Kent Reliance ISA - Fixed Rate 1 Year Issue 123 - Payments In

NewPieman

Hi All
Just opened up the above account with Kent Reliance, am transferring over an old ex Tessa ISA Bond from Nationwide....I have not opened an ISA this year so still have my 20k allowance.

Email from KR with funding instructions - it says 
"If you haven't done so already, please remember to fund your account with your initial deposit within the next 7 days. Please ignore this reminder if you have submitted a request to fund your account via an ISA transfer, we will reach out to your provider and arrange the transfer of funds.

Your account opening date will start from the date the initial deposit is received. You will then have 14 days from that date to make any further deposits into your account. After this time, any further deposits will not be accepted.

Please note: Additional deposits can be made to notice and easy access accounts at any time. ISA deposits will be accepted anytime during the financial year provided the deposit remains within the limit set by HMRC. Please refer to your product specific terms and conditions for full details."


However it says in the Product T&C Sheet - deposits anytime (and I also saw the same comment in a thread early August)........

I have some RS accounts maturing end of September so was going to drop some of that in (aswell as moving some from Premium Bonds post 1st September). I am assuming that the T&Cs sheet is correct and I can make deposits in at any time and the email 14 days is incorrect?


Thanks

refluxer

It's not uncommon for certain banks to copy and paste information from non-ISA accounts into their welcome emails, so this might be the case here (14 days would be a typical funding window for a non-ISA fixed rate account).

The official T&Cs document should take precedent over information in an email as these are the terms you will have signed up to, but if this aspect is important to you then you could always contact KR for confirmation. 

35har1old

NewPieman said:

Hi All
Just opened up the above account with Kent Reliance, am transferring over an old ex Tessa ISA Bond from Nationwide....I have not opened an ISA this year so still have my 20k allowance.

Email from KR with funding instructions - it says 
"If you haven't done so already, please remember to fund your account with your initial deposit within the next 7 days. Please ignore this reminder if you have submitted a request to fund your account via an ISA transfer, we will reach out to your provider and arrange the transfer of funds.

Your account opening date will start from the date the initial deposit is received. You will then have 14 days from that date to make any further deposits into your account. After this time, any further deposits will not be accepted.

Please note: Additional deposits can be made to notice and easy access accounts at any time. ISA deposits will be accepted anytime during the financial year provided the deposit remains within the limit set by HMRC. Please refer to your product specific terms and conditions for full details."


However it says in the Product T&C Sheet - deposits anytime (and I also saw the same comment in a thread early August)........

I have some RS accounts maturing end of September so was going to drop some of that in (aswell as moving some from Premium Bonds post 1st September). I am assuming that the T&Cs sheet is correct and I can make deposits in at any time and the email 14 days is incorrect?


Thanks

There seems to be a contradiction in the savings terms regarding ISAs term 32.1.1 seems to be contradicted by 32.3.3

subjecttocontract

Some fixed rate isa providers allow additional deposits......Shawbrook & Kent are 2 that spring to mind......subject to isa limits and their t&cs.

Albermarle

subjecttocontract said:

Some fixed rate isa providers allow additional deposits......Shawbrook & Kent are 2 that spring to mind......subject to isa limits and their t&cs.

Although as already said some of the info supplied when you open the ISA fixed term account account ( with Shawbrook anyway) is less than clear.
However as detailed in other threads you can definitely add more during the fixed term.

subjecttocontract

I seem to remember that with Shawbrook the ability to add further deposits remained in place only as long as the product remained available. Once it went NLA there was no guarantee they would accept further deposits into that account. I don't know wether the terms have changed.......if it's something you need best contact them for the latest info.

refluxer

subjecttocontract said:

I seem to remember that with Shawbrook the ability to add further deposits remained in place only as long as the product remained available. Once it went NLA there was no guarantee they would accept further deposits into that account. I don't know wether the terms have changed.......if it's something you need best contact them for the latest info.

Their fixed rate (non-ISA) bonds and fixed rate cash ISAs each work a little differently - you can pay into their fixed rate bonds for up to 7 days after the account is withdrawn from sale but for their fixed rate cash ISAs, they state that if the product is withdrawn, you can continue to make deposits until the expiry of the fixed term.

Albermarle

subjecttocontract said:

I seem to remember that with Shawbrook the ability to add further deposits remained in place only as long as the product remained available. Once it went NLA there was no guarantee they would accept further deposits into that account. I don't know wether the terms have changed.......if it's something you need best contact them for the latest info.

I think this is the impression given by some of the info they send out once you open an account.
I challenged them on this, and they said the NLA clause only applied to non ISA bonds, and they admitted they should change the wording for the ISA bonds ( but never have ) .