New ISA rules

Krakkkers

So i put £17750 into a Paragon 5 year fixed cash ISA last month, so i have £2250 of this years allowance left.
Can i put that anywhere or must it go in another Paragon account?

Peter999_2

You can put it anywhere you want, the only rule is that the total must not add up to more than £20,000.

See here (Cash ISA need-to-knows point 6)

Best cash ISAs: up to 5.17% easy access, up to 4.72% fixed - MSE (moneysavingexpert.com)

Sea_Shell

Krakkkers said:

So i put £17750 into a Paragon 5 year fixed cash ISA last month, so i have £2250 of this years allowance left.
Can i put that anywhere or must it go in another Paragon account?

If anything, you'd probably have to put it somewhere OTHER than Paragon. 😉

We've heard that many providers restrict you to one ISA with THEM.

They can't stop you opening another elsewhere.

Albermarle

Sea_Shell said:

Krakkkers said:

So i put £17750 into a Paragon 5 year fixed cash ISA last month, so i have £2250 of this years allowance left.
Can i put that anywhere or must it go in another Paragon account?

If anything, you'd probably have to put it somewhere OTHER than Paragon. 😉

We've heard that many providers restrict you to one ISA with THEM.

They can't stop you opening another elsewhere.

I think Paragon are one of the providers that operate a 'portfolio ISA', where you can open more than one cash ISA with them in a tax year, and somehow within the ISA rules it is just seen as one ISA.
This was available before the recent change in ISA rules.

Otherwise you are right that some providers are dragging their heels in adapting to the new ISA rules.

Travelman2

I've invested 14k in my Cash Isa with Kent Reliance, I can't add more as it would take me over the FSCS limit for that savings provider. 

Today they've written to me telling me I need to sign and return a form to them agreeing to not being able to use my remaining 6k allowance with another Cash Isa provider. If I don't sign the form they're going to return my investment to me, 

When I called them they say they do not recognise the new Isa rules announced by The Chancellor so I've raised a complaint with them. 

I'm fuming !! 

masonic

Travelman2 said:

I've invested 14k in my Cash Isa with Kent Reliance, I can't add more as it would take me over the FSCS limit for that savings provider. 

Today they've written to me telling me I need to sign and return a form to them agreeing to not being able to use my remaining 6k allowance with another Cash Isa provider. If I don't sign the form they're going to return my investment to me, 

When I called them they say they do not recognise the new Isa rules announced by The Chancellor so I've raised a complaint with them. 

I'm fuming !! 

Shocking behaviour. Hopefully someone in their legal department will realise that they do not have the right to impose restrictions their customers' other contractual relationships. Otherwise it will be a nice Financial Ombudsman Service ruling against them.

I'd be inclined to take the 'what's good for the goose is good for the gander' approach and forward them an amended declaration, adding a clause that they will not offer a cash ISA to any other customer.