Savings, ISAs, tax bands and CONFUSION!

friolento

Barkin said:

El_Torro said:

When you say the ISA ends I assume you mean that it is on a fixed rate at the moment. Once that ends your ISA provider will change the ISA to an easy access ISA with a variable rate. 

Be careful with this!

While most may work this way, there are others - Skipton is one that springs to mind - that will, unless you tell them otherwise, roll it over to another product of the same type.

As always... check the account terms & maturity documents. 

You are right to mention this. There’s usually a cooling down period though which gives those who ignore the request for maturity instructions a further fortnight or so to move their money, or have it moved by ISA transfer, elsewhere 

Skipton_Building_Society_Representative

friolento said:

Barkin said:

El_Torro said:

When you say the ISA ends I assume you mean that it is on a fixed rate at the moment. Once that ends your ISA provider will change the ISA to an easy access ISA with a variable rate. 

Be careful with this!

While most may work this way, there are others - Skipton is one that springs to mind - that will, unless you tell them otherwise, roll it over to another product of the same type.

As always... check the account terms & maturity documents. 

You are right to mention this. There’s usually a cooling down period though which gives those who ignore the request for maturity instructions a further fortnight or so to move their money, or have it moved by ISA transfer, elsewhere 

Hi there, at Skipton Building Society, if you choose to 'do nothing' when a fixed rate ISA matures, the account will reinvest in a 1 year fixed rate ISA by default, in line with the terms & conditions. However you have a 21 day 'cooling off period' to take any action, full details can be found here https://www.skipton.co.uk/savings/fixed-rate-isas. Many thanks - Skipton