Understanding Kent Reliance ISA Terms

alongtimetogoyet

I have applied for a 2 year fixed term ISA with Kent Reliance. This will be funded by a transfer in from another provider (in full) to which I have not contributed for a number of years.

I was a bit confused by one of the terms on the ISA declaration which said something along the lines of 'I have not subscribed to another cash ISA in the current tax year'

I was under the impression that you could now subscribe to multiple ISAs throughout the year.

During 24/25 I have contributed to 2 cash ISAs and a S&S ISA.

I did speak to someone from Kent this morning and although she said what I had done was correct, I wasnt convinced.

Would someone please be able to give me a second opinion.

Many thanks.

jimjames

The terms are nonsense and haven't been updated. But equally they are irrelevant if you are transferring anyway. As long as you contribute less than £20k you can use any combination of ISAs

Alexland

Yeah ignore it the terms are not very well written it doesn't matter.

bournfree

I am trying to open a new Kent Reliance ISA for the tax year 25/26 (not a transfer in) It was all going swimmingly well and I had emails confirming it had been opened and that my ID had been passed etc. I was asked if I could deposit my money into the new ISA within 7 days , OK , all good. and they supplied me with the BACS information but it  does not seem to work.
In their instructions they state that I must put my name down as the payee, they provide the sort code , account number and reference number. So I did all this and I just get 'this account does not exist coming back. I researched on google and it said that I should be putting 'Kent Reliance' down as the payee, so I tried doing this too and no joy. I cant get hold of anyone at KR as the phone lines appear to be permanently engaged (so no quick fix sadly) so I have sent an email and hoping they get back to me in time. So not quite sure why these problems are occuring but quite annoying ??

bristolleedsfan

"Please be aware that Confirmation of Payee checks will not be available until the day after your account is opened. If you choose to fund your savings account on the same day it is opened, Confirmation of Payee validation will not be available. You can still make the payment as usual, but it will not undergo Confirmation of Payee checks and you may be presented with a message stating that Confirmation of Payee is unavailable"


https://www.kentreliance.co.uk/confirmation-of-payee-explained#:~:text=Confirmation of Payee is an,registered with the receiving bank.

drob4

My Kent account was recognised by my bank using my name as the payee earlier today.

Having said that, there’s currently a warning on the site that customers are experiencing issues paying in.

jimexbox

bournfree said:

I am trying to open a new Kent Reliance ISA for the tax year 25/26 (not a transfer in) It was all going swimmingly well and I had emails confirming it had been opened and that my ID had been passed etc. I was asked if I could deposit my money into the new ISA within 7 days , OK , all good. and they supplied me with the BACS information but it  does not seem to work.
In their instructions they state that I must put my name down as the payee, they provide the sort code , account number and reference number. So I did all this and I just get 'this account does not exist coming back. I researched on google and it said that I should be putting 'Kent Reliance' down as the payee, so I tried doing this too and no joy. I cant get hold of anyone at KR as the phone lines appear to be permanently engaged (so no quick fix sadly) so I have sent an email and hoping they get back to me in time. So not quite sure why these problems are occuring but quite annoying ??

Same thing happened to me. I tried to send money electronically to the fixed ISA, I was informed that the account doesn't exist. Worked fine the next day. When I opened the easy access account, I could send money, but COP wasn't set up until the next day.

amibovvered

I just opened the new Easy Access ISA with them and got the message that if I want to make any payments to the account other than the opening amount it must be within 14 days of opening the account. In the terms for the Easy Access account it says top up any time within ISA limits - which is what I would expect from an easy access account anyway?

masonic

amibovvered said:

I just opened the new Easy Access ISA with them and got the message that if I want to make any payments to the account other than the opening amount it must be within 14 days of opening the account. In the terms for the Easy Access account it says top up any time within ISA limits - which is what I would expect from an easy access account anyway?

Worth double checking it was definitely the EA account they opened for you. If it was, then it would seem they've mixed up the messaging.

Malchester

masonic said:

amibovvered said:

I just opened the new Easy Access ISA with them and got the message that if I want to make any payments to the account other than the opening amount it must be within 14 days of opening the account. In the terms for the Easy Access account it says top up any time within ISA limits - which is what I would expect from an easy access account anyway?

Worth double checking it was definitely the EA account they opened for you. If it was, then it would seem they've mixed up the messaging.

I did the same and got same message saying you have 14 days to deposit then no more, and you can make more payments. Confusion. I rang them and they told me it was my fault I didn't understand, not their confusing communications