Principality ISA 24/25

eskbanker

ashteadgirl said:

Applied for Principality Isa on 23rd March and filled in transfer form. Still no transfer happened and it all appears to be in black hole between the two institutes. Principality say they have requested transfer and YBS state no request received. On the same day requested another transfer from YBS  to Virginmoney ( who previously have not been that good) and transfer completed and visible online prior to Easter. Apparently Principlality are in the dark ages and things go at a snails pace . Beware.

There's effectively a two-tier ISA transfer environment, where some providers are able to do this electronically while others still rely on paperwork - the mandated maximum ISA transfer timescale of 15 working days (i.e. three weeks) was defined when the latter was the only option....

RULAST

Better rate '1 year fixed apr cash isa' says:-

90 days tax free interest and money moved out would  lose tax free status.. What's this mean in simple speak?

RULAST

ashteadgirl said:

Applied for Principality Isa on 23rd March and filled in transfer form. Still no transfer happened and it all appears to be in black hole between the two institutes. Principality say they have requested transfer and YBS state no request received. On the same day requested another transfer from YBS  to Virginmoney ( who previously have not been that good) and transfer completed and visible online prior to Easter. Apparently Principlality are in the dark ages and things go at a snails pace . Beware.

Thanks for heads up :-)

refluxer

RULAST said:

Better rate '1 year fixed apr cash isa' says:-

90 days tax free interest and money moved out would  lose tax free status.. What's this mean in simple speak?

You'd need to provide more context for an exact answer but, broadly speaking, 90 days-worth of interest is the typical penalty you pay for withdrawing money from a 1 year fixed rate ISA before the maturity date and any money withdrawn will lose it's tax-free ISA status (because it's then obviously outside of the ISA).

RULAST

But what if its put back in again before end of tax year?

refluxer

RULAST said:

But what if its put back in again before end of tax year?

Which exact ISA are you referring to ?

Easy access cash ISAs with unlimited access will typically allow you to pay and in and withdraw as often as you wish and without penalty, although you'll only be able to pay withdrawn deposits back in (before the end of the same tax year) without them counting again towards your annual ISA allowance if the ISA is 'flexible'. 

Withdrawal penalties like the ones you mentioned typically apply to fixed rate cash ISAs and don't apply to easy access cash ISAs.

As always though, you must read T&Cs carefully to ensure that any account you're looking at meets your needs.

RULAST

1 year FIXED apr isa I referred to...

refluxer

RULAST said:

1 year FIXED apr isa I referred to...

If you think you'll need access to the money, then a fixed rate ISA isn't a suitable account due to the penalty you pay for withdrawals. Most fixed rate ISAs only have a limited funding window for deposits (typically 1 month maximum) - there are a few who allow continued contributions throughout the duration of the fixed rate period, but these accounts aren't really designed to be used like easy access accounts so I don't think they'll be 'flexible'.

If you think there's a chance you'll need access to your funds, then an easy access cash ISA is the best option. 

Frogletina

I've just had a message from Principality saying that I've closed my ISA account. I've only just opened the account, and was going to put money in there tomorrow.

I've tried to send a message back to them but it has failed. There is a message saying they are undergoing routine maintenance

FishInGlass

Frogletina said:

I've just had a message from Principality saying that I've closed my ISA account. I've only just opened the account, and was going to put money in there tomorrow.

I've tried to send a message back to them but it has failed. There is a message saying they are undergoing routine maintenance

Me too. So much for the 5 working days to fund it. I guess we'll see what happens tomorrow (or maybe Monday, or maybe not at all).