Have I left it too late?

neogeo

When Virgin pulled their 5.25% on the day I opened my current account I started looking elsewhere and stalled until today!
I was about to dump £20K in a Paragon 1 year fixed @ 4.9% but have seen in their ts & cs it can take 15 business days for funds to go in.

So my question is, can I open and fund an ISA same day with Virgin now I have a Virgin current account (I'll have to accept the 4.76% on this one), or will there be some processing time meaning I miss the cut-off for this year?

Any advice appreciated, thanks!

k12479

15 days is for transferring an ISA. Are you transferring or putting cash in for the 2023/24 tax year? If the latter than the deadline on Paragon's website is tomorrow, the 5th - https://www.paragonbank.co.uk/personal/savings/isa-deadline

neogeo

ah, I misread it, I'll look at that now thanks!

Rich2808

I would open an isa with a bank/buiilding society where you are an existing customer - you should normally get a sort code/account number immediately in most cases. You can then pay in immediately today.

If you pick an instant access ISA you can always move it to be better rate with another provider next week.

The focus today is to get your money into an instant access cash ISA - so interest on that (up to £20k) is tax free hopefully for life or until you withdraw it!

Tarama

Hello 
A quick slightly different question - 

I have filled this years ISA and is it possible to open one today to capture the current rate - I want a 2 year Cash Isa FR - and am looking at say Furness 4.60  or Principality 4.60.  I also want to transfer in last years which matures on 1st May. 

What are thoughts about rates for 2024/25?

Many thanks in anticipation      

gravel_2

Tarama said:

Hello 
A quick slightly different question - 

I have filled this years ISA and is it possible to open one today to capture the current rate - I want a 2 year Cash Isa FR - and am looking at say Furness 4.60  or Principality 4.60.  I also want to transfer in last years which matures on 1st May. 

What are thoughts about rates for 2024/25?

Many thanks in anticipation      

You should look at the terms of the products to see if what you are wanting to do makes sense. The first part should be fine - fixed ISA normally have a limited funding window (7,14, 30 days) after opening for you to fund. 

That same funding window typically also applies to transfers in, so the question will be whether the funding window expires before 1 May.

neogeo

Opened up a Paragon one in the end at 4.9%, bit of a nightmare last night trying to transfer £20k to a new payee from Barclays but managed to complete it this morning!

Tarama

gravel_2 said:

Tarama said:

Hello 
A quick slightly different question - 

I have filled this years ISA and is it possible to open one today to capture the current rate - I want a 2 year Cash Isa FR - and am looking at say Furness 4.60  or Principality 4.60.  I also want to transfer in last years which matures on 1st May. 

What are thoughts about rates for 2024/25?

Many thanks in anticipation      

You should look at the terms of the products to see if what you are wanting to do makes sense. The first part should be fine - fixed ISA normally have a limited funding window (7,14, 30 days) after opening for you to fund. 

That same funding window typically also applies to transfers in, so the question will be whether the funding window expires before 1 May.

Thank you Gravel 

This is what I was trying to do earlier but at this stage I am going to wait to see what tomorrow and next week brings.

Thank you very much for your helpful reply.

Tarama