ONE BIG RUSH

Perrysburg

Happy Easter

 

Thank you for any comments / advice in advance.

 

I do not have any ISA’s and have not for several years. I am very new to the current process. I feel that I must fulfill this current tax year 23/24 ISA allowance to its potential for tax purposes.

 

I have £15,000 to place into cash ISA immediately. More to being deposited 24/25 tax year.

 

Looking to get the best rate I could. I inquired with Plum, currently showing at 5.17%. They came back to me yesterday stating that if I deposited today (28/3) the funds would not reach the account until after 5th April. Therefore would count for the 24/25 tax year and not 23/24. Even though I was going to send the money immediately electronically.

 

I then approached Moneybox currently showing a rate at 5.16%. They have not confirmed if money transferred today that it would reach 23/24 tax year. However they have fees for this particular Cash ISA of £12 a year. To smooth the pain of the fees they have an offer of a £20 gift voucher for this Easter.

 

Can anyone shed any light that is now normal practice for providers to charge fees on Cash ISA’s?

 

Is Plum a good financial house to deal with?

or should I be looking at High Street small Building Societies or any other ISA providers to get the best rate I can before the end of this year deadline date?  

 

eskbanker

In your shoes I think I'd get my money into the ISA wrapper with a mainstream player offering swift account opening and funding processes, even if the interest rate isn't the best, in order to meet the 2023/24 deadline, and then, with the benefit of time, transfer to another provider later on.

Nikkster

I wasn't aware that moneybox charged a fee?

I would suggest opening an isa with someone you already bank with to get the money within an isa this tax year (I know i could deposit into my Halifax isa immediately). You can then do an ISA Transfer (important!) to another provider (that accepts transfers) at a more leisurely pace

1spiral

I opened a Zopa isa for my mother last month. The process of account opening was instant and we transferred funds straight after. The whole process took less than 30 mins from opening to funds being in the account. Their rate is currently 5.08 for an easy access flexible isa which is one of the top rates available currently.