New ISA

mfijohn

Hello
Please excuse my ignorance. I don't currently hold an ISA, however due the lovely high interest rates, I think it would be a good idea to open one. My question is, my current Bank isn't  the highest rate by a fair amount.  I am thinking of a 1yr fixed rate, but I understand the maximum amount I can transfer from my bank to another , in one go is £10k, so how do I open one and put more than that amount in please??

eskbanker

What are the terms of the ISA that you have in mind?  If they support multiple deposits within an initial funding window, as most do, then there's no issue, or some allow funding by debit card or direct debit, which negates the need to be bound by transfer limits.

Malchester

For most accounts you are given a funding window of several days to make as many deposits as you want. But you need to check as some accounts only allow one deposit into them. So, if you choose the right account you could make 2 deposits of £10000 or 3 or more separate deposits 

mfijohn

Malchester said:

For most accounts you are given a funding window of several days to make as many deposits as you want. But you need to check as some accounts only allow one deposit into them. So, if you choose the right account you could make 2 deposits of £10000 or 3 or more separate deposits 

Oh thanks for that Malchester,  I really appreciate it. I had no idea, so need to be careful when choosing

mfijohn

eskbanker said:

What are the terms of the ISA that you have in mind?  If they support multiple deposits within an initial funding window, as most do, then there's no issue, or some allow funding by debit card or direct debit, which negates the need to be bound by transfer limits.

Thanks for that info eskbanker, hoping interest rates don't fall before Mon/ Tues next week, as my fixed rate bond matures tomorrow

eskbanker

mfijohn said:

eskbanker said:

What are the terms of the ISA that you have in mind?  If they support multiple deposits within an initial funding window, as most do, then there's no issue, or some allow funding by debit card or direct debit, which negates the need to be bound by transfer limits.

Thanks for that info eskbanker, hoping interest rates don't fall before Mon/ Tues next week, as my fixed rate bond matures tomorrow

As mentioned, there's normally an initial funding window, i.e. if you want to secure an appealing rate today, then you can do that and still have several weeks within which to fund the account....