Over 50's - will you take out an ISA now or delay until October

savetilibleed

MarkyMarkD wrote: »

But for those who have taken them out in April it is unlikely that prevailing rates will be lower in October, so I suspect that many of those providers will re-open the accounts to the over-50s in October to get the benefit of the extra £1,500, almost definitely at the existing fixed rate.

That seems to be a sensible thing for the institution to do, rather than have people open another small account, if opening another will be an answer by changing the rules.

Rikki

Mikeyorks wrote: »

The Budget hasn't been enabled by Parliament yet ... and even when it is the increased allowance you're talking about doesn't apply until 6th October. And between the 2 dates ... HMRC have to meet with the ISA Managers and determine how the new allowance is going to be facilitated / monitored.
So I would give it at least a couple of months before you start expecting to see any detail?

Will all ISA providers allow the transfer in of the extra funds in October or are there going to be restrictions?

Fixed rate or with bonus etc............

Steve_xx

Rikki wrote: »

Will all ISA providers allow the transfer in of the extra funds in October or are there going to be restrictions?

Fixed rate or with bonus etc............

The truth is that the details aren't as yet finalised but I think it unlikely that transfers-in would be restricted.

Mikeyorks

Rikki wrote: »

or are there going to be restrictions?

Probably only at the margins (e.g. 7% Reg Savers + some fixed rate) I would expect to see some restrictions .... where providers have costed their original offers based on a restricted offer period. But if interest rates rise prior October ..... it could be interesting to see how things pan out?