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Original poster

Overpaid my ISA

9 replies

postitnot · 30/03/2026 19:34

I've been a numpty. I carefully worked out my isa allowance back in February and set up direct debits to pay the right amount of money in every month.

And now I've realised that the next direct debit of £850 is going in on the 1st April, and the tax year doesn't end on the 31st March!

I've tried to cancel it, but it needs 8 days notice. And then its Easter weekend...What happens if my Isa has £20,850 in it on the 5th April?

OP posts:
Janesput · 30/03/2026 19:34

I think it will just bounce back. Thats what's happened when I've paid into another account that has a maximum deposit.

CaptainMyCaptain · 30/03/2026 19:35

I dont think the bank will let you paying more than your allowance. It will probably be stopped automatically.

Q2C4 · 30/03/2026 19:35

If your bank has the right controls in place as required for an ISA manager, your overpayment should bounce.

Blyvoorgirl · 05/04/2026 16:01

The provider might catch it and refund/bounce it back but if they don’t the correct protocol is to do nothing and let HMRC find it and decide how or if it should be unpicked. In my considerable experience there is a good chance nothing will happen.

RedRiverShore6 · 05/04/2026 16:35

Have you got just one ISA, this year, if you have them spread around, each bank won't know about the others so it won't bounce back in that situation. I have one with Lloyds and one with nationwide but each lets me put in up to £20k so I have to keep tabs myself on it

rainbowunicorn · 05/04/2026 18:37

Janesput · 30/03/2026 19:34

I think it will just bounce back. Thats what's happened when I've paid into another account that has a maximum deposit.

Only if OP has just one cash ISA. If she is paying into more than one then the providers will only go on what she has paid into them.

rainbowunicorn · 05/04/2026 18:38

Q2C4 · 30/03/2026 19:35

If your bank has the right controls in place as required for an ISA manager, your overpayment should bounce.

Only works if OP only pays into one. If she is payingbinto several then it is on her to keep track.

user593 · 07/04/2026 09:00

When I accidentally paid a lump sum into an ISA rather than my general savings account I contacted the bank (who held the ISA) and they reversed the transaction. It took bloody ages though and they asked for evidence I was oversubscribed (because not all my ISA subscriptions had been made with them).

WishingIwasyoungerandslimmer · 08/04/2026 02:58

user593 · 07/04/2026 09:00

When I accidentally paid a lump sum into an ISA rather than my general savings account I contacted the bank (who held the ISA) and they reversed the transaction. It took bloody ages though and they asked for evidence I was oversubscribed (because not all my ISA subscriptions had been made with them).

Edited

The bank will have done an ISA repair according to guidance on gov.uk

Apparently people do accidentally exceed the allowance, especially now you can have multiple ISAs with different providers each year.

I read that it's best to admit the error as soon as possible and ask whoever the ISA is with to arrange for an ISA repair relating to the ISA account which was overpaid.

OP, here's a gov.uk link which includes references to ISA repairs.

https://www.gov.uk/guidance/close-void-or-repair-an-isa-if-youre-an-isa-manager

How to close, void or repair an ISA

When an Individual Savings Account (ISA) can be closed, and how to void or repair an ISA if you're an ISA manager.

https://www.gov.uk/guidance/close-void-or-repair-an-isa-if-youre-an-isa-manager

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