Fixed 1yr ISAs where you can pay in throughout term

CrickJon

Are there any current fixed rate 1 year ISAs where I can pay in throughout the year term, including transfer in a cash ISA that matures in September 2024?

Veteransaver

The only ones I know of are Shawbrook where you can add new ISA money during the term, Eg you could open one this tax year and then pay in another £20k from 6th April. But you can't transfer ISAs in afaik.

refluxer

Barclays and Kent Reliance are two other ISA providers who allow continued contributions through-out the duration of the fixed rate period.

Shawbrook and Barclays only have a limited window for transferring in other ISAs, though. I'm not familiar with the Kent Reliance T&C's but a comment on another thread stated they have the same restriction.

subjecttocontract

With Kent Reliance, according to the t&cs, you can pay new money in but not transfer in existing ISAs throughout the year, which sounds very similar to Shawbrook.

Albermarle

ISA options for 24/25 (paying in throughout year). — MoneySavingExpert Forum

Rich2808

Lloyds also allow this - I did a transfer in last month on a 2 year fixed rate isa I opened last September. I will try paying new cash in in the new tax year - as its a 5.5% rate.

All sorted and in my account within 72 hours - and that was from a provider who are normally rather slow.

CrickJon

Rich2808 said:

Lloyds also allow this - I did a transfer in last month on a 2 year fixed rate isa I opened last September. I will try paying new cash in in the new tax year - as its a 5.5% rate.

All sorted and in my account within 72 hours - and that was from a provider who are normally rather slow.

Excellent spot thanks Rich. Just looked. They're offering a fixed 1 year for 4.45% that remains open for the term. That's not bad at all. 4.2% for a fixed 2 years that remains open for two years as well! I might open both tomorrow although I cannot fund them until after 6 April. Both require £3k to open which is the only issue. Mind you, it says minimum deposit so I would say it does not matter when the first payment in is as long as it's at least £3k.

I could open both, move my maturing ISA in September into the 1 year fix (it's over the £3k), then move it into the 2 year ISA in a years time if the rate is still higher.

CrickJon

For those wondering, I just chatted to Lloyds and they have said there is a 60 day window to pay in the opening £3k into their 1 or 2 yr fixed rate ISA.

subjecttocontract

But Lloyds are hardly offering market leading rates are they. What's the attraction  ? I don't get it.

F1Fan

I don't fully understand how this works.  If you've transferred some funds in on one day and some a week or two further in, how does the maturity date work?  Will you lose interest on the second deposit?  Thanks.

refluxer

F1Fan said:

I don't fully understand how this works.  If you've transferred some funds in on one day and some a week or two further in, how does the maturity date work?  Will you lose interest on the second deposit?  Thanks.

Maturity dates for fixed rate accounts are usually either based on the date of account opening or date of the first deposit - this can vary from bank to bank, so you have to check the T&Cs.

In both cases, payments made into the account after either of those dates won't earn interest on the full 12 months - they'll simply earn interest from the day of deposit up until the maturity date.