Paying Money Into ISA After 30 Days

doire_2

I've got a lump sum I would like to move from Nationwide ISA to another provider. I did look at Secure Trust Bank at 3.8% for the year and also Charter Savings Bank at 3.78%
However both state you cannot pay anything into it after 30 days of opening. I find this a bit strange.
Are there any other ISAs around this rate for a year or two that would allow me to add to it over the year?

Thanks

eskbanker

It's not strange at all, in that it's very much the norm for fixed rate products - if you want to keep paying into an account then it would need to be an easy access one, perhaps alongside the fixed one, i.e. fund the fixed one with a transfer of your prior year contributions and then pay current year money into an easy access one.

There may sometimes be exceptions to the 'rule' though, I think I may have seen a fixed rate product that allows ongoing contributions but can't recall which one!

doire_2

eskbanker said:

It's not strange at all, in that it's very much the norm for fixed rate products - if you want to keep paying into an account then it would need to be an easy access one, perhaps alongside the fixed one, i.e. fund the fixed one with a transfer of your prior year contributions and then pay current year money into an easy access one.

There may sometimes be exceptions to the 'rule' though, I think I may have seen a fixed rate product that allows ongoing contributions but can't recall which one!

Thanks for that. I must be too used to my Nationwide account where I can pay in whenever I want. However the rate is 2.7% and yes its an easy access of 3 withdrawals hence the need to change 

jimjames

doire_2 said:

eskbanker said:

It's not strange at all, in that it's very much the norm for fixed rate products - if you want to keep paying into an account then it would need to be an easy access one, perhaps alongside the fixed one, i.e. fund the fixed one with a transfer of your prior year contributions and then pay current year money into an easy access one.

There may sometimes be exceptions to the 'rule' though, I think I may have seen a fixed rate product that allows ongoing contributions but can't recall which one!

Thanks for that. I must be too used to my Nationwide account where I can pay in whenever I want. However the rate is 2.7% and yes its an easy access of 3 withdrawals hence the need to change 

You can get 3% instant access with Virgin but do need a current account

Aidanmc

doire_2 said:

I've got a lump sum I would like to move from Nationwide ISA to another provider. I did look at Secure Trust Bank at 3.8% for the year and also Charter Savings Bank at 3.78%
However both state you cannot pay anything into it after 30 days of opening. I find this a bit strange.
Are there any other ISAs around this rate for a year or two that would allow me to add to it over the year?

Thanks

Barclays 1 Year Flexible ISA at 4% and states deposits can also be made next tax year.

'Deposits up to the annual ISA subscription limit each tax year may be made throughout the term of the Flexible Cash ISA'

Isa transfers must be received within 30 days of opening though.

Qyburn

jimjames said:
 

You can get 3% instant access with Virgin but do need a current account

You can just open the Virgin current account, you don't need to use it, or switch into it or anything. Just open the account, then you can open the ISA pretty much straightaway.

35har1old

doire_2 said:

I've got a lump sum I would like to move from Nationwide ISA to another provider. I did look at Secure Trust Bank at 3.8% for the year and also Charter Savings Bank at 3.78%
However both state you cannot pay anything into it after 30 days of opening. I find this a bit strange.
Are there any other ISAs around this rate for a year or two that would allow me to add to it over the year?

Thanks

Barclays Year Flexible Cash ISA

4.00% 1-year fixed-rate term (£1 to £1 million)

£1 (£0 for transfers-in)

Restricted, up to 3 withdrawals free of charge, each one up to 10% of the balance3

Limited period for transferring-in an existing ISA How do I open and manage my account? You can open an account online, in the Barclays app, in branch or over the phone. Please see the ‘How to apply’ section below for more details. You can open this ISA with £0 if it’s being funded by an ISA Transfer-in (ISA Transfer-in requests must be received within 30 calendar days from the date of account opening), otherwise the minimum deposit is £1. The maximum is £1 million. You can access your funds and manage your account in branch, or using Online Banking, the Barclays app or Telephone Banking – as long as you’re registered. Deposits up to the annual ISA subscription limit each tax year may be made throughout the term of the Flexible Cash ISA.

glennevis

eskbanker said:

It's not strange at all, in that it's very much the norm for fixed rate products - if you want to keep paying into an account then it would need to be an easy access one, perhaps alongside the fixed one, i.e. fund the fixed one with a transfer of your prior year contributions and then pay current year money into an easy access one.

There may sometimes be exceptions to the 'rule' though, I think I may have seen a fixed rate product that allows ongoing contributions but can't recall which one!

 The Virgin Money fixed rate ISA (exclusive issue 4) rate is 4.25% and allows this:

"You can pay money into your ISA as soon as it’s opened, right up until 30 days after we stop selling this account."

It's not quite what you are alluding to but, depending on the product lifespan, could better the usual window of 30 days after opening.

t0rt0ise

Be careful with Charter. Theirs isn't 30 days from opening the account, it's 30 days from the application date. If they take longer than 30 days to open the account as they did with me, you can't put any new money in at all.

RG2015

glennevis said:

eskbanker said:

It's not strange at all, in that it's very much the norm for fixed rate products - if you want to keep paying into an account then it would need to be an easy access one, perhaps alongside the fixed one, i.e. fund the fixed one with a transfer of your prior year contributions and then pay current year money into an easy access one.

There may sometimes be exceptions to the 'rule' though, I think I may have seen a fixed rate product that allows ongoing contributions but can't recall which one!

 The Virgin Money fixed rate ISA (exclusive issue 4) rate is 4.25% and allows this:

"You can pay money into your ISA as soon as it’s opened, right up until 30 days after we stop selling this account."

It's not quite what you are alluding to but, depending on the product lifespan, could better the usual window of 30 days after opening.

Bear in mind though that this has a fixed maturity date of 31 Jan 2024, so not 12 months.