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Matured 1 year fixed ISA gone into easy access ISA whilst waiting for a decent 1 year fixed ISA
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SickGroove
Posts: 319 Forumite

Good evening,
So, my 1 year fixed cash ISA with Charter (0.51%) recently matured on 06/04/22, and automatically went into their easy access cash ISA, ready for me to transfer when hopefully a 1.5% one year fixed rate ISA appears.
I've 60K in total from previous ISAs so with 20K from this year I'm looking to put 80K into a new one year fixed ISA (with monthly interest if possible)
As my previous fixed rate ISA with Charter had the interest paid monthly into my nominated account, will the same happen now it's changed to a easy access cash ISA? Can't seem to find this information from the Charter website.
Thanks
So, my 1 year fixed cash ISA with Charter (0.51%) recently matured on 06/04/22, and automatically went into their easy access cash ISA, ready for me to transfer when hopefully a 1.5% one year fixed rate ISA appears.
I've 60K in total from previous ISAs so with 20K from this year I'm looking to put 80K into a new one year fixed ISA (with monthly interest if possible)
As my previous fixed rate ISA with Charter had the interest paid monthly into my nominated account, will the same happen now it's changed to a easy access cash ISA? Can't seem to find this information from the Charter website.
Thanks
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Comments
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You should refer to the key features document of the ISA they have rolled you into (they have provided you with this information I trust, if not, ask). It doesn't seem to be a product that is on sale to new customers, just those who have maturing accounts and don't give alternative instructions.
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Even with tax to pay would not a rate of 2.21% on a 2 year fixed rate be better for you than an isa.
£1786.02 - £1000 tax free. £786.02 - 20% tax = £628.81. So £1628.81 after tax.
Depending on your earnings you can get even more savings allowance.
https://www.gov.uk/apply-tax-free-interest-on-savings
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Bigwheels1111 said:Even with tax to pay would not a rate of 2.21% on a 2 year fixed rate be better for you than an isa.
£1786.02 - £1000 tax free. £786.02 - 20% tax = £628.81. So £1628.81 after tax.
Depending on your earnings you can get even more savings allowance.
https://www.gov.uk/apply-tax-free-interest-on-savings
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