Flexible ISAs guide

Former_MSE_Rosie

Hi!

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Flexible ISAs guide.

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lisa110rry

Very timely for me Rosie. I've been reading up on this and have an appointment with my Bank Manager at 3.

Thank you.

Krash420

Metro bank not on that list. They offer this facility and as soon as I've gotten my Save Together bonus from HSBC (ends in August/September), I'll be transferring my previous ISA into Metro, unless one of the other banks I bank with provides a better rate with the flexibility.

10_66

Principality also offers some flexible ISAs.

xylophone

http://www.telegraph.co.uk/personal-banking/savings/which-banks-wont-let-you-withdraw-isa-money-and-then-pay-it-back/

Source: Savings Champion


"Nationwide, Barclays and Virgin Money were among providers that said they would offer flexibility. The others are in this table below.

Yorkshire Bank Up to 1.75pc
Skipton BS 1.4pc (for first 12 months)
Coventry BS 1.4pc
Virgin Money 1.31pc
Aldermore 1.3pc
Newcastle BS 1.3pc
Principality BS 1.3pc
Metro Bank 1.25pc
Triodos Bank 1.25pc
Nationwide BS 1.1pc
TSB Bank 1pc (for first 12 months)
Barclays Up to 0.8pc
Lloyds Bank 0.65pc (for first 12 months)
Halifax 0.6pc (for first 12 months)
Bank of Scotland 0.6pc"

Shedman

xylophone wrote: »

http://www.telegraph.co.uk/personal-banking/savings/which-banks-wont-let-you-withdraw-isa-money-and-then-pay-it-back/

Source: Savings Champion


"Nationwide, Barclays and Virgin Money were among providers that said they would offer flexibility. The others are in this table below.

Yorkshire Bank Up to 1.75pc
Skipton BS 1.4pc (for first 12 months)
Coventry BS 1.4pc
Virgin Money 1.31pc
Aldermore 1.3pc
Newcastle BS 1.3pc
Principality BS 1.3pc
Metro Bank 1.25pc
Triodos Bank 1.25pc
Nationwide BS 1.1pc
TSB Bank 1pc (for first 12 months)
Barclays Up to 0.8pc
Lloyds Bank 0.65pc (for first 12 months)
Halifax 0.6pc (for first 12 months)
Bank of Scotland 0.6pc"

That list is quoting the rate for the Virgin Defined Access ISA which I don't believe is a Flexible ISA - it is just the Easy Access Cash ISA at 1.11% that is the flexible one (well at least that's what they told me)

stevecarol14

I was planning to transfer funds from a cash ISA I hold with Nationwide to a non ISA savings account and received the following message as I tried to do so:


As of the 6th April 2016: Any funds that are withdrawn from an ISA and paid into a non-ISA product may no longer be considered to be tax-free savings. You should not withdraw funds you wish to transfer to another ISA; instead, you'll need to contact the new provider who'll arrange the transfer for you. This includes transfers to other Nationwide cash ISA products.


I am not planning an ISA transfer but simply to withdraw funds which I thought I could do as long as I repaid within the same tax year? Does anyone know if this is correct?

10_66

stevecarol14 wrote: »

...I am not planning an ISA transfer but simply to withdraw funds which I thought I could do as long as I repaid within the same tax year? Does anyone know if this is correct?

It will depend on whether or not the ISA from which you want to withdraw is a flexible ISA, not all of them are. Check with Nationwide to see if it is. I think there's a list in one of the MSE articles that shows some of the flexible ISA providers, but ISA providers may not offer flexible status on all of their products.


Edit: Here's the link to the article I mentioned above and according to that all of Nationwide's cash ISA's are flexible.
http://www.moneysavingexpert.com/savings/flexible-ISAs#providers




.....

stevecarol14

Thanks - yes it is flexible

andyt8

The "same tax year" condition means its ideal for planned transfers out of the ISA elsewhere for nearly 12mths as explained in this article BUT a bit different if you wanted to use some of your cash early in the year as it has to go back by 5th April. So you could borrow some of your ISA in June and pay it back in month by month from your salary - but not if you needed to do this in March.

webwiz

Suppose I have a previous years cash ISA with company A. I open a new ISA with company B and transfer in some cash from A, but do not subscribe any of this year's allowance. I then open a new ISA with company C to take this year's allowance. If B is flexible can I withdraw cash from B and replace it before the end of the year?