2014, you have from July 1, 2014 until April 5, 2015 to top it up to the £15,000 limit.

 Santander

 Yes

From July 1, 2014, you will be able to take advantage of the new ISA limits announced in March. If you opened a fixed rate ISA from March 10, 2014 you will be able to deposit up to the £15,000 maximum allowance during July and up to August 31, 2014. 

 Skipton BS

 Yes

If you opened a fixed rate ISA during the current tax year (from April 6, 2014) you will be able to top up your account to the new £15,000 limit between July 1 and July 31, 2014.

 Trodios Bank

 Yes

If you opened a fixed rate ISA during the current tax year (from April 6, 2014) you will be able to top up your account to the new £15,000 limit between July 1 and July 31, 2014.

 TSB

 Yes

TSB allows you to pay in further deposits throughout the term of the account, subject to the ISA limits of that year, and so you have until the end of this tax year (April 5, 2105) to top up your ISA balance to the new NISA limit

 Ulster Bank

 Yes

You can top up your ISA to take advantage of the £15,000 limit between July 1, 2014 and July 11, 2014.

 Virgin Money

 Yes

Virgin has launched a new range of NISAs into which you can make deposits for a period of 30 days after opening so you can top up once the new ISA limit takes effect on July 1, 2014. For fixed rate ISAs offered during this tax year that are now closed, you can make additional deposits during July to take advantage of the new limit.

 West Bromwich BS

 Yes

If you've taken out a fixed rate ISA from April 6, 2014, you'll be allowed to make additional deposits up to the £15,000 limit for a three-month period starting on July 1. The deadline for topping up is September 30, 2014. You won’t be able to top up your current fixed rate ISA with transfers from previous years' cash or stocks and shares ISAs during this period.

 Yorkshire Bank

 Yes

If you opened an ISA on or after April 6, 2014 you will have until July 31, 2014 to top up to the new limit.

 Yorkshire BS

 Yes

If you have already opened a fixed rate cash ISA during the current tax year (from 6 April, 2014) you will be able to top up their account to the new limit until 31 July, 2014.



Please note: any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.

 

 

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