What do I need to find in 2024 ISA wise to allow regular deposits?

Just_A_Dad

Hi there,

Last year opened up my first ISA - a Cash ISA with Santander @ a rate of  4.15% which I discovered a few weeks later - was the wrong type for me.

I was looking for one I could top up with left over money each month - but instead after opening it (and initially putting 10K in it) it then locked off after one months savings.

As a result my savings over the remianing part of the year I've placed in an easy access saving account and managed to get 5.15% - which is good - and have a few thousand in it - as the amount is quite small interest wise I'm below my tax threshold for interest.


However for a new ISA this year - can anyone please guide me on what type or terminology I need to be looking for to find a new ISA that will allow regular deposits during the year?

Do these ISA's tend t ogive a smaller amount of interest as a result?
If that's the case - do I need to work out which route is best?

Thanks in advance.

Emmia

I have a Moneybox Stocks and Shares ISA and pay into it weekly, and make other top ups (minimum of £100) when I've got some spare cash to throw at it

Emmia

Moneybox also offer a cash ISA paying 5.09% which works in the same way as the Stocks & Shares ISA I have.

They're an app based provider.

eskbanker

Just_A_Dad said:

However for a new ISA this year - can anyone please guide me on what type or terminology I need to be looking for to find a new ISA that will allow regular deposits during the year?

Do these ISA's tend t ogive a smaller amount of interest as a result?
If that's the case - do I need to work out which route is best?

There are basically two common types of ISA (like other savings accounts) - variable or fixed term ones.  The latter will generally entail a short initial funding window, after which you can't pay anything else in, but the former, also usually referred to as easy access, can continue to be funded for as long as you like, up to the annual £20K contribution limit in any given tax year.

The fixed term accounts will generally offer better rates in return for the loss of flexibility, so yes, you need to work out what fits your needs better.  Note that from 6 April, you can pay into multiple cash ISAs anyway, so you can operate both one or more fixed term ones alongside multiple easy access ones if you chose to do so.

If you want to use your full £20K allowance for 2023/24 and then again for 2024/25, there will be options to facilitate that, such as temporarily funding a different type of ISA (such as a stocks and shares one, leaving the money uninvested) immediately before the end of the tax year and then transferring into a cash one once the new tax year starts.