OPENING AN ISA NOW AND MAKING A FURTHER DEPOSIT IN THE NEW ISA YEAR - QUERY

refluxer

steveksullivan said:

..... and following on from the previous post, is anyone aware of any other other institutions that allow contributions throughout the term (particularly transfers in.)

Of the three I mentioned above, only Shawbrook mention the possibility of you being able to transfer in at a later stage (at their discretion). IIRC, both Barclays and Kent Reliance have a 30 day window for receiving transfer-in requests.

I seem to recall there is another ISA provider who allows continued contributions, but I can never remember which one it is ! It may be one of the smaller building societies. 

steveksullivan said:

EDIT: .....hmmmm thinking further on the Shawbrook restrictions, I believe that they say Transfer In requests must be received at the time of application - but I haven't seen any restrictions on when the transfer needs to actually occur. So I could use the plan as above, opening a Shawbrook account with £1K on the 6th April and ask for the Kent Reliance transfer to occur 'on Maturity' (In October....) ....???  Any comments

While fixed rate ISA T&Cs don't always mention how far in advance a transfer-in can be requested, there are bound to be limits to this. I suspect it's very unlikely you'll be able to request a transfer-in 7 months in advance of the ISA maturing.

refluxer

steveksullivan said:

@refluxer I agree, this is how I've always read their Ts and Cs but last year with an existing Virgin ISA maturing I got them to confirm in writing that they would accept the later transfer in.  Chatting to the CS advisor this year however she was much firmer on the requirement for the request to be on application.

I think this is probably due to interest rates dropping and the likelihood of the scenario I mentioned above increasing. They may tackle requests on a case-by-case basis.

steveksullivan

refluxer said:

steveksullivan said:

@refluxer I agree, this is how I've always read their Ts and Cs but last year with an existing Virgin ISA maturing I got them to confirm in writing that they would accept the later transfer in.  Chatting to the CS advisor this year however she was much firmer on the requirement for the request to be on application.

I think this is probably due to interest rates dropping and the likelihood of the scenario I mentioned above increasing. They may tackle requests on a case-by-case basis.

@refluxer currently speaking to them on phone will post results

steveksullivan

@refluxer she more or less echoed what you'd suggested (too far in advance)  but also agreed that strictly my interpretation was correct. She said probably up to the ISA team to approve or reject the transfer request, but this would be done at account opening, so might be worth a punt anyway in case they approve it !!!  - she's getting them to write to me.

bristolleedsfan

refluxer said:

steveksullivan said:

refluxer said:

Moots2024 said:

Most fixed rate cash ISA products allow for deposits additional to the initial deposit for a period of 60 days.

As mentioned above, it's worth bearing in mind that some providers actually allow new ISA subscriptions throughout the duration of the fixed rate period. Some of the providers who spring to mind that allow this are Barclays, Shawbrook and Kent Reliance.

Last year they confirmed to me that they would also accept transfers in as well throughout the term, but this seems to have changed. (Apologies if this has been pointed out somewhere else before....)

 I don't remember reading about anyone having been refused.

https://forums.moneysavingexpert.com/discussion/comment/81250220/#Comment_81250220

"I actually did ask Shawbrook first if I could add an ISA transfer to an existing 2yr ISA but they said no"

steveksullivan

@refluxer @bristolleedsfan yep just had an email - they are saying maturity date of transfer in has to be within 30 days. Guess they are just trying to be flexible by leaving the ambiguity but in a way it would be nice if that were in the Ts and Cs as well.....

bristolleedsfan

steveksullivan said:

@refluxer @bristolleedsfan yep just had an email - they are saying maturity date of transfer in has to be within 30 days. Guess they are just trying to be flexible by leaving the ambiguity but in a way it would be nice if that were in the Ts and Cs as well.....

The thing is as refluxer said while T+C are as they are would be a bonus if Shawbrook accepted transfers in at a later date, should T+C be changed to say they will not that rules out any chance of that bonus occurring, Shawbrook seem to be one of the least efficient at ISA transfers even when transfer forms have been completed at time of application.

It is possible that should there be any future changes to annual ISA limits Shawbrook might be happy again to do transfers mid term.

refluxer

bristolleedsfan said:

refluxer said:

steveksullivan said:

refluxer said:

Moots2024 said:

Most fixed rate cash ISA products allow for deposits additional to the initial deposit for a period of 60 days.

As mentioned above, it's worth bearing in mind that some providers actually allow new ISA subscriptions throughout the duration of the fixed rate period. Some of the providers who spring to mind that allow this are Barclays, Shawbrook and Kent Reliance.

Last year they confirmed to me that they would also accept transfers in as well throughout the term, but this seems to have changed. (Apologies if this has been pointed out somewhere else before....)

 I don't remember reading about anyone having been refused.

https://forums.moneysavingexpert.com/discussion/comment/81250220/#Comment_81250220

"I actually did ask Shawbrook first if I could add an ISA transfer to an existing 2yr ISA but they said no"

Ah, fair enough. Their stance may changed as interest rates are falling.