Coventry BS ISA help

HampshireH

Evening

I have received this email today (below). I opened the ISA 2 months ago with an lump sum pay in and had intended to add to it monthly until I reached the pay in maximum amount.

Whilst I understand them closing it to new applicants it seems odd that they are giving just two weeks notice to pay anything else in for this tax year for current customers with a new ISA 

Is this normal? It means I won't be able to save the maximum this year as I intended

You recently opened Fixed Rate ISA (219) 30.09.2024. We’ve now closed this account to new applications. So we’re letting you know that if you want to pay in any more money, you’ll need to do it by 02 October 2023 at the latest.

You can pay in towards your current annual ISA allowance (up to £20,000), or ask us to arrange an ISA transfer of your current or previous years' ISA savings into your Fixed Rate ISA (219) 30.09.2024. You'll need to do this by 02 October 2023.

You can pay in by transfer (from an account with us or another organisation), using sort code 40-63-01 and the last 8 digits of your 9-digit account number. Or you can post us a cheque or pay in cash or cheques at a branch.

If you have paid any money in to this account in the last few days, or the maximum amount, please ignore this message.

Rich1976

You can’t normally add monthly contributions to fixed rate accounts. They are meant for lump sums only to be left until the end of the fixed term, though some providers do allow you to add extra deposits until they’ve removed it from sale.

HampshireH

Thankyou. Kicking myself. I used a comparison on here for the rates etc and assumed restrictions like that would be highlighted 🤦🏼

Either way that does make sense thanks for replying 

Doctor_Who

As above, relatively few fixed rate ISAs allow additional funds to be added after the funding window (typically 14 to 30 days) has closed. The T&Cs of the ISA state: 'We must receive your Current Tax Year Subscription(s) (Condition 7) and/or ISA transfer instructions (Conditions 10.2 and 10.3) within 14 calendar days of your account being opened, or while the ISA is still available to open - whichever period is the longer'. There's not much you can do if you can't add the remaining allowance to the ISA before 2 October since you are outside the 14 day cancellation period. If you transfer the ISA to allow the remaining funds to be added there will be a penalty fee of 90 days' interest.