NatWest or RBS ISA (matures 12 Jun 2024)

gesdt50
gesdt50 Posts: 112 Forumite
Eighth Anniversary 10 Posts
edited 4 May 2023 at 5:34PM in Savings & investments
Hi all, for Natwest or Rbs  they say the ISA  product  (matures 12 Jun 2024); as its only the  start of May and the Isa tax year ends on 6th April 2024 - wouldn't the mature date  be earlier? Why would it please if anyone can advice be to the extended date of 12 June 2024?

Comments

  • bristolleedsfan
    bristolleedsfan Posts: 12,624 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 4 May 2023 at 5:55PM
    gesdt50 said:
    Hi all, for Natwest or Rbs  they say the ISA  product  (matures 12 Jun 2024); as its only the  start of May and the Isa tax year ends on 6th April 2024 - wouldn't the mature date  be earlier? Why would it please if anyone can advice be to the extended date of 12 June 2024?

    They can set terms however they want, equally consumer can choose whether to take out product.



  • Middle_of_the_Road
    Middle_of_the_Road Posts: 1,028 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    edited 4 May 2023 at 6:17PM
    I'm not an expert, but seeing as the first response was totally unhelpful, 
    maybe......

    As an ISA is not taxed, it makes no difference for tax purposes. You will be able to fund another ISA any time in tax year 24-25
  • gesdt50
    gesdt50 Posts: 112 Forumite
    Eighth Anniversary 10 Posts
    bristolleedsfan said:
    gesdt50 said:
    Hi all, for Natwest or Rbs  they say the ISA  product  (matures 12 Jun 2024); as its only the  start of May and the Isa tax year ends on 6th April 2024 - wouldn't the mature date  be earlier? Why would it please if anyone can advice be to the extended date of 12 June 2024?

    They can set terms however they want, equally consumer can choose whether to take out product.




    If they could set the terms however they want, in that case they could go up to 3-5 years and more rather than 14 months to maturity!
  • ForumUser7
    ForumUser7 Posts: 2,373 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    edited 5 May 2023 at 11:14AM
    gesdt50 said:
    bristolleedsfan said:
    gesdt50 said:
    Hi all, for Natwest or Rbs  they say the ISA  product  (matures 12 Jun 2024); as its only the  start of May and the Isa tax year ends on 6th April 2024 - wouldn't the mature date  be earlier? Why would it please if anyone can advice be to the extended date of 12 June 2024?

    They can set terms however they want, equally consumer can choose whether to take out product.




    If they could set the terms however they want, in that case they could go up to 3-5 years and more rather than 14 months to maturity!
    Some fixed rate ISAs do mature after multiple years

    I'm not quite sure if I fully understand your point/question
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • bristolleedsfan
    bristolleedsfan Posts: 12,624 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 5 May 2023 at 12:11PM
    gesdt50 said:
    bristolleedsfan said:
    gesdt50 said:
    Hi all, for Natwest or Rbs  they say the ISA  product  (matures 12 Jun 2024); as its only the  start of May and the Isa tax year ends on 6th April 2024 - wouldn't the mature date  be earlier? Why would it please if anyone can advice be to the extended date of 12 June 2024?

    They can set terms however they want, equally consumer can choose whether to take out product.




    If they could set the terms however they want, in that case they could go up to 3-5 years and more rather than 14 months to maturity!
    It is not uncommon for a fixed rate ISA to have a specific end date which does not match stated number of year(s)/ time period) from deposit, 

    I took out advertised as 5 year ISA at the end of November 2022 which matures March 2028

    Grateful to you for re-quoting screenshot that I posted which graphically explains/shows why Natwest  1 and 2 year fixed rate ISA has different maturity date to what might be expected by some consumers.  :)
  • bristolleedsfan
    bristolleedsfan Posts: 12,624 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 5 May 2023 at 12:21PM
    bristolleedsfan said:


    They can set terms however they want, equally consumer can choose whether to take out product.



    According to Moneyfacts 6 (Six) savings providers are currently offering higher ISA 1 year fixed rate than Natwest Bank
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