Cash ISAs: The Best Currently Available List

rallycurve

https://forums.moneysavingexpert.com/discussion/comment/82046690#Comment_82046690

Unfortunately I did not keep a copy of the pdf for my issue but I can find other issues where it states

Additional deposits can be made subject to HM Revenue & Customs (HMRC) limits. The maximum you can subscribe to a cash ISA in the current tax year is £20,000.
Additional deposits can be made by cash (only available at our branches), cheque or bank transfer. We do not accept deposits by debit card into your account.

Once your account is open and you have made your opening deposit, you can make unlimited additional deposits subject to HMRC limits. Additional deposits can be made by cash (only available at our branches), cheque or bank transfer. We do not accept deposits by debit card into your account

Also, in their document with the changes to the terms and conditions, it says:

Key Changes when your Account moves
• Deposits into a Fixed Rate ISA – will not be possible after the initial funding window.

And there is no mention of them being able to change this in the future.

I'll raise a formal complaint and, if they insist in charging me an exit fee, I'll have to see what the Ombudsman says

clairec666

Kent Reliance…

Yes, it's annoying that they're removing the option to continue funding throughout the fixed term, but it's not affecting your existing balance, only future deposits (or lack of). So I can understand why they are unwilling to let anyone withdraw without an exit fee. What view the Ombudsman takes remains to be seen - could they think you're just pursuing compensation for the sake of it? Yes it's a significant change to their T&Cs but it's not majorly inconvenienced anyone (in my opinion anyway).

It was good while it lasted, but I'm not surprised Kent Reliance have removed this term. It would put them in a difficult position if interest rates were to plummet and lots of people were making use of the high rates they'd locked in.

Silverweed

Kent Reliance Fixed Rate Isa

I am finding the way they have gone about this quite confusing as reading through the important changes email from them recently it seems to say the savings general t & c's, online terms, key features & summary box received when opening your a/c remain unchanged.

I don't understand how they are unchanged if you will no longer be able to make a payment to your Fixed Rate Isa?

I think it's quite a big change considering previously once the a/c was opened and you had made your opening deposit you could make unlimited additional deposits subject to the HMRC limits / top up anytime within the Isa limits.

Looking into this further my understanding from their savings general t&c's (page 12) is that if you object to the change you can end your agreement and close your a/c without charge or any other financial loss at any time during the period specified in their notification.

Changes to my disadvantage seems to suggest 60 days from the date of notification.

Frustratingly I can't seem to see any reference to this in their email notification but perhaps worthwhile checking the info above from their t&c's if contacting them about these changes. Hope this helps.

gwapenut

Those jokers at Saffron are already reducing their interest rate, from 4.50% to 4.35%. 3 months may seem like a reasonable time to maintain it, but when interest rates haven't readuced, and when they routinely spend a month transferring in from other ISAs languishing at maturity rates, it simply wasn't worth all the hassle.

I will never trust them again with an ISA transfer, they're just too slow and bait-and-reduce.

SaveTheEuro

https://forums.moneysavingexpert.com/discussion/comment/82052738#Comment_82052738

Agreed. Very poor show by Saffron.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82052742#Comment_82052742

All very well, but where are you going to move your money to?

gwapenut

https://forums.moneysavingexpert.com/discussion/comment/82052745#Comment_82052745

I didn't say I was going to move my money. I said I wouldn't trust them with an ISA transfer (from a low paying maturity account)

gwapenut

https://forums.moneysavingexpert.com/discussion/comment/82052757#Comment_82052757

Yes monument is interesting but we on this thread have been here before with them, and they're also quick to slash once they're fully funded.

pecunianonolet

Second that, poor show by Saffron.

While 4.5% is a competitive rate for easy access, albeit not flexible, they took their time with transfers in blaming other providers and sit on the form for at least 5 days before they even submit to the old providers. They proudly tell you they backdate interest but the arbitrage between old provider and new provider while in transit is a "loss". They should at least have given those who just managed to complete all the thransfers some time to benefit from the rate. There was no market movement whatsoever.

Also strategically positioned now with 0.01% ahead of Monument at 4.34% with monthly interest and flexible. I'll keep my funds with Saffron and let's see what the market will look like mid-end of July.

Money_Stitch

https://forums.moneysavingexpert.com/discussion/comment/82052738#Comment_82052738

Agreed. It took them from end of March to late May to complete my transfer. I've had the account up and running only really for 5 weeks, 7 in total when the rate changes. No change to the BOE rate, no real justification given the debacle on launch and the fact others are not reducing. Yes I know it's a variable account but they are simply not equipped to handle this bait and switch.

It's sullied their name for me. The inevitable exodus will no doubt swamp them. If they take more than their allowed 5 days to transfer out, it will be FOS this time from me after giving them a free pass on the delayed transfer in.

Very poor operating decisions. Very disappointing.