Fixed rate ISA bond's

trashcan_2

A few questions about ISA bonds if i may,

Do you make only one lump sum payment?
Does it have to be this years ISA allowance?
If you have already use your Isa allowance for this year, could you transfer some across to a fixed rate Isa in the same branch?
If you choose to open one in a different branch, could you transfer money out of your this years ISA into it.
And could you put more that £3600 into it for a year, say £25000?

Many thanks as always.

Baldur

Forget the word 'bond' it's just a marketing ploy as far as Cash ISA products are concerned - these are fixed-term, fixed-rate Cash ISAs.

Do you make only one lump sum payment?
Does it have to be this years ISA allowance?
If you have already use your Isa allowance for this year, could you transfer some across to a fixed rate Isa in the same branch?
If you choose to open one in a different branch, could you transfer money out of your this years ISA into it.

The answers to all of the above depend on the specific terms & conditions of the product, some will permit transfers, some will not, etc.

And could you put more that £3600 into it for a year, say £25000?

Definitely NOT, unless the £25,000 is made up of previous tax years' transferred Cash ISA funds, you can only pay a maximum of £3,600 of new money (i.e. that tax year's allowance) into a Cash ISA in each tax year. Some fixed rate products will only accept the current tax year's allowance.

alared

First of all you need to find a provider that will accept your cash ISA transfer because not all of them do so.

If you had,say £25k with Nationwide and you wanted to transfer it to Halifax`s 1 year fixed rate ISA then you could, but once your lump sum is put into the account,you can`t add anything else.
Whatever you initially put into a fixed rate ISA,that`s how it stands `til the years up.
You can transfer ISA`s to anyone that will accept them.
Never,ever close an ISA,it must be transferred.

trashcan_2

Thanks for the info.
I was talking about my previous years ISA and not this years.
When the year is up and My fixed rate has matured and I have transfered from the nationwide to the Halifax, what happens to the money than, is it put into the Halifax ordinary cash ISA account?

Thanks you have been most helpful