Principality ISA 24/25

TheWoodler

As ever, the devil is in the detail. If you go to the detailed product Ts&Cs, if it is not funded by close of business on 5 April in the tax year you opened it, they will close it - i.e. this product isn’t one you can open in anticipation of April 6.

 https://www.principality.co.uk/-/media/PBS/Savings/account-terms/isas/Online-Bonus-ISA.pdf?la=en&hash=9EBFFE04CD77FFC6F818F0EE8A0F4471

Frogletina

TheWoodler said:

As ever, the devil is in the detail. If you go to the detailed product Ts&Cs, if it is not funded by close of business on 5 April in the tax year you opened it, they will close it - i.e. this product isn’t one you can open in anticipation of April 6.

 https://www.principality.co.uk/-/media/PBS/Savings/account-terms/isas/Online-Bonus-ISA.pdf?la=en&hash=9EBFFE04CD77FFC6F818F0EE8A0F4471

Thank you for this information - it was strange the way the message was worded saying that I had closed it.

surreysaver

I've just had to re-sign the ISA declaration with Principality

06 Apr 2024 07:41

Hi,

Thanks for re-starting your ISA subscriptions.

You can now put money into this ISA as long as you haven’t paid into another Cash ISA
in this tax year.

If you didn’t ask to re-start your ISA or now need to update your details, please send us
a secure message using Your Account or talk to one of our team on 0330 333 4000.

We're here to help,


Your Savings Account Team

!

steveksullivan

surreysaver said:

I've just had to re-sign the ISA declaration with Principality

06 Apr 2024 07:41

Hi,

Thanks for re-starting your ISA subscriptions.

You can now put money into this ISA as long as you haven’t paid into another Cash ISA
in this tax year.

If you didn’t ask to re-start your ISA or now need to update your details, please send us
a secure message using Your Account or talk to one of our team on 0330 333 4000.

We're here to help,


Your Savings Account Team

!

Err ..... why ? Surely after the Chancellors autumn statemnet this retriction has been removed ? Or am I misunderstanding this:

'From 6 April, you’ll be able to pay into multiple ISAs of the same type. Previously, you could split your ISA allowance between different types of ISA, but were restricted to only one ISA of the same type each tax year.'

TheWoodler

Principality have updated their Ts&Cs overnight with the new tax year - quite clearly overtyped and inserted in the document - but they have not made allusion to the new ISA rules as far as I can see.

For that reason, I’m out from this product. I am not relying on outdated Ts&Cs at the moment of opening to avoid quibbling down the line - them’s the rules going forward, but we also know how ‘computer says no’, mistakes happen, etc. etc.  I’m going with a competitor who *has* acknowledged and given examples of how customers can divvy up their £20k. 

I’m surprised at some of the big boys (both banks and BS) who haven’t followed suit. Where they haven’t updated in line with the new rules, their Ts&Cs can, generously in some instances, be interpreted as having wiggle room, but they aren’t explicitly spelling out the new rules in several cases. They’ve had 6 months to work this out. I’m really quite astonished to see this playing out as it has. 

surreysaver

Its not something that Principality can put in their T&Cs, as they cannot know whether I have another ISA or not. And they cannot offer terms more stringent than what the law allows

Frogletina

Frogletina said:

TheWoodler said:

As ever, the devil is in the detail. If you go to the detailed product Ts&Cs, if it is not funded by close of business on 5 April in the tax year you opened it, they will close it - i.e. this product isn’t one you can open in anticipation of April 6.

 https://www.principality.co.uk/-/media/PBS/Savings/account-terms/isas/Online-Bonus-ISA.pdf?la=en&hash=9EBFFE04CD77FFC6F818F0EE8A0F4471

Thank you for this information - it was strange the way the message was worded saying that I had closed it.

I have opened this ISA again today and funded it with a pound to secure it. This has now been acknowledged as open and funded by Principality. 

TheWoodler

They can and should make it clear in their documentation (in response to @surreysaver). Other providers can - and do - say you can have more than one Cash ISA in the current tax year so long as you don’t exceed the annual allowance. 

We see often enough on the boards that people are confused enough about ISAs as it is. They now have more flexibility and choice, but that’s not being made clear to customers in every case. Some providers may choose to say you can only have one Cash ISA with them - that’s their prerogative - but IMHO it makes it even more important to clarify to the customer it doesn’t preclude them taking some of their ISA subscription for the current tax year elsewhere. 

I’d argue that the existing terms of the product under discussion atm are actually more stringent than the new rules! Not everyone is ISA-savvy, so ambiguities do need to be ironed out for customers to fully benefit from the new rules.