Santander Fixed ISAs opened pre 5th April 2023 - funded with 2023-24 allowance?

howryoo

Has anyone here actually applied for and funded their fixed rate ISA before 5th April (whether with transfer in or 2022-23 allowance), and have since further funded the account with their 2023-24 ISA allowance?

Just want to check it's actually possible to do?

refluxer

The Fixed Rate ISA T&Cs suggests that cash deposits from both tax years are allowed.

If your T&Cs are the same as mine, then you have to pay in your 2023-24 subscriptions before 30th April* so just bear in mind that this means that you won't be able to pay any more into this ISA (or any other cash ISA) for the remainder of this tax year after that date. So if, for example, you were intending to make full use of your £20k allowance this tax year but only had £10k now, then you won't want to do this.

These quotes are taken from the 'How do I open and manage my account?' section in the T&Cs from the Santander Fixed Rate ISA I took out on 30th March (but you would need to check that yours are the same)...

"The ISA allowance for the 2022/23 tax year is £20,000 and deposits can be made up to and including 5 April 2023. The ISA allowance for the 2023/24 tax year is £20,000 and deposits can be made up to and including 30 April 2023. No subsequent additional deposits allowed.

These fixed rate ISAs are cash ISAs. Please be aware that if your deposits for any given tax year are less than the full ISA allowance for that tax year, you won’t be able to pay into another cash ISA in the same tax year to use the remaining allowance."

* The T&Cs for the current fixed rate ISAs accounts state that this deadline is now 31st May - I'm not sure when this changed.

howryoo

Thanks for taking the time to explain and clarify, and highlighting the very valid point of keeping the allowance in one tax year.

I usually use it in one shot, but is helpful for others to note.

My account also allows up to 30th April.

I'll see what offers might pop up for 1 year fixes, but being an existing Paragon customer, I might consider their 18 month account.  However, the difference on 20k is negligible.