Adding to a fixed term ISA.

Retiredlizzy

My first ISA was with Barclays which was fixed over 2 years and we could add to it over the the term. I then transferred it to another provider when matured with the intention of adding funds over the next 3 years in September. However I found out that it was closed for new funding at the end of October, but my new funds were not available until the end of November, so I missed out on that.

Now looking at another fixed term ISA 2/3 years but it seems that with most of them once the initial funding period has passed, usually 14 days, you can not put any more money in, defeating the object of saving £20000 per year. Does anyone know of any "Fixed rate" ISA's that allow deposits to be made during the full term? Any advice is really appreciated.

Ayr_Rage

You simply have to do sufficient research before applying, every provider is different regarding the funding window and whether further additions are allowed on fixed rate/term products.

Newly_retired

You can put money into an easy access ISA to use the rest of your yearly allowance, if you cannot add to your fixed rate ISA.

Albermarle

You are right that most fixed term ISAs ( or non ISA fixed term accounts) only allow deposits for a fixed period at the beginning.

However a handful allow deposits throughout the fixed term of an ISA. Shawbrook bank is definitely one, and I think the providers owned by LLoyds also allow it. ( like Halifax)

Transfers in from other ISAs are only usually allowed at the start though.

jimjames

https://forums.moneysavingexpert.com/discussion/comment/81888208#Comment_81888208

Or equally a different fixed rate ISA

clairec666

That Barclays ISA you had is a bit of an anomaly - most fixed-rate ISAs have a limited funding window and don't allow any withdrawals.

It's still available as a 1-year fix at 3.8%

https://www.barclays.co.uk/savings/isas/1-year-flexible-cash-isa/

masonic

https://forums.moneysavingexpert.com/discussion/comment/81890577#Comment_81890577

ISAs must permit withdrawals by law. They can charge a penalty for this.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81890604#Comment_81890604

Good point, poorly worded on my part. ISAs always allow withdrawals, but with a strong disincentive of an interest penalty.

SacredStephan

Kent Reliance is another provider that allows subscriptions in multiple tax years.

Archerychick

https://forums.moneysavingexpert.com/discussion/6655745/adding-to-a-fixed-term-isa

are you perhaps under the impression that you can only have one ISA account? You can open multiple ISA’s in a my tax year, as long as you do not find more than the allowance overall in the tax year.