Fixed 1yr ISAs where you can pay in throughout term

eskbanker

CrickJon said:

That sounds to me as though you've asked if you could withdraw from THEIR fixed ISA to transfer elsewhere. Not transfer into their fixed ISA at a random point in the fixed term?

Seems the other way round to me, i.e. given that the ISA transfer process is driven by the receiving provider, they seem to be answering a question about transferring into their ISA, despite the poster seemingly asking about 'withdrawing'!

Malchester

I have opened the Lloyds 2 year ISA as a Club Current Account customer to fund on Saturday with 1/2 next year's ISA allowance and add 2025/2026 allowance later. Putting other half of 2024/2025 allowance in an easy access account to leave room for manoeuvre later

matt_james27

eskbanker said:

CrickJon said:

That sounds to me as though you've asked if you could withdraw from THEIR fixed ISA to transfer elsewhere. Not transfer into their fixed ISA at a random point in the fixed term?

Seems the other way round to me, i.e. given that the ISA transfer process is driven by the receiving provider, they seem to be answering a question about transferring into their ISA, despite the poster seemingly asking about 'withdrawing'!

sorry I did indeed make a mistake, i meant to say I was asking shawbrook whether I could "transfer in"

CrickJon

To confuse matters further what I am most interested in is seeing if I can fix an ISA now and transfer an ISA in to it when it matures elsewhere in September!

Rich2808

Malchester said:

I have opened the Lloyds 2 year ISA as a Club Current Account customer to fund on Saturday with 1/2 next year's ISA allowance and add 2025/2026 allowance later. Putting other half of 2024/2025 allowance in an easy access account to leave room for manoeuvre later

You can get a better rate - 5% - on an instant access isa at present. So why not put all your allowance in one of those - and then if/when rates drop move this money into the Lloyds two year fixed (if it is paying more)? You can transfer sums in in theory to that isa - once opened and funded with the £3k - until April 2026?

soulsaver

matt_james27 said:

eskbanker said:

CrickJon said:

That sounds to me as though you've asked if you could withdraw from THEIR fixed ISA to transfer elsewhere. Not transfer into their fixed ISA at a random point in the fixed term?

Seems the other way round to me, i.e. given that the ISA transfer process is driven by the receiving provider, they seem to be answering a question about transferring into their ISA, despite the poster seemingly asking about 'withdrawing'!

sorry I did indeed make a mistake, i meant to say I was asking shawbrook whether I could "transfer in"

I have pointed out a few times in the past that Shawbrook say words like 'may refuse transfers in..' after the application stage.

So what they do in your circumstances, they may not do for others, maybe with, say, £250,000 to add if/when rates have fallen relative to Shawbrook's fix.

Here are the words in their terms: 

"Transfers in from other Cash ISA or Stocks and Shares ISA providers are permitted. Requests to transfer funds into an account from another ISA provider must be made at the same time as your initial account application by signing a transfer form. Transfer requests received after your initial account application may be refused."

ETA terms wording

slinger2

So I sent a small amount of (new 24/25) money to the 1 year fixed rate Shawbrook ISA that I opened and funded in March 2024. After a few hours it was credited to my account. So it does seem to work. Obviously the new money will only be in there for 11 months not the whole year.

The good thing is that, under the new rules, I'm not committed to adding more money there. I can if I wish but I can also open other cash ISAs with anyone else.

SickGroove

Malchester said:

I have opened the Lloyds 2 year ISA as a Club Current Account customer to fund on Saturday with 1/2 next year's ISA allowance and add 2025/2026 allowance later. Putting other half of 2024/2025 allowance in an easy access account to leave room for manoeuvre later

Hello,

Can you confirm you applied for the Lloyds Bank 2 Year Fixed Rate Cash ISA @ 4.25% as an existing customer?

Can you therefore pay in 20K max at anytime during the 24/25 & again during the 25/26 tax year without issue?

The reason I'm asking is I want to transfer in 2.5K from a previous years gatehouse cash ISA but then put in the full 20K around 20th May this year.

Could I therefore open today with the required 3K, submit a transfer request to transfer my Gatehouse ISA then on 20th May add the remaining 17K for this year's allowance?

My thinking is with most banks you only get a 30 day funding window (fixed) plus by next April I can't see the rates being as high at their current 4.25%, so I could then if so I can just add my 25/26 20K allowance into this account.

Please feel free to correct or advise of a better alternative.

Cheers

soulsaver

SickGroove said:

Malchester said:

I have opened the Lloyds 2 year ISA as a Club Current Account customer to fund on Saturday with 1/2 next year's ISA allowance and add 2025/2026 allowance later. Putting other half of 2024/2025 allowance in an easy access account to leave room for manoeuvre later

Hello,

Can you confirm you applied for the Lloyds Bank 2 Year Fixed Rate Cash ISA @ 4.25% as an existing customer?

Can you therefore pay in 20K max at anytime during the 24/25 & again during the 25/26 tax year without issue?

The reason I'm asking is I want to transfer in 2.5K from a previous years gatehouse cash ISA but then put in the full 20K around 20th May this year.

Could I therefore open today with the required 3K, submit a transfer request to transfer my Gatehouse ISA then on 20th May add the remaining 17K for this year's allowance?

My thinking is with most banks you only get a 30 day funding window (fixed) plus by next April I can't see the rates being as high at their current 4.25%, so I could then if so I can just add my 25/26 20K allowance into this account.

Please feel free to correct or advise of a better alternative.

Cheers

In a word, yes.  The Lloyds terms allow top ups.

In fact, if one speculated the rates would be below 4.25% next year, under the new rules you may fancy putting the  £3k min in to hold the rate for the 25/26... and take out a 1 year fix at a better rate with another provider.

OTTOMH KRBS also allows top ups throughout on their 1 year fix at 4.70%.. and will accept your £17K addition in May, but you'd need £1k min opening in a 7 day window. 1 Year Fixed Rate Cash ISA | One year Cash ISA | Kent Reliance

Then in a year, transfer the KRBS to the 4.25% Lloyds.. or another better rate if available? 

ETA See my later post below for another provider's option.

drphila

Malchester said:

I have opened the Lloyds 2 year ISA as a Club Current Account customer to fund on Saturday with 1/2 next year's ISA allowance and add 2025/2026 allowance later. Putting other half of 2024/2025 allowance in an easy access account to leave room for manoeuvre later

Is there anywhere during the application process or in the welcome email that stipulates how long after opening  that the initial £3k must be deposited?