Autumn Statement - Multiple ISA subscriptions allowed

Zaul22

Hopefully rates will get better compared to normal savings.

pecunianonolet

Qyburn said:

pecunianonolet said:

Imagine Zopa pots under an ISA wrapper

Zopa already has ISA pots

I am aware of the pots but excuse me for not being precise enough. What I meant was ISA pots in the same way as the saver pots with notice periods of days not terms of years so you can create a ladder with shorter periods.

Imagine, 8k in easy access somewhere, and 12k in in 12 x 31 day notice pots. With the new flexibility of being able to open ISAs with different providers next year you can hedge yourself much better against market fluctuations to try and achieve an overall higher average return.

Currently you can only be flexible with old money as you can open as many accounts as you wish and transfer a pound in to hold the account, hoping for it to be competitive in the future. 

Example: My Virgin ISA  Exclusive 1y fix at 4.25% matures 31.3.24. My Shawbrook 1y 4.21% fix 25.4.24, which isn't full yet as I can make unlimited contributions into the fix. So, my dilemma is that I have now a fix from last year I can't access without penalty and this year I can only subscribe to one ISA, which is Shawbrook. 

My anticipation is that rates will drop further for newly opened accounts, existing accounts usually hold rates stable for a much longer time. Unless I now find a provider where I can open an account, but don't have to make a subscription of at least £1, I am at the mercy of the market and rates available in spring because I can only subscribe to one provider, in my case a Shawbrook fix and the penalty is prohibitive as there is no other account which has a high enough rate, so I am always at a loss.