Kent Reliance Cash ISA 2yr Fixed Rate Issue 62 (4.4%)

code_hunter_2

Hello,
I hope someone can advise about the 
- Kent Reliance, Cash ISA, 2yr Fixed Rate, Issue 62, 4.40% -

I opened this ISA in Nov 22. I funded it with some new ISA money and transferred an old Cash ISA. 

The transfer had to be done with 30 days. 

I’ve not used up my £20000 ISA allowance for this tax year, but I can’t find the terms & conditions anywhere to see as to whether I can add more money this tax year. 

Does anyone know?

Ocelot

I don't know for sure, but it would be highly unusual for a FR ISA to allow further deposits beyond 30 days or so

refluxer

Yep, as mentioned above - it's highly unlikely that you'll be able to add anything to it now, outside of that initial funding window.

If you don't have access to your particular product T&C's, then there's a reasonable chance they could be the same as the T&C's for their current fixed rate ISAs so they might give you an indication of whether it's possible but, either way, I think it's unlikely you'll be able to add funds anyway.

I always save off the T&C's for any accounts I open in case I have to refer back to them - it's a good habit to get into.

Albermarle

 Kent Reliance, Cash ISA, 2yr Fixed Rate, Issue 62, 4.40% -

AS the current offer from KR for a 2 year fixed ISA, is 4.1%, then it seems highly unlikely they would let you add more to a 4.4% one....

fabsaver

I have this account and took screen shots of the summary box at the time of opening. I've copied the relevant sections below.

I would say you can add more new money to the account for this tax year. The only mention of any time limit is 30 days for transfers in. It does say top up anytime within ISA limits.

Probably worth checking directly with Kent Reliance.

Two year fixed rate cash ISA

Issue 62

Terms and conditions

Interest paid Opening balance AER Gross rate

Annual £1,000 4.40% 4.40%

Monthly £1,000 4.40% 4.31%

Key Facts

Fixed—rate, tax free savings

Top up anytime within ISA limits

Withdrawals and early closures subject to 180 days loss of interest

Monthly and annual interest payments available

Min opening deposit £1,000

Your money is protected up to £85,000

Product summary

The summary box contains the specific terms and conditions for this account and where applicable, supersede our

Savings General and Online Terms and Conditions.

How do I open and manage my account?

This account can be opened and operated by post, online” or in branch.

Additional deposits can be made subject to HM Revenue & Customs (HMRC) limits. The maximum you can

subscribe to a cash ISA in the current 2022/23 tax year is £20,000.

Additional deposits can be made by cash (only available at our branches), cheque or bank transfer. We do not

accept deposits by debit card into your account.

Transfer of additional ISA funds from other providers are permitted however this request must be received

within 30 days of your account being opened.

code_hunter_2

Thanks for all your responses. 

Along the lines of your replies, I had noticed that their current 2yr fixed rate isa does allow deposits after 30 days, which I thought was quite unusual.
The ‘top up anytime’ in the T&C sounds promising. 

I’m awaiting a reply from the Kent Reliance online help and I may give them a call tomorrow. 

Albermarle

I think the point is that you can continue to add to it whilst it is still available. This was Issue 62 and the latest one on offer is issue 66. No harm in checking with the provider though.

refluxer

Looks like I'll have to take back what I wrote above then ! It appears like you've opened a fixed rate ISA that does allow more funds to be added at a later stage.

This is quite rare, though. I've currently only got one fixed rate ISA I can do this with (Barclays) - I can't do this with any of the others I currently hold (Santander, Principality, Nationwide, Charter etc)

fabsaver

code_hunter_2 said:

Thanks for all your responses. 

Along the lines of your replies, I had noticed that their current 2yr fixed rate isa does allow deposits after 30 days, which I thought was quite unusual.
The ‘top up anytime’ in the T&C sounds promising. 

I’m awaiting a reply from the Kent Reliance online help and I may give them a call tomorrow. 

Did you get a definitive answer from Kent Reliance?

Middle_of_the_Road

refluxer said:

Looks like I'll have to take back what I wrote above then ! It appears like you've opened a fixed rate ISA that does allow more funds to be added at a later stage.

This is quite rare, though. I've currently only got one fixed rate ISA I can do this with (Barclays) - I can't do this with any of the others I currently hold (Santander, Principality, Nationwide, Charter etc)

YBS allow deposits until the fixed rate isa is withdrawn.

Product Details | Savings Product Finder | YBS

Deposits are permitted until the Fixed Rate ISA is withdrawn from sale. Please note that you are only permitted to subscribe to one Cash ISA each tax year. This means that if you do not fully utilise the current year subscription amount in this Cash ISA you will not be able to open another Cash ISA during the same tax year. You are still able to subscribe any unused allowance to a Stocks and Share ISA and or Innovative Finance ISA.


And the Coventry 1 year iss.209 4.12%

Fixed Rate ISA (209) 31.05.2024 (coventrybuildingsociety.co.uk)

How to put money into your account

You may pay in up to your annual ISA allowance for the 2023/2024 (£20,000) tax year. You won’t be able to pay in more money in future tax years.

 You may pay in money to this account, up to your annual ISA allowance, depending on how much money you have already paid into other types of ISA (e.g. stocks and shares).

• Pay in cash or cheques in a branch
• Post us a cheque
• Set up transfers from an account with another bank or building society or another account with us. To do this you will need the last 8 digits of your account number and sort code 40-63-01
• You can also transfer in current and/or previous years’ ISA savings using an ISA transfer. If you’re transferring in your current year’s savings then you must transfer all of it
• This is a limited issue ISA and you have a limited time to pay in. We must receive the first payment into the account, and any other payments in (including ISA transfer instructions) within 14 calendar days of us accepting your application, or while the account is still open to new investors, whichever is longer
• The minimum balance is £1

code_hunter_2

In case it is helpful for anyone, here is the response that I got a couple of days ago about the Kent Reliance 2yr fixed rate ISA (4.4%) that I opened in Nov 2022:

Thank you for contacting us regarding your Kent Reliance account.
Further to your query you can funds within 5th April by 5pm for the subscription for the year 2022-2023. 
For further assistance you can either send a secure message or call us on our customer services number 03451203223.

So, I am really impressed that new deposits were able to be made beyond the 30 days that was specified for transfers, as long as they were within the tax year. 

The new Kent Reliance 1yr fixed ISA is now at 4.08% and 2yr at 4.2%. Monthly interest is available. 

The T&C seem to be the same as my previous ISA- ‘top up any time’ within the tax yr.
ISA Transfers must be within 30 days. I’m tempted to go with the 2yr and transfer an old ISA (Coventry Limited Access). Then I can take my time to decide as to whether to add new money, or whether another isa may be better suited for my new ISA money. I think that makes sense?

Thanks for all the posts… so helpful!