Where to save if used fixed isa

Loumacscfc

I have put my savings into a fixed isa which finishes 4th April 2022.
This means I can only add funds for 30 days.
The question is where is the best place to receive interest now I cant use my isa until the fixed rate expires?

ivormonee

You should be able to choose between having interest added to the ISA itself or being paid away to another account. Probably best to contact your ISA provider and ask them how to make the change that you want.

eskbanker

I think you've misunderstood OP's question, which I read as looking for another account in which to save, to earn interest (in parallel with, but unrelated to, the fixed ISA).

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

ivormonee

To be honest I don't understand the OP's question.

Loumacscfc said:

This means I can only add funds for 30 days.

Why can they only add funds for 30 days? Perhaps they are referring to a funding window of an ISA that they have just opened, in which case why not use that?

Loumacscfc said:

I have put my savings into a fixed isa which finishes 4th April 2022.

Which would imply that they are using the current year ISA subscription period on a one year (more-or-less; thirteen and a bit months, more precisely) fixed term ISA. If so, a further subscription period will open up to the OP on 6th April, coinciding (almost) with the expiry of the current 30 day funding window.

So, if they specifically want an ISA, they have 30 days for the current year subscription and then, from the new tax year, a further year's ISA allowance becomes available to them.

Loumacscfc said:

The question is where is the best place to receive interest now I cant use my isa until the fixed rate expires?

This doesn't make sense to me, as it does to you; why would the OP not be able to make any further ISA savings until after 4th April 2022?

As above, they still have 30 days to continue to make use of the current year ISA allowance, if not already used up and, if they have, they will be able to make further use of the ISA allowance for 2021/22 from 6th April 2021.
And if they're not bothered about the ISA wrapper, then they can use the links you've provided, or other comparison sites to select an appropriate savings account.

Or is the OP simply asking us to run the search on a comparison site and report back here with the best paying savings accounts for them?

eskbanker

ivormonee said:

Loumacscfc said:

This means I can only add funds for 30 days.

Why can they only add funds for 30 days? Perhaps they are referring to a funding window of an ISA that they have just opened, in which case why not use that?

Yes, I believe they're referring to the funding window of the one they've just opened, but the question is effectively 'once that window has expired, where can I continue to save after that?'.

ivormonee said:

Loumacscfc said:

I have put my savings into a fixed isa which finishes 4th April 2022.

Which would imply that they are using the current year ISA subscription period on a one year (more-or-less; thirteen and a bit months, more precisely) fixed term ISA. If so, a further subscription period will open up to the OP on 6th April, coinciding (almost) with the expiry of the current 30 day funding window.

So, if they specifically want an ISA, they have 30 days for the current year subscription and then, from the new tax year, a further year's ISA allowance becomes available to them.

Yes, you're right, they can pay into another ISA from 6 April 2021, if they feel that easy access cash ISAs are attractive enough!

ivormonee said:

Loumacscfc said:

The question is where is the best place to receive interest now I cant use my isa until the fixed rate expires?

This doesn't make sense to me, as it does to you; why would the OP not be able to make any further ISA savings until after 4th April 2022?

I think the reference to not being able to use 'my isa' specifically means the fixed-term one, once its funding window has expired, rather than not being able to use 'my isa allowance'.

ivormonee said:

Or is the OP simply asking us to run the search on a comparison site and report back here with the best paying savings accounts for them?

I suspect this could be it, but hopefully they'll be back to clarify!

Loumacscfc

Thanks for informative comments. Ok I have transferred my current isa to a new provider on a 1 year fixed deal. I can only put further funds into the isa for 30 days. After that no further funds can be added to the isa as it is fixed,that's my understanding. I thought you can only add funds to a easy access isa hence much lower interest.
I am basically asking where is the best place to save as even though I can use 20 grand for 2021/22  I can't to my understanding add !!!!!! it to my fixed rate isa after 30 days?

Eco_Miser

You're right that you can't add to your fixed rate ISA after 30 days, but on 6th April you will be able to open another one, subject to availability.

Does your ISA provider put its ISA wrapper around multiple cash ISAs, as Nationwide does?

This lets you accumulate in an easy access ISA, then transfer to a fixed ISA at an appropriate time.

Do you actually need to use a cash ISA? That is, will your interest received in a tax year exceed your Savings Interest Allowance for that year?

ivormonee

Loumacscfc said:

Thanks for informative comments. Ok I have transferred my current isa to a new provider on a 1 year fixed deal. I can only put further funds into the isa for 30 days. After that no further funds can be added to the isa as it is fixed,that's my understanding. I thought you can only add funds to a easy access isa hence much lower interest.
I am basically asking where is the best place to save as even though I can use 20 grand for 2021/22  I can't to my understanding add !!!!!! it to my fixed rate isa after 30 days?

Well if you scroll up to my previous post, I believe I have quite comprehensively answered all the points you raise so, unless you'd like me to copy-and-paste my earlier post, it might be easier if you just take a look.

TheAble

Just open a new ISA in the new tax year. Ideally not one with a 30 day funding window 😉