Coventry 5 yr fixed rate ISA 5%

Old_Slaphead

bigfreddiel wrote: »

yes you are - basically you're withdrawing your dosh, so if you've used up your allowance and you're thinking of getting a higher rate isa you're stuffed.

fj

No I'm not (in this case anyway).

Ref specific account T&C number 15 - withdrawal can be made as a transfer to another ISA manager

Funkyfreddy

Old_Slaphead wrote: »

No I'm not (in this case anyway).

Ref specific account T&C number 15 - withdrawal can be made as a transfer to another ISA manager

Yep, I found that too.

I don't know but as my above post would be interested to know if ISA managers can refuse to a transfer as a means of closure - subject to any specific loss of interest etc. I can't think that they would.

FF

jhxmt

Funkyfreddy wrote: »

I don't know but as my above post would be interested to know if ISA managers can refuse to a transfer as a means of closure - subject to any specific loss of interest etc. I can't think that they would.
FF

I don't think they can refuse outright, no:
http://www.legislation.gov.uk/uksi/1998/1870/regulation/21/made

I would assume that paragraph 3 ("the transfer shall have effect") implies no ability of the (old) ISA manager to refuse the transfer. But I'm not a lawyer or an expert on ISA regulation.

StevieJ

I think you would struggle to beat that offer, especially with the attractive penalty for early withdrawal.

StevieJ

I think I will bite at that one for this years subscription, before I do can anyone see any catch to this?

Thrugelmir

MoneySaverLog wrote: »

Yes inflation is predicted to drop and interest rates increasing over that timeframe. You're taking a gamble on interest rates remaining low for 5 years. If they increase you're stuck at the 5%

Always utilised my partners annual allowance by investing in the best fixed rate available at the time . Over a period of time it has created a series of separate ISA pots that mature at different times. As they mature a decision can be made as what to do with it. None of the ISA pots have been consolidated. As separately it gives maximum flexibility.

StevieJ

Thrugelmir wrote: »

Always utilised my partners annual allowance by investing in the best fixed rate available at the time . Over a period of time it has created a series of separate ISA pots that mature at different times. As they mature a decision can be made as what to do with it. None of the ISA pots have been consolidated. As separately it gives maximum flexibility.

I agree with that , just a bit more cumbersome.

Thrugelmir

StevieJ wrote: »

I agree with that , just a bit more cumbersome.

As some are fixed for 3 & 4 years. Not that hard to monitor. Helps keeping the details on a spreadsheet.

bigfreddiel

charlieboycat wrote: »

Tricky since it doesn't accept transfers in .... anyway, wouldn't "withdrawal" (with 120 day penalty) encompass an "ISA transfer out" (it does with Nationwide)?

that solves that one then

fj

aquapinkdog

Hi,
Hoping someone can help because I'm confused on the rules.

Last week I transferred all my existing ISA money from Santander to Halifax. Halifax asked me if I wanted to pay any money in this year and I said no, just do a transfer in.

Unexpectedly I've just received a lump sum which I want to keep separate and have applied for the Coventry 5%. Having just read the small print it says 'have you opened another ISA this year?'

Well technically I have, but only for transferring my 'old ISA' money. So if I don't pay anything into Halifax can I have this Coventry BS too, or not?

I hope that makes sense? I don't want to sign something and end up in trouble.

Cheers in advance,
F