UBLUK ISA and question

Middle_of_the_Road

HowDoYouInvest said:

Thanks. I have read that page and others on here quite a few times, but still not 100% sure on my above questions, such as compound interest, topping up a ISA during the year within allowance( Seems like I can't top up an ISA that's currently running, just have to open a new one) and whether you can actually use the providers mentioned- or at least the circumstances needed to be able to sign up. 

Generally only easy access ISAs will allow additional deposits. Fixed term ISAs only allow deposits during an 'initial funding window', usually between 14 and 30 days.

A few fixed term accounts do allow additional deposits. Shawbrook and Kent Reliance are often mentioned on here, being two of those who do allow this.

t0rt0ise

HowDoYouInvest said:

Thanks for the reply.
Yes, I guessed credit checks were probably partly-used for the ISA sites, so as a renter you tend to fail these checks.
No idea where the 'end of the calendar year' came from (don't have anything maturing then), but I've also been told I would have to set up an ISA in 60 days after the 2024-25 ISA, which I'm not 100% sure is correct.
There was an article I read today about how the UK is more of a cash culture as people feel unsure about investing, suffice to say I think I know why.
I do wish this site had more info (including what actually can happen if you switch banks by closing one) about ISAs in how they work, how dates may overlap, etc and maybe a bit less "ISA- it's like a cake"!

Don't assume you are failing checks because you are a renter. I rent and have several ISAs and have moved them around a lot and have never been refused an account. I've also never failed any sort of credit check. Far more likely to be something else. Are you on the electoral role because that can be a blocker if you're not.

bristolleedsfan

HowDoYouInvest said:

Thanks. I have read that page and others on here quite a few times, but still not 100% sure on my above questions, such as compound interest, 

UBL pay a higher rate of interest than is advertised AER which makes up for UBL not compounding interest, using this example dated 4 April three days before rates decreased, 5 year AER pays out exactly the same as other providers at that time who were offering 4.30% AER, more than another provider offering 4.25% AER despite other providers compounding interest.

Disadvantage of UBL is they send out maturity options + rates, if decide to renew get rates applicable on maturity date, if decide to switch out during 14 day cooling off period no interest paid assuming that has not changed during recent years.

HowDoYouInvest

Thanks for the chart, that's really useful!
Regarding renting- I have had an ISA whilst renting and have opened one a while ago, but I think some organisations may do different checks, which could trip up renters. I don't have any bad credit, outstanding loans, repossessed anything and as I said my background checks for jobs have included financial (worked for bank in money transfers) as well as criminal, etc. I think it's similar to some companies giving loans/overdrafts easier than others.