Secure your 2023-24 fixed term ISA rate *now*

timmy963

I did wonder why it just wouldn't let me apply, even though it was still listed...

Rich2808

gele said:

Hi Can I open Paragon 2yr fix now and pay in for this tax year and next if payment in window crosses the tax years?
[I did ask this on a longer post elsewhere so apologies for anyone re-reading]
Thanks

Yes.

And the advantage with paragon as its a split isa provider is that you can invest in multiple isa accounts (fixed and instant access) up to your £20,000 limit. And also move funds easily online between different isas.

It just gives you more flexibility all round.

GrubbyGirl_2

I too have just opened a 5 year fixed at 4.15% with Paragon and intend to fund it next year.  I'm glad I did because I thought I'd missed the boat they now don't offer it generally but it is still available current customers.  With the predictions of inflation coming down to 2.9% by the end of the year I would expect interest rates to start coming down again so some of these good 5 year fixes may start disappearing 

gele

Well we opened 3 accounts with Paragon-a LISA, an ISA and a triple access account. All very easy.
It was when my daughter tried funding them we came across problems. Nationwide did not like their details at all and I wasn't prepared to take a chance so bailed on that one. My daughter also has a little bit of money in the Halifax so we thought we'll try that one. Did a test £10 to the triple access account around 3.30 but it hasnt shown in the Paragon account yet.

d63

gele said:

Well we opened 3 accounts with Paragon-a LISA, an ISA and a triple access account. All very easy.
It was when my daughter tried funding them we came across problems. Nationwide did not like their details at all and I wasn't prepared to take a chance so bailed on that one. My daughter also has a little bit of money in the Halifax so we thought we'll try that one. Did a test £10 to the triple access account around 3.30 but it hasnt shown in the Paragon account yet.

just to say that i generally find that payments into my paragon accounts don't show up until the next day and they send an email to say they've received it. i dare say the delay occurs because incoming funds go to their clearing bank (HSBC)

refluxer

gele said:

Well we opened 3 accounts with Paragon-a LISA, an ISA and a triple access account. All very easy.
It was when my daughter tried funding them we came across problems. Nationwide did not like their details at all and I wasn't prepared to take a chance so bailed on that one. My daughter also has a little bit of money in the Halifax so we thought we'll try that one. Did a test £10 to the triple access account around 3.30 but it hasnt shown in the Paragon account yet.

I've had quite a few accounts with Paragon over the last few years and have had no issues at all.

If Nationwide couldn't check the account details, then it might simply be because Paragon haven't yet joined the Confirmation of Payee scheme (I can't remember if they have or not). Just enter the details carefully (as instructed) and you'll be fine - send a small test payment to be sure.

Some of the smaller banks don't operate at the weekend so I'd expect any payments made today to show in your account by tomorrow morning.

Band7

gele said:

Well we opened 3 accounts with Paragon-a LISA, an ISA and a triple access account. All very easy.
It was when my daughter tried funding them we came across problems. Nationwide did not like their details at all and I wasn't prepared to take a chance so bailed on that one. My daughter also has a little bit of money in the Halifax so we thought we'll try that one. Did a test £10 to the triple access account around 3.30 but it hasnt shown in the Paragon account yet.

No bank will be able to find your actual Paragon account in the Confirmation of Payee (COP) checking process because the money gets sent to a collection account and is then distributed to the Reference you specified. The Reference is not part of the COP checking, and is unlikely to ever be. You can either completely ignore the error Nationwide throws up, or you can follow the Paragon payment instructions and get Paragon Bank plc confirmed. Making test payments before you send large sums is always advisable.

I note the Paragon FAQ states "You will need to set up the transfer within five days of opening your new account.........If you open a new account before 1pm it'll be ready to accept transfers by 6pm the same day. But if your account is opened after 1pm it'll be ready by 10am the next day."

35har1old

Band7 said:

If you are planning to have a 1 year fixed cash ISA next year, it might be a good idea to apply for it now. The Virgin Exclusive ISA* is 4.25% and matures 29/03/2024, which suggests they might withdraw it for new applicants at the end of the month

EDIT 19/03/2023:  the 4.25% version has been withdrawn on March 17. Thus you can’t apply any longer. If you managed to get it, you need to make deposits by April 17 at the latest

You can open this ISA now, and you don't have to put any money into it before 6th of April. Deposits can be made right up until 30 days after they stop selling this account. So if they withdraw it end of the month, you would have until end of April to make your deposit(s) or transfers. Though the sooner after April 5 you make your deposit, the better, as the maturity date is fixed.

If a better rate ISA appears by April 6, you can just ignore the Virgin ISA and put your money into the better one.

*To be eligible for this ISA, you need a Virgin current account, opened after 3/12/2019. You don't have to use that current account for anything.

Has been withdrawn checked18-03-24 not updated on MSE site 19-03-23

caveman38

On  applying for an  ISA now  to fund in 23/24. What happens  when on the application it asks whether you have already opened an ISA for 22/23. It will not be aware the funds will be delayed until the following tax year. How do you get over that obstacle?

Barney1954

caveman38 said:

On  applying for an  ISA now  to fund in 23/24. What happens  when on the application it asks whether you have already opened an ISA for 22/23. It will not be aware the funds will be delayed until the following tax year. How do you get over that obstacle?

I sent a secure message to Gatehouse Bank yesterday asking that question, I will post their response when I receive a reply.