Just Launched YBS Loyalty EISA Issue 2 -

Growingold

Yes the ISA opens overnight and then you can request online the transfer of an existing YBS ISA.  I did this and it transferred overnight .  However something I hadn't thought of was it was a past years ISA and I had an unused allowance for the past years ISA and this unfortunately wasn't transferred over.  So be aware of this if you wish to put funds back into a previous years ISA before the end of the tax year.  If you transfer to a new ISA this will be lost.

k_man

Is there anything in the terms (I couldn't find it) stating how soon funds have to added/transferred after opening?

e.g. could it be opened now, but paid into after 6th April (next tax year)?

savit4l8er

Yes, when you open one you are advised you have 42 days to place funds into it. 

Edit.

It also confirms the same on the letter they send.

BEWARE : if no payments are made into the account within 42 days of opening it, we will automatically close it.

where_are_we

It`s so long since I had a cash ISA, but increasing interest rates mean keeping below the £1000 personal savings allowance in 2023-2024 will not be possible.I have maxed out 2022-2023 ISA contributions in a combination of a stocks and shares ISA and an IFISA. In case this issue is pulled, is it best to open it now (assuming I am allowed to) and then fund it after April 6 within the 42 days funding window. As this is the cash ISA season, if a better rate comes up I would be able to go for that instead before the 42 days are up. The flexible nature of this product means I could make up to 6 withdrawals in a year and replenish those withdrawals if I was able to.

Frogletina

where_are_we said:

It`s so long since I had a cash ISA, but increasing interest rates mean keeping below the £1000 personal savings allowance in 2023-2024 will not be possible.I have maxed out 2022-2023 ISA contributions in a combination of a stocks and shares ISA and an IFISA. In case this issue is pulled, is it best to open it now (assuming I am allowed to) and then fund it after April 6 within the 42 days funding window. As this is the cash ISA season, if a better rate comes up I would be able to go for that instead before the 42 days are up. The flexible nature of this product means I could make up to 6 withdrawals in a year and replenish those withdrawals if I was able to.

Yes - opening it now doesn't means you have to fund it if a better one comes along.

Also, if a better account comes up at any time during the year if you do fund it, you can always transfer the total funds in the Isa out to a different Isa. You would have to make sure that you return any flexibly withdrawn money before you do that if you can, as you wouldn't be able to return it to the new Isa.

piker57

savit4l8er said:

Yes, when you open one you are advised you have 42 days to place funds into it. 

Edit.

It also confirms the same on the letter they send.

BEWARE : if no payments are made into the account within 42 days of opening it, we will automatically close it.

However please note this information on page 11 of the general T&Cs that they refer to on the webpage for the eISA.

If you don’t make any subscriptions (or transfers) into your Cash ISA during the tax year, which runs from 6th April to 5th April the following year, your application will no longer be valid at the end of the tax year. If this happens you’ll need to make a fresh application before you can start paying in again.

Shedman

piker57 said:

savit4l8er said:

Yes, when you open one you are advised you have 42 days to place funds into it. 

Edit.

It also confirms the same on the letter they send.

BEWARE : if no payments are made into the account within 42 days of opening it, we will automatically close it.

However please note this information on page 11 of the general T&Cs that they refer to on the webpage for the eISA.

If you don’t make any subscriptions (or transfers) into your Cash ISA during the tax year, which runs from 6th April to 5th April the following year, your application will no longer be valid at the end of the tax year. If this happens you’ll need to make a fresh application before you can start paying in again.

Well spotted and good heads up. 

The other providers I've looked opening an ISa 'early' don't appear to have that condition or are quite explicit in stating that if funds are not received by 5th they will count towards 23/24 ISA allowance so YBS seem to be an outlier.  I don't believe there is anything in the ISA regs that disallows opening an ISA in one tax year but not funding it until following tax year to have it counted as using following years allowance so it seems to be just a YBS imposed condition.

savit4l8er

Shedman said:

piker57 said:

savit4l8er said:

Yes, when you open one you are advised you have 42 days to place funds into it. 

Edit.

It also confirms the same on the letter they send.

BEWARE : if no payments are made into the account within 42 days of opening it, we will automatically close it.

However please note this information on page 11 of the general T&Cs that they refer to on the webpage for the eISA.

If you don’t make any subscriptions (or transfers) into your Cash ISA during the tax year, which runs from 6th April to 5th April the following year, your application will no longer be valid at the end of the tax year. If this happens you’ll need to make a fresh application before you can start paying in again.

Well spotted and good heads up. 

The other providers I've looked opening an ISa 'early' don't appear to have that condition or are quite explicit in stating that if funds are not received by 5th they will count towards 23/24 ISA allowance so YBS seem to be an outlier.  I don't believe there is anything in the ISA regs that disallows opening an ISA in one tax year but not funding it until following tax year to have it counted as using following years allowance so it seems to be just a YBS imposed condition.

It's just referring to the declaration to resubscribe to the ISA, you have to apply to do so via a fresh application. 
The final words "start paying in again" are key. 

Shedman

savit4l8er said:

Shedman said:

piker57 said:

savit4l8er said:

Yes, when you open one you are advised you have 42 days to place funds into it. 

Edit.

It also confirms the same on the letter they send.

BEWARE : if no payments are made into the account within 42 days of opening it, we will automatically close it.

However please note this information on page 11 of the general T&Cs that they refer to on the webpage for the eISA.

If you don’t make any subscriptions (or transfers) into your Cash ISA during the tax year, which runs from 6th April to 5th April the following year, your application will no longer be valid at the end of the tax year. If this happens you’ll need to make a fresh application before you can start paying in again.

Well spotted and good heads up. 

The other providers I've looked opening an ISa 'early' don't appear to have that condition or are quite explicit in stating that if funds are not received by 5th they will count towards 23/24 ISA allowance so YBS seem to be an outlier.  I don't believe there is anything in the ISA regs that disallows opening an ISA in one tax year but not funding it until following tax year to have it counted as using following years allowance so it seems to be just a YBS imposed condition.

It's just referring to the declaration to resubscribe to the ISA, you have to apply to do so via a fresh application. 
The final words "start paying in again" are key. 

Could be but why use the word "application" rather than "ISA declaration" which is clearer and what other providers seem to use to cover the resubscribing situation after a years gap.

savit4l8er

Would say it's just their t&c wording. Typically one makes an application to subscribe in the relevant year.  
They have a "break between subscriptions application form" which is also known as a declaration form.