fixed rate ISA that can be added to each new tax year?

c_laire73

Hi all,

Can I open for example a 3yr fixed ISA for the current tax year deposit 20K. Then at the beginning of each new tax year deposit another £20k in so in theory at the end of the 3yr fixed I would have £60k in it - is this allowed?

thanks

ColdIron

It's not disallowed but I've never seen a fixed term account that offers it. You'd need to open another account each year

If you think about it, banks offer the rate that fits in with their projections at a point in time (now). The landscape could be very different in a years time. The rate could be much lower so they would be a hostage to fortune by having to give you that higher rate. Or the rates could be higher in which case you wouldn't want to pay any more in

Descrabled

Barclays ISA

They had a 3y fixed rate ISA closed to new applications in March 2020 that allowed the annual addition (£20,000) each tax year at the fixed rate. They do not currently offer such an account but may well do in the future. They are not renowned for offering the best ISA rates but you never know.

Albermarle

Normally all deposits have to be made within 14 days of opening the account and then that is for the full term.
Last year there was a thread about Shawbrook allowing later additions, which was very unusual, but they reserved the right to stop accepting new contributions as and when they decided.