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Cash ISAs: The Best Currently Available List
Comments
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This is from Prosper website:
The interest rate includes an additional 1.76% Gross / 1.82% AER* variable boost which will be paid by Prosper to your nominated bank account, up to a month following the end of the boost term or on the closing of the product account
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Can anyone that has opened this confirm if you can effect an isa transfer online as part of the opening process and if yes, can you submit multiple requests for different providers?
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I am not an expert on this but I suggest you read the last few pages of this thread.
My impression is for an ISA opened in the current tax year, as long as it is flexible, you can withraw the money and put it into a new (flexible) ISA with the same or a different provider.
Again my impression is if you withdrawn from an ISA funded in a previous tax year, you can only put the money back ino that same ISA.
As I said, please read back, or perhaps somebody could confirm my impression of the situation?
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Yes, I understand the previous year v this year very well.
My uncertainty was if it was a withdrawal or a transfer as both words are mentioned in the MSE guide, and if it could be out of a flexible and into a fix within the same tax year if I found a fix I was happy with say in 3 months time.
Prosper have already dropped the rate today.
The last sentence of MSE product details for Prosper also makes me think that (unlikely as it may be), I'll stick to an Isa with full protection.
(it might actually be contradictory)
About FSCS protection for this account
Deposits are protected in Griffin Bank. Prosper isn't a bank, but has partnered with Griffin Bank to offer its cash ISA account, so once your money's in there, it has the usual £120,000 UK savings safety protection. So if Prosper or Griffin Bank went bust, you'd get your money back (though it may take longer than if you had a direct relationship with the bank). Any money that's pending is also held in Griffin Bank, and is protected if Prosper goes bust, but may not be if Griffin Bank did.
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Very low risk. Same set up as Moneybox, Plum, Tembo-style etc. If one was to go bust you will get your money back within 7 days (automatically or paid by FSCS).
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Hence my "unlikely as it may be".
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So if I transfer it to another provider after 11 months, I'd lose interest?
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Where does it say that? It's not obvious at all.
Basically if you transfer out after 10 months, you're only getting about 2.9% interest to keep?
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No. It says "or on the closing of the product"
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So if you transfer it, you still get the boosted interest up to the day you transfer or do you need to keep it with them a full year?
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