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No (N)ISA transfers accepted
mac65
Posts: 3 Newbie
My partner has a £10k fixed-rate ISA maturing August 1st. Coventry does not accept ISA transfers for their 2.75% fixed-rate ISA (see Martin's recommendations). The amount has remained static for a few years since she went part-time (ie. she has not added to her ISA) and thus I suggested that she drop the ISA to normal cash and then invest in the Coventry! I realise that if she comes into money this tax year then it will drastically reduce her NISA allowance but it does give her access to a high paying, flexible rate; you takes your chance.....! Any other pitfalls that anyone can see?
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Comments
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You've just pointed out the main downside. Otherwise it's all good.
Make sure the Coventry ISA will allow you to pay in £10k. Some require you to pay in the maximum ISA allowance of £15k to give you the deal.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
Or pay into 5% current accounts insteadRemember the saying: if it looks too good to be true it almost certainly is.0
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what do you mean by that?I suggested that she drop the ISA to normal cash and then invest in the Coventry!I realise that if she comes into money this tax year then it will drastically reduce her NISA allowance
Everyone's ISA allowance this financial year is £15,000, regardless of how much money they already have or still get.0
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