UBL UK Bank fixed rate ISA

Hello
I’m interested in hearing from anyone else who has set up a cash ISA with UBL UK Bank. Following MSE recommendations, I have opened a 1 year fixed with them, but HSBC are being very challenging with me in terms of allowing a transfer into the ISA, and have placed significant doubts in my mind. I have done what I can to confirm the legitimacy of the bank and the ISA but it’s limited to what I see online. 
Also, if I chose not to proceed with investing in this ISA now, am I permitted to open another one this tax year to invest up to my £20k limit? Must I ensure the UBL one is properly closed first? I have placed £10 into it as a test. 
Many thanks for any thoughts.

Comments

  • eskbanker
    eskbanker Posts: 29,863
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    HSBC are being very challenging with me in terms of allowing a transfer into the ISA, and have placed significant doubts in my mind.
    Do you simply mean that the automated Confirmation of Payee check isn't able to verify UBL as the ultimate recipient of funds that'll be routed via an intermediary bank, or are HSBC actively trying to dissuade you from sending money?

    Also, if I chose not to proceed with investing in this ISA now, am I permitted to open another one this tax year to invest up to my £20k limit? Must I ensure the UBL one is properly closed first? I have placed £10 into it as a test.
    The fact that you've paid £10 into the ISA limits your options - you can normally only pay new money into one cash ISA per tax year, but as a one-off you can use the 'investor error' self transfer feature of ISAs and close the UBL one prior to paying into another:

    https://www.gov.uk/guidance/close-void-or-repair-an-isa-if-youre-an-isa-manager#repair-void
  • masonic
    masonic Posts: 22,852
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    edited 31 October 2023 at 6:14PM
    Also, if I chose not to proceed with investing in this ISA now, am I permitted to open another one this tax year to invest up to my £20k limit? Must I ensure the UBL one is properly closed first? I have placed £10 into it as a test.
    You could ask them to close it within the cooling off period and you'd be free to open and pay into another. Outside the cooling off period, you'd pay a penalty to close it and would be subject to 'investor error - self transfer' regime. 
    However, I wouldn't let HSBC's overzealous approach put you off. UBL is a legitimate ISA manager and you need only confirm that you have been accessing the correct website as listed in the FCA register.
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