ISA opening and funding

Whistler67

I am currently maxed at the FSCS level with one provider from earlier yax years and I want to open a CASH ISA for the current year with another bank to ensure protection for this ISA too. It is likely I will be funding it with a 10k deposit of this years allowance.  Can I open another CASH ISA once more of my funds from 1yr Bonds (non-ISA) mature in a few months with 10k to max my yearly allowance?

refluxer

You can only pay subscriptions from the current tax year into one cash ISA at any one time so if you want to pay £10k into one now and £10k into one at a later date then it would need to be the same ISA, which means it has to be either an easy access ISA of some description, or a fixed rate ISA that allows deposits throughout the duration of the fix (these are rare). 

One option would be to pay the first £10k into an easy access ISA now and then take out a fixed rate ISA once funds become available, transfer the easy access ISA into it and top up with a further £10k.

Whistler67

refluxer said:

You can only pay subscriptions from the current tax year into one cash ISA at any one time so if you want to pay £10k into one now and £10k into one at a later date then it would need to be the same ISA, which means it has to be either an easy access ISA of some description, or a fixed rate ISA that allows deposits throughout the duration of the fix (these are rare). 

One option would be to pay the first £10k into an easy access ISA now and then take out a fixed rate ISA once funds become available, transfer the easy access ISA into it and top up with a further £10k.

Spoke to Shawbrook earlier about their 1 Yr Fixed Rate CASH ISA BOND Issue 80 at 5.78% not providing details of last date of deposit. Call centre stated there is no closing date. When you open it with a minimum deposit of £1000 you can deposit funds throughout the term, which I found surprsing.   Many Thanks - now open.

badger09

Shawbrook is one of the very few providers who allow further subscriptions to a fixed rate/fixed term ISA after a short funding window. 

In addition to refluxer’s suggestion, you could use one of the ISA ‘portfolio’ providers such as Nationwide, who allow you to fund say a Fixed Rate & Easy Access ISA at the same time. 

Anecdotally, Virgin Money seem to be operating their ISAs on a  ‘portfolio’ basis, but I haven’t seen it spelled out anywhere. 

Albermarle

Whistler67 said:

refluxer said:

You can only pay subscriptions from the current tax year into one cash ISA at any one time so if you want to pay £10k into one now and £10k into one at a later date then it would need to be the same ISA, which means it has to be either an easy access ISA of some description, or a fixed rate ISA that allows deposits throughout the duration of the fix (these are rare). 

One option would be to pay the first £10k into an easy access ISA now and then take out a fixed rate ISA once funds become available, transfer the easy access ISA into it and top up with a further £10k.

Spoke to Shawbrook earlier about their 1 Yr Fixed Rate CASH ISA BOND Issue 80 at 5.78% not providing details of last date of deposit. Call centre stated there is no closing date. When you open it with a minimum deposit of £1000 you can deposit funds throughout the term, which I found surprsing.   Many Thanks - now open.

I believe they do not allow transfers in after the initial funding window, which means they are limited to accepting max £20K, so does not expose them so much to people trying to take excessive advantage of their flexibility.
Also I think in their T's & C's they have the right to stop accepting new funds if they wish.

Whistler67

ISA has been maxed for this years allowance.  Fantastic option for an ISA when you can drip funds through the year.  Many Thanks SHAWBROOK - keep this offer next ISA year please