Cash ISAs: The Best Currently Available List

pookey

pecunianonolet said:

refluxer said:

pecunianonolet said:

One last question remains, with my Virgin 1y fix I opened last tax year:

Would it work to put another 10k in so I have another 10k earning the 4.25% rate and open Kent Reliance or Shawbrook with the minimum £1,000 to lock the rate in and just make further contributions over the tax year until filled up by end of this tax year? Anticipated savings over the next 12 months will be >20k

If you pay £10k into the Virgin ISA from the current tax year's allowance, then you won't be able to open another cash ISA and also pay into that.

Ok, was hoping funding and opening are two pairs of shoes because the Virgin ISA was opened early March so old tax year and that I can open another ISA in this fiscal. Would have been the ideal scenario to add 10k of my annual allowance to Virgin and the remaining 10k of my annual allowance to another product. Anyhow, will check out Shawbrook in more detail tomorrow.

You can only fund one cash ISA per tax year, so if you opened it last month but fund it now that's the one you need to stick with.
I think certain banks let you split your ISA allowance between cash, lifetime and stocks & shares, not sure if that could be an option for you

gelato_cat

pookey said:

pecunianonolet said:

refluxer said:

pecunianonolet said:

One last question remains, with my Virgin 1y fix I opened last tax year:

Would it work to put another 10k in so I have another 10k earning the 4.25% rate and open Kent Reliance or Shawbrook with the minimum £1,000 to lock the rate in and just make further contributions over the tax year until filled up by end of this tax year? Anticipated savings over the next 12 months will be >20k

If you pay £10k into the Virgin ISA from the current tax year's allowance, then you won't be able to open another cash ISA and also pay into that.

Ok, was hoping funding and opening are two pairs of shoes because the Virgin ISA was opened early March so old tax year and that I can open another ISA in this fiscal. Would have been the ideal scenario to add 10k of my annual allowance to Virgin and the remaining 10k of my annual allowance to another product. Anyhow, will check out Shawbrook in more detail tomorrow.

You can only fund one cash ISA per tax year, so if you opened it last month but fund it now that's the one you need to stick with.
I think certain banks let you split your ISA allowance between cash, lifetime and stocks & shares, not sure if that could be an option for you

The law says you can split your annual ISA allowance between the four ISA types (cash, stocks + shares, lifetime, innovative finance) but you can only put your money into one of each type per year.

pecunianonolet

pookey said:

pecunianonolet said:

refluxer said:

pecunianonolet said:

One last question remains, with my Virgin 1y fix I opened last tax year:

Would it work to put another 10k in so I have another 10k earning the 4.25% rate and open Kent Reliance or Shawbrook with the minimum £1,000 to lock the rate in and just make further contributions over the tax year until filled up by end of this tax year? Anticipated savings over the next 12 months will be >20k

If you pay £10k into the Virgin ISA from the current tax year's allowance, then you won't be able to open another cash ISA and also pay into that.

Ok, was hoping funding and opening are two pairs of shoes because the Virgin ISA was opened early March so old tax year and that I can open another ISA in this fiscal. Would have been the ideal scenario to add 10k of my annual allowance to Virgin and the remaining 10k of my annual allowance to another product. Anyhow, will check out Shawbrook in more detail tomorrow.

You can only fund one cash ISA per tax year, so if you opened it last month but fund it now that's the one you need to stick with.
I think certain banks let you split your ISA allowance between cash, lifetime and stocks & shares, not sure if that could be an option for you

I have a lot of company shares from my previous employer but so far dividens weren't a concern due to the generous free allowance but since this is melting like hot butter it might be something for next tax year to look into. 

pookey

Suzey said:

pookey said:

pecunianonolet said:

refluxer said:

pecunianonolet said:

One last question remains, with my Virgin 1y fix I opened last tax year:

Would it work to put another 10k in so I have another 10k earning the 4.25% rate and open Kent Reliance or Shawbrook with the minimum £1,000 to lock the rate in and just make further contributions over the tax year until filled up by end of this tax year? Anticipated savings over the next 12 months will be >20k

If you pay £10k into the Virgin ISA from the current tax year's allowance, then you won't be able to open another cash ISA and also pay into that.

Ok, was hoping funding and opening are two pairs of shoes because the Virgin ISA was opened early March so old tax year and that I can open another ISA in this fiscal. Would have been the ideal scenario to add 10k of my annual allowance to Virgin and the remaining 10k of my annual allowance to another product. Anyhow, will check out Shawbrook in more detail tomorrow.

You can only fund one cash ISA per tax year, so if you opened it last month but fund it now that's the one you need to stick with.
I think certain banks let you split your ISA allowance between cash, lifetime and stocks & shares, not sure if that could be an option for you

The law says you can split your annual ISA allowance between the four ISA types (cash, stocks + shares, lifetime, innovative finance) but you can only put your money into one of each type per year.

MSE website says these places allow you to split it:
"
You can only be subscribed to (pay into) one cash ISA with one provider in any tax year – so you can't usually open both a fixed cash ISA and easy-access cash ISA (for example) in the same tax year.

However, the below providers do allow this, as long as all opened ISAs are with the same provider and the total balance doesn't exceed the £20,000 ISA allowance:

Aldermore

Charter Savings Bank

Ford Money

Kent Reliance

Nationwide

NatWest

Newcastle Building Society

Paragon Bank

Post Office

This all sits separately to the rule that allows you to split your £20,000 ISA allowance across all ISA types, so you could, for example, still deposit £3,000 into a junior ISA, £4,000 into a Lifetime ISA and £13,000 into a cash ISA all in the same tax year.

This is something to note if you are considering getting a fixed-term cash ISA. These accounts typically only let you add funds during the first 30 days. Because you can only pay into ONE cash ISA per tax year, this will be your only chance to use up your ISA allowance (unless you bank with a split ISA provider or have different ISA types)."

pecunianonolet

Right, phoned Shawbrook and Kent Reliance this morning. 

Shawbrook: Funding possible at any time as long as the product is available. Once ISA product has been withdrawn you have 7 days to fill up. So if they withdraw early and you do not have the funds available the chance of not being able to fully subscribe is a risk.

Kent Reliance: Once opened you can make as many further additions as you like up until the annual allowance and it doesn't matter if you add only £1 or 19k (£1000 minimum opening balance). Standing orders are possible so makes it essentially a regular saver without monthly contribution limit.

refluxer

pecunianonolet said:

Right, phoned Shawbrook and Kent Reliance this morning. 

Shawbrook: Funding possible at any time as long as the product is available. Once ISA product has been withdrawn you have 7 days to fill up. So if they withdraw early and you do not have the funds available the chance of not being able to fully subscribe is a risk.

This is definitely the case with their fixed rate bonds but the T&Cs for their fixed rate ISAs suggests a different approach, so I guess either the person you spoke to is mistaken or the fixed term ISA T&Cs are wrong.

I can't see any way the following can be misinterpreted, unless I'm missing something ? If you click on the link to the T&Cs in the quote below, it's the third entry in the 'Terms and conditions' section near the bottom of the document.

refluxer said:

If the Shawbrook ISA is of interest, then make sure you read the T&Cs yourself to satisfy yourself that this is actually possible, but I thought this line from the 1 year fixed rate ISA T&Cs looked pretty clear.... "Please note that the Bank reserves the right to withdraw this product at any time. If the product is withdrawn, you can continue to put more money into your account until the expiry of the fixed term"

I had initially thought that this was a recent change Shawbrook had made, but I checked back to a fixed rate ISA I opened with them at the end of 2022 and it says the same.

pecunianonolet

refluxer said:

pecunianonolet said:

Right, phoned Shawbrook and Kent Reliance this morning. 

Shawbrook: Funding possible at any time as long as the product is available. Once ISA product has been withdrawn you have 7 days to fill up. So if they withdraw early and you do not have the funds available the chance of not being able to fully subscribe is a risk.

This is definitely the case with their fixed rate bonds but the T&Cs for their fixed rate ISAs suggests a different approach, so I guess either the person you spoke to is mistaken or the fixed term ISA T&Cs are wrong.

I can't see any way the following can be misinterpreted, unless I'm missing something ? If you click on the link to the T&Cs in the quote below, it's the third entry in the 'Terms and conditions' section near the bottom of the document.

refluxer said:

If the Shawbrook ISA is of interest, then make sure you read the T&Cs yourself to satisfy yourself that this is actually possible, but I thought this line from the 1 year fixed rate ISA T&Cs looked pretty clear.... "Please note that the Bank reserves the right to withdraw this product at any time. If the product is withdrawn, you can continue to put more money into your account until the expiry of the fixed term"

I had initially thought that this was a recent change Shawbrook had made, but I checked back to a fixed rate ISA I opened with them at the end of 2022 and it says the same.

Called Shawbrook again and indeed the previous advisor has given incorrect information. For ISA's it is indeed the case that even for fixed accounts you have the entire tax year to add additional funds. The 7 day funding window after products are withdrawn applies only to normal fixed rate account.

Important to mention is the cut off time. Transactions initiated before 2:30pm on a working day will be credited the same day, transactions after 2:30 the following day. For transactions after 2:30 on a Friday funds will not be credited until the following Monday.

2010

pecunianonolet said:

refluxer said:

pecunianonolet said:

Right, phoned Shawbrook and Kent Reliance this morning. 

Shawbrook: Funding possible at any time as long as the product is available. Once ISA product has been withdrawn you have 7 days to fill up. So if they withdraw early and you do not have the funds available the chance of not being able to fully subscribe is a risk.

This is definitely the case with their fixed rate bonds but the T&Cs for their fixed rate ISAs suggests a different approach, so I guess either the person you spoke to is mistaken or the fixed term ISA T&Cs are wrong.

I can't see any way the following can be misinterpreted, unless I'm missing something ? If you click on the link to the T&Cs in the quote below, it's the third entry in the 'Terms and conditions' section near the bottom of the document.

refluxer said:

If the Shawbrook ISA is of interest, then make sure you read the T&Cs yourself to satisfy yourself that this is actually possible, but I thought this line from the 1 year fixed rate ISA T&Cs looked pretty clear.... "Please note that the Bank reserves the right to withdraw this product at any time. If the product is withdrawn, you can continue to put more money into your account until the expiry of the fixed term"

I had initially thought that this was a recent change Shawbrook had made, but I checked back to a fixed rate ISA I opened with them at the end of 2022 and it says the same.

Called Shawbrook again and indeed the previous advisor has given incorrect information. For ISA's it is indeed the case that even for fixed accounts you have the entire tax year to add additional funds. The 7 day funding window after products are withdrawn applies only to normal fixed rate account.

Important to mention is the cut off time. Transactions initiated before 2:30pm on a working day will be credited the same day, transactions after 2:30 the following day. For transactions after 2:30 on a Friday funds will not be credited until the following Monday.

This was all posted on page 573 by refluxer and myself.

pecunianonolet

2010 said:

pecunianonolet said:

refluxer said:

pecunianonolet said:

Right, phoned Shawbrook and Kent Reliance this morning. 

Shawbrook: Funding possible at any time as long as the product is available. Once ISA product has been withdrawn you have 7 days to fill up. So if they withdraw early and you do not have the funds available the chance of not being able to fully subscribe is a risk.

This is definitely the case with their fixed rate bonds but the T&Cs for their fixed rate ISAs suggests a different approach, so I guess either the person you spoke to is mistaken or the fixed term ISA T&Cs are wrong.

I can't see any way the following can be misinterpreted, unless I'm missing something ? If you click on the link to the T&Cs in the quote below, it's the third entry in the 'Terms and conditions' section near the bottom of the document.

refluxer said:

If the Shawbrook ISA is of interest, then make sure you read the T&Cs yourself to satisfy yourself that this is actually possible, but I thought this line from the 1 year fixed rate ISA T&Cs looked pretty clear.... "Please note that the Bank reserves the right to withdraw this product at any time. If the product is withdrawn, you can continue to put more money into your account until the expiry of the fixed term"

I had initially thought that this was a recent change Shawbrook had made, but I checked back to a fixed rate ISA I opened with them at the end of 2022 and it says the same.

Called Shawbrook again and indeed the previous advisor has given incorrect information. For ISA's it is indeed the case that even for fixed accounts you have the entire tax year to add additional funds. The 7 day funding window after products are withdrawn applies only to normal fixed rate account.

Important to mention is the cut off time. Transactions initiated before 2:30pm on a working day will be credited the same day, transactions after 2:30 the following day. For transactions after 2:30 on a Friday funds will not be credited until the following Monday.

This was all posted on page 573 by refluxer and myself.

True but it wasn't fully clear yet to me. I have never had to deal with ISA's before so I am still trying to get my head round all the various options, versions, terms, rules, etc and asked for help and provided feedback of the results of my calls. Maybe it is repetitive but perhaps it helps others too. At least it is a lot more on topic compared to other discussions...

kipsterno1

EDIT - See below I was having a moment!