Why do you leave it till now to use your 14/15 isa allowance?

LearyDunster

It may help investors to add to your tips on investing in ISA's, that the ISA market only offers higher interest 3-5 year fixed rate deals for a short period, e.g. Virgin Fixed Rate - Issue 85 was opened on 27/6/14 and closed 02/09/14. There was a 30 day period to invest in the ISA after the closure date. However, Virgin do not tell their investors that they have closed the ISA, customers are expected to search the webite for the information. Consequently, an investor saving over period in order to add to the initial deposit, will probably find they unable to do so, because the account is closed and they have missed the 30 day window. In addition, future investment over the 3-5 period is not option i.e. as the account is closed for further deposits.
The only option for further investment, is to open another ISA with new deposit. As transferring your funds to another ISA is not a realistic option, because you will lose 180 days interest.
I did complain to Virgin about the lack of customer care, they offered to transfer my funds to a one year account (at half the interest rate) without the loss 180 days interest. I politely declined.

jimjames

Not sure what the issue is, it's standard that fixed rate ISAs only allow deposits for a short period. It's very clear than a fixed rate ISA is set for a certain period with no further deposits after that, there is no indication that you can continue to deposit money at the same rate for many years and the ISA doesn't close, it just doesn't allow more money to be added beyond 30 days. Last year was an exception where many providers allowed extended periods due to the increase in the ISA limits in July 2014.

There is nothing stopping you opening another ISA in April 2015 to put £15k into if you want.

If you don't have a lump sum then fixed rate probably isn't suitable to use but that's your decision if you want to use one as there is no advice given.

However for smaller amounts an ISA probably isn't the right account to use anyway when far better rates are available elsewhere.

BTW you talk about investing but then refer to fixed rate cash ISAs which are not investments but savings accounts. Virgin do offer investments but are one of the most expensive providers of those.