Add money to a fixed rate ISA?

Silverladymj

Due to the increase in interest rates I now need to move £40K from an ordinary savings account into a cash ISA, as my interest for the year will exceed £1000. I am planning on paying £20K in March and a further £20K in April. I would prefer a 1 year fixed ISA. If I opened this in March 23 with £20K, am I then allowed to make the second payment of £20K into this when the new tax year stars in April? OR could I  open an easy access ISA, pay in the first £20K in March, the second £20K in April and then transfer the whole ISA to a fixed rate one? I have no ISA's at present. Thank you any help or advice.

masonic

Fixed rate ISAs will generally have a limited time window within which you can add new funds, usually in the region of a couple of weeks. It may be possible to open and fund over two tax years if opened at the right time. Otherwise you could use an easy access ISA to bring this years allowance into the new tax year before taking out a fix and requesting the transfer and depositing 2023/4 money at the same time.

LeafGreen

The Barclays 4% one would be worth a look.  You do need a Barclays current account, but opening one online is not too onerous - I did it myself recently just to get the ISA.  Check the T&Cs but sounds like it would fit the bill.

GrubbyGirl_2

You would have to look at the bank's specific rules and there is usually a very limited time window to put money in.  Why not just open 2, one this year and one next?  They can both be with the same provider.  Not sure why you need to keep the whole £40k in one ISA

Winchmore_Hill_Shot

The Barclays One Year would allow you to do that - as long as you are within the general ISA rules which it sounds like you are.

Silverladymj

grahamgoo said:

The Barclays 4% one would be worth a look.  You do need a Barclays current account, but opening one online is not too onerous - I did it myself recently just to get the ISA.  Check the T&Cs but sounds like it would fit the bill.

I haven't got a Barclays current account & don't really want to open another current account, so will probably go with another provider, but thank you for your advice.

Silverladymj

GrubbyGirl_2 said:

You would have to look at the bank's specific rules and there is usually a very limited time window to put money in.  Why not just open 2, one this year and one next?  They can both be with the same provider.  Not sure why you need to keep the whole £40k in one ISA

Sounds like a good idea, I hadn't thought of that option! I would prefer all the money to be with the same provider. Thank you for your suggestion.

apt

You don't need a Barclays current account to open a 1 year flexible cash ISA, but you'd have to open it in branch and can be a wait to get a slot. 

wyutani

apt said:

You don't need a Barclays current account to open a 1 year flexible cash ISA, but you'd have to open it in branch and can be a wait to get a slot. 

Sheffield City Centre is a 6 week wait for an appointment !