Fixed Rate ISA with monthly interest payment ( Skipton )

Heytheremrblue

Hi all Skipton has a 4.3% isa that looks promising to me with monthly payment.

I'm not very clued up on ISA's but reading the small print am I right in thinking :

1) I can open the account today with £500 then have until the 25th September to top up to 20k
2) Next April I wont be able to add that years allowance and will have to find a different product ?

Cheers 

Peter999_2

Yes to both your questions.

Heytheremrblue

Shows how much I know ! I was always under the impression that every new tax year you could just add to your isa !

Are ISA's that pay interest monthly pretty rare ?

slinger2

There's no limit to how many ISAs you can have. The limit is how much money you can pay into your ISAs each tax year (£20k in total).

Flugelhorn

Heytheremrblue said:

Shows how much I know ! I was always under the impression that every new tax year you could just add to your isa !

Are ISA's that pay interest monthly pretty rare ?

you can add more to the same ISA each year - up to the £20k limit - lost of people with way over 20k in their ISA.

 some fixed rate ones "run out" after a year or 2 and the interest rate reverts to something lower so people often  move their post elsewhere or open a new one - you don't have to. 

Heytheremrblue

Thanks guys it appears then I can open the Skipton ISA with 500 quid then top it up to max before 25/9.

Any payments or ISA transfer requests into this account need to be received on or before 25/09/2024. After this, the account will be closed to payments in. If you’re paying in by ISA transfer, the money in the existing ISA must be available for transfer before this date.

Just to double confirm next April I wont be able to ad another 20k to this ISA but will need to open a new ISA with another provider. 

Flugelhorn

Heytheremrblue said:

Thanks guys it appears then I can open the Skipton ISA with 500 quid then top it up to max before 25/9.

Any payments or ISA transfer requests into this account need to be received on or before 25/09/2024. After this, the account will be closed to payments in. If you’re paying in by ISA transfer, the money in the existing ISA must be available for transfer before this date.

Just to double confirm next April I wont be able to ad another 20k to this ISA but will need to open a new ISA with another provider. 

yes looks like it - thinking about it I had a similar one with RBS and couldn't add any more for a year, then it got turned into an instant access ISA - if I had wanted to invest in an ISA earlier in the tax year I would have had to open a different account 

soulsaver

Heytheremrblue said:

Hi all Skipton has a 4.3% isa that looks promising to me with monthly payment.

I'm not very clued up on ISA's but reading the small print am I right in thinking :

1) I can open the account today with £500 then have until the 25th September to top up to 20k
2) Next April I wont be able to add that years allowance and will have to find a different product ?

Cheers 

You can do both with Lloyds 4.25% 1 year ISA, but you'll only earn the top up until the maturity date in 2025 - so September if you open it now.
1 Year Fixed Rate ISA | UK ISAs | Lloyds Bank
Top up your ISA | UK ISAs | Lloyds Bank

soulsaver

Also check Kent Reliance, Bath BS and Shawbrook who all usually allow a version of fixed ISA top ups.