Limited issue ISA

esmereldagreen
esmereldagreen Posts: 4 Newbie
in ISAs & tax-free savings
Hi all,

I've been researching 2 year fixed rate ISAs and have come across a few that say they are limited issue. I have read the Ts and Cs and still can't quite understand what this would mean for me opening one. I'm going to call a few when they open but wondered if anyone could enlighten me?

Sorry if this has been asked before, I did a search and got a lot of random threads popping up.

Comments

  • Neil_Jones
    Neil_Jones Posts: 8,913 Forumite
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    As a general rule unless T&Cs state otherwise it typically means the ISA is only available for a limited time on a first-come-first-served basis. One of the rules of providers offering Cash ISAs is the need to allow you to be able to have early access to your money regardless of whether you have a fix.

    Which ISA have you found that says its limited issue?
  • dunstonh
    dunstonh Posts: 116,358 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    I've been researching 2 year fixed rate ISAs and have come across a few that say they are limited issue.

    Virtually all fixed term deposits are time limited. They get issued in tranches to an expiry date or when sufficient funds have been allocated that could lead to early withdrawal of the product.
    I have read the Ts and Cs and still can't quite understand what this would mean for me opening one.

    it would mean nothing to you if you have already opened the account and deposited your money.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • jimjames
    jimjames Posts: 17,611 Forumite
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    dunstonh wrote: »
    it would mean nothing to you if you have already opened the account and deposited your money.

    But could be a show stopper if you open the account expecting to pay money in over the whole year as they'll be unable to deposit after that initial period.
    esmereldagreen wrote: »
    Hi all,

    I've been researching 2 year fixed rate ISAs and have come across a few that say they are limited issue. I have read the Ts and Cs and still can't quite understand what this would mean for me opening one. I'm going to call a few when they open but wondered if anyone could enlighten me?

    If you are paying in a lump sum it will have no effect. If you are intending paying in monthly or adhoc amounts when you want then it isn't a suitable account
    Remember the saying: if it looks too good to be true it almost certainly is.
  • esmereldagreen
    esmereldagreen Posts: 4 Newbie
    Thanks everyone. We are looking for one that we pay into regularly. The two with limited issue were Virgin Money and Yorkshire Bank and I had read somewhere that Yorkshire bank wasn't suitable for paying in on a regular basis.

    You have helped make my decision, thanks so much!
  • jimjames
    jimjames Posts: 17,611 Forumite
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    If you are looking for regular payments then a regular saver account (not a cash ISA) is likely to give much better interest than an ISA
    Remember the saying: if it looks too good to be true it almost certainly is.
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