Top Cash ISAs Discussion Area

[Deleted User]

Was looking through the best rates at the moment, and noticed the great fixed rate Halifax are offering, but just wanted to get clarification of something just in case i read it wrong.

With the Halifax fixed rate 3yrs @ 4.25% or 2yrs @ 3.7%, although great fixed rates, once you have made your initial deposit, no further deposits are permitted for the life of the fix, this would mean next year starting a new ISA, or have i read it wrong ? so for example, you transfer say £10,000 from a previous ISA to open the account, then deposit £5640 for this year’s allowance, then your balance remains at £15640 for the remainder of the term apart from the interest accrued as next april you will not be permitted to deposit a further £5640. is that right ? my other choice would be Lloyds 2yr fix @ 3.7% purely because it appears to state that you can make additonal deposits.

I think interest rates will start to move in 2-3 yrs so looking to get the most interest over that period and dont mind fixing.

thanks in advance for any advise.

leaphaze

newuser78 wrote: »

I am confused about (2) - namely: "Deposit from £2,500 up to the annual cash ISA allowance".

Does this mean that I cannot transfer 9K plus monthly (approx £450)? E.g. I can only transfer £5,640.

Since they're talking about deposits, they're meaning cash, i.e. this year's subscription. If you're transferring last year's ISA(s), this doesn't apply.

Note Consumerist good advice about using a fixed rate ISA, i.e. monthly payments are a problem. If you're not sure why, post here before subscribing, you could avoid a bad mistake.

leaphaze

ejv wrote: »

My question is, am I breaking the law, if by any chance the AA account has been inadvertently opened(for £0.00), and then I deposit £5640 to Santander this afternoon?

Nope, you can open as many as you want, it's only when you pay in that the ISA becomes subscribed. Once you've done that, if you want to use another provider, you'll have to transfer.

ejv

leaphaze wrote: »

Nope, you can open as many as you want, it's only when you pay in that the ISA becomes subscribed. Once you've done that, if you want to use another provider, you'll have to transfer.

Thanx leaphaze,subscribed this year's +transfered last year's and fixed for 1 yr at 3.5% in Santander.

I wonder, any ISA provider(with whom you don't bank) let you start ISA online? This was what I tried to find out with AA this morning and made the mess!!!

Consumerist

ejv wrote: »

I wonder, any ISA provider(with whom you don't bank) let you start ISA online? This was what I tried to find out with AA this morning and made the mess!!!

Yes. Provided you have not subscribed (paid in) to another ISA in the same tax year, any ISA provider can let you open a new ISA. You can also transfer any number of ISAs from this and previous years if the provider allows transfers-in.

Lungboy

Does the 3.3% Santander variable rate ISA allow random deposits? I can't see it mentioned in the T&C.

DragonQ

I don't see why not.

Consumerist

Lungboy wrote: »

Does the 3.3% Santander variable rate ISA allow random deposits? I can't see it mentioned in the T&C.

Deposits are allowed at any time via standing order, one-off payments or internet transfer. (Direct ISA Issue 9)

You can get more details (pdf) <here>. (Page 2)

Consumerist

Deleted_User wrote: »

so for example, you transfer say £10,000 from a previous ISA to open the account, then deposit £5640 for this year’s allowance, then your balance remains at £15640 for the remainder of the term apart from the interest accrued as next april you will not be permitted to deposit a further £5640. is that right ?

Hi Deleted_User and welcome to the forum.

Yes, that is correct. It is a common feature of fixed-rate ISAs.

ejv

Consumerist wrote: »

Yes. Provided you have not subscribed (paid in) to another ISA in the same tax year, any ISA provider can let you open a new ISA. You can also transfer any number of ISAs from this and previous years if the provider allows transfers-in.

Thanx Consumerist...
What I wanted to know was---- would any provider allow to deposit the money entirely online, if you do not have a bank account with them? (I've done all my ISAs by walking to banks and giving the cheque)