Understanding ISA reinvastment

My Virgin Cash ISA matures soon, one of the options is to re-invest it for another year with Virgin at better rate.
It says : Pay money in within 30 days of opening... in my case the money will be transferred from the maturing one to this one. I don't need to add any more money within those 30 days, right?

and can I add more money anytime during the year?

Comments

  • eskbanker
    eskbanker Posts: 29,940
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    You'd need to read the terms of the account more carefully, but if it says 'pay money in within 30 days of opening', that would usually signify that this is the only window within which the account can be funded, rather than that the account must be funded within 30 days of opening (or it'll close).
  • eskbanker said:
    You'd need to read the terms of the account more carefully, but if it says 'pay money in within 30 days of opening', that would usually signify that this is the only window within which the account can be funded, rather than that the account must be funded within 30 days of opening (or it'll close).
    it says:

    • Each tax year you can pay in up to your annual tax-free allowance (subject to the terms and conditions of your account), which is £20,000 in the 2023-2024 tax year. 

    • To ensure money is accepted into your new account we must receive all money within 30 days from your account opening date. Any deposits received after 30 days may be returned to you. Therefore if you wish to add to your ISA every tax year this product will not be suitable. Fixed Rate Cash ISAs are not suitable for regular deposits.

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      I think that means I can only add more money within 30 days.. after that I can't add any more money

  • eskbanker
    eskbanker Posts: 29,940
    First Anniversary Name Dropper Photogenic First Post
    Forumite
    eskbanker said:
    You'd need to read the terms of the account more carefully, but if it says 'pay money in within 30 days of opening', that would usually signify that this is the only window within which the account can be funded, rather than that the account must be funded within 30 days of opening (or it'll close).
    it says:

    • Each tax year you can pay in up to your annual tax-free allowance (subject to the terms and conditions of your account), which is £20,000 in the 2023-2024 tax year. 

    • To ensure money is accepted into your new account we must receive all money within 30 days from your account opening date. Any deposits received after 30 days may be returned to you. Therefore if you wish to add to your ISA every tax year this product will not be suitable. Fixed Rate Cash ISAs are not suitable for regular deposits.

      ----------

      I think that means I can only add more money within 30 days.. after that I can't add any more money

    Agreed!   
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