Fix or not to fix my cash ISA?

iantowelsh

Superb, thanks @dunnm1 for looking 👍

dunnm1

winkowinko said:

It seems a bit of no brainer for everyone to open a 5 year fix with only £1 in. How else can you guarantee yourself a rate of 4.15% 3 or 4 years down the line?

'No brainer', I didn't think of it but Great Idea if we are correct in our thinking. One point though

• Open an account with as little as £1,000

Thanks all, had been wondering what to do moving forward now think a plan is coming together.

iantowelsh

Thanks again for all your comments 👍

sparkiemalarkie

winkowinko said:

The good thing about Shawbrook and Kent Reliance is that you can add to your fixed-term ISA at any stage during its duration. 

This means that you can lock in that rate for any NEW money you may want to add later.

In 2 years time, 4.34% might be significantly better than anything else you can open. Likewise, a 5 year fix at 4.18% may also be very attractive for new money in 3 or 4 years down the line.

Hi, I've looked through the t&C's on the Shawbrook website but can't find where it says you can add new money to the account throughout the term,,,,,,would you be kind enough to point me in the right direction please.
tia

sx

iantowelsh

@sparkiemalarkie,

I’ve found this;
https://www.shawbrook.co.uk/savings/help/depositing-withdrawing-from-your-account/#can-i-make-more-than-one-deposit

dunnm1

sparkiemalarkie said:

Hi, I've looked through the t&C's on the Shawbrook website but can't find where it says you can add new money to the account throughout the term,,,,,,would you be kind enough to point me in the right direction please.
tia

sx

I have been doing it for the last 3 years

rawy

Third Line under Terms & Conditions:

Cheers

Rawy

soulsaver

rawy said:

Third Line under Terms & Conditions:

Cheers

Rawy

'You can continue to put in more money..' doesn't necessarily imply they'll accept transfers-in. Why? Because they have to do the transfer-in. It could usefully equally suggest it's limited to New Money, ie your available ISA allowance.

And from their fixed term ISA KPI:

◼ "Transfers in from other Cash ISA or Stocks and Shares ISA providers are permitted. Requests to transfer funds into an account from another ISA provider must be made at the same time as your initial account application by signing a transfer form. Transfer requests received after your initial account application may be refused."
(My bold).

If you want to rely on them agreeing to a future transfer-in you could you ask them to clarify it at the outset.

Note: I've transferred in during the term several times. But best be aware that the words in the terms don't guarantee they will be accepted, especially several years down the line. 

eta: PS also note for those lucky enough - the max is £250k.