ISA Setup Help

Heytheremrblue

First time ISA for me and the Mrs going for the Virgin at 5.05%

Looking on the site it says it matures on 30/6/2025

It might be a month before I'm ready to fill them up so would it be a good idea to open the accounts with a couple hundred quid to secure the current interest rate ?

If I wait to open the accounts will the maturity date change ?

Thanks

friolento

The maturity date for that particular ISA is fixed.

You can make deposits right up until 30 days after Virgin stop selling this account. After that you can't pay in any more money. Virgin can stop selling the account without notice, so there is no guarantee that you can still make deposits in a month's time.

There is a dedicated ISA subforum which you might find helpful: https://forums.moneysavingexpert.com/categories/isas-tax-free-savings

Heytheremrblue

Wow thanks something else learned about the maturity date I didnt really understand it ! I'll use that forum in future. 

So.... In that case and if it takes another 6 weeks before I could make my main deposit would it be better to use a different fixed ISA even if the interest rate was slightly lower but without a fixed maturity date ?

And i've just opened a current account specifically for that ISA !! No harm done.

Sorry for my newbie ness !

Catplan

Most fixed ISA’s have a funding window like that described above a few don’t, 
Lloyds and a few others. 

Probably better holding off until nearer the time tbh, if say 20 days before you’ll have the lump sum and it’s still available then go for it. If going for something read the t&c’s carefully I’ve seen some say 14 days to fund, others 30.

friolento

As you now can fund as many ISAs of the same type in the same tax year as you want, you won't lose anything by setting up that particular Virgin ISA now. That way you got potentially a better chance that you can still make deposits once your money has become available, because you might be able to make use of the 30 day deposit window after they have stopped selling this ISA (which I reckon they will do before long - though I don't have any insider info so I might be wrong). But as I said already, no guarantees.

Even if the Virgin deposit window closes before you can make your main deposit, you can then still open another ISA(s) later on.

Heytheremrblue

So .... Open the Virgin and put in 20k ..... April arrives open another ISA and put in 20k ..... June 30th arrives move Virgin ISA to a new ISA ? Can I do that ?

Both myself and my wife will be depositing the max amount each we have around 200k to chip away at !

GrubbyGirl_2

Heytheremrblue said:

So .... Open the Virgin and put in 20k ..... April arrives open another ISA and put in 20k ..... June 30th arrives move Virgin ISA to a new ISA ? Can I do that ?

Both myself and my wife will be depositing the max amount each we have around 200k to chip away at !

Depends on the terms of the April ISA.  It's important to read the terms as they all vary, but most fixed term ISAs do have a funding window which is often 30 days but not always