Longest duration Fixed Rate-cash ISA allowing monthly deposits throughout term.

soulsaver

Doctor_Who said:

You live and learn! I'd always thought fixed rate ISAs only accepted deposits during the funding window, but it seems that at least some providers allow additional deposits during the whole term. Shawbrook doesn't make this at all obvious in the 'summary information' on the website, but it is buried in the T&Cs:

You can make additional deposits into the account up to the maximum annual allowable subscription amount for the applicable tax year. 

https://www.shawbrook.co.uk/media/5777/1-year-fixed-rate-cash-isa-bond-78.pdf

As subsequently corrected - that text refers to the ISA after the term:

"The Cash ISA Matured Funds account is subject to the following conditions:

You can make additional deposits into the account up to the maximum annual allowable subscription amount for the applicable tax year."

The subsequent posted pics from the general terms omits the bolded(?) words 'You may be able to make deposits even if it is withdrawn if the Key Product Information applicable to that product allows it' that are, maybe subsequently, included.

So, the question now is, does any of the 2,3 & 5year fixed ISA KPIs say you can continue adding to it during the fixed term after it has been withdrawn from sale?

PS Being allowed to add funds to a fix while the product is still on sale is standard practice with Shawbrook, has been for years.

bristolleedsfan

soulsaver said:

Doctor_Who said:

You live and learn! I'd always thought fixed rate ISAs only accepted deposits during the funding window, but it seems that at least some providers allow additional deposits during the whole term. Shawbrook doesn't make this at all obvious in the 'summary information' on the website, but it is buried in the T&Cs:

You can make additional deposits into the account up to the maximum annual allowable subscription amount for the applicable tax year. 

https://www.shawbrook.co.uk/media/5777/1-year-fixed-rate-cash-isa-bond-78.pdf

So, the question is, does any of the 2,3 & 5year fixed ISA KPIs say you can continue adding to it during the fixed term after it has been withdrawn from sale?

PS Being allowed to add funds to a fix while the product is still on sale is standard practice with Shawbrook, has been for years.

Same applies to all Shawbrook Cash ISA fixed rates

soulsaver

bristolleedsfan said:

soulsaver said:

Doctor_Who said:

You live and learn! I'd always thought fixed rate ISAs only accepted deposits during the funding window, but it seems that at least some providers allow additional deposits during the whole term. Shawbrook doesn't make this at all obvious in the 'summary information' on the website, but it is buried in the T&Cs:

You can make additional deposits into the account up to the maximum annual allowable subscription amount for the applicable tax year. 

https://www.shawbrook.co.uk/media/5777/1-year-fixed-rate-cash-isa-bond-78.pdf

So, the question is, does any of the 2,3 & 5year fixed ISA KPIs say you can continue adding to it during the fixed term after it has been withdrawn from sale?

PS Being allowed to add funds to a fix while the product is still on sale is standard practice with Shawbrook, has been for years.

Same applies to all Shawbrook Cash ISA fixed rates

If you mean none of the KPIs say you can add funding after it's been withdrawn, I'd  have to agree. 

intalex

bristolleedsfan said:

intalex said:

I’m pretty sure there were at least 2 conflicting terms in the various documents about future deposits, hence felt the need to ask them and to remove ambiguity and have something in writing.

There has been no apparent conflicting terms in various documents about future deposits.

As you've pointed out, the KPI (product summary) does have the clause (point #3 in the T&Cs section):

Please note that the Bank reserves the right to withdraw this product at any time. If the product is withdrawn, you can continue to put more money into your account until the expiry of the fixed term.

At the same time, the email confirmation received when first opening the account has the words:

Deposits can be made into your account until the product is withdrawn. You can check whether the product has been withdrawn by looking at the “Withdrawn Products” section of our website.

This inconsistency may also exist in other comms but hopefully shows that an inconsistency does exist, hence why I felt the need to ask them via secure message to remove ambiguity and have something in writing, which I now do.

No comment from me on new subscription (direct deposit) vs ISA transfer in, as the latter doesn't feature in my plans.

refluxer

qbadger said:

How do I request another ISA transfer in to a fixed term/rate Shawbrook cash ISA after the account has been opened?

Struggling to find the option in their online banking portal...

From https://www.shawbrook.co.uk/direct/savings/help/faq/all-you-need-to-know-about-isas/how-do-i-transfer-my-cash-isa/

"Transferring an ISA to an existing Shawbrook account
To transfer in an ISA to an existing Shawbrook account, get in touch by secure message from your customer portal and we will work with you to complete the transfer."