Regular saver ISA

Albermarle

refluxer said:

Albermarle said:

nd the T&Cs for the Shawbrook Fixed Rate Cash ISAs suggest that this is allowed.

I believe the T's & C's also say this facility can be withdrawn at any time ?

As mentioned above, they state that you can continue to pay in after the product is withdrawn and right up until the end of the term which is different to their (non-ISA) fixed rate savers where you only get a week beyond the withdrawal date. Definitely a fairly unusual option as far as fixed rate ISAs go, although it's not a feature I've made use of personally.

OK fair enough, but it seems almost too customer friendly.  If say for example the fix rate is 4% and interest rates in the next year fall unexpectedly, there would be a rush of money into this account, and they would have to honour that 4%, even if their current fix on offer was less.
I suppose the fact that it is an ISA would limit how much extra could be deposited, which is why they do not have the same flexibility with their non ISA fixes.

F30_ABZ

eskbanker said:

F30_ABZ said:

I am in the fortunate position where I have a high amount of savings, and being a higher rate tax payer, my interest on savings will exceed the £500 tax free savings amount. Therefore I need to open an ISA to save a monthly amount without having to pay tax on my interest.

There's nothing actually wrong with paying tax, so it's generally best to aim for maximising your net return, rather than minimising tax as such - they're often the same but not always, i.e. 60% of a good rate may be better than 100% of a poor one, and if you're choosing ISA rates from what's available in branch in Aberdeen then they are likely to be below market-leading.

Even if avoiding tax is seen as a priority, there are other potential ways of achieving this, such as pension contributions or premium bonds....

I've already maxed out premium bonds so this is for the rest of the funds and monthly future funds I have available to save.