Nationwide 2 year fixed ISA advice

andygb

If I out £20K in the above ISA today, then another £20K in the same ISA on 1st April, would I have to wait until 31st March 2028 to withdraw the whole lot (including tax free interest) to make the most of my investment. The rate is fixed at 4.05%.

wmb194

https://forums.moneysavingexpert.com/discussion/6660537/nationwide-2-year-fixed-isa-advice

The 2025/26 tax year runs from 06/04/25 to 05/04/26 so you can't deposit £20k today and another amount on 01/04 because you'd go over your annual allowance for the tax year: you need to wait until 06/04 for the 26/27 tax year to begin.

You need to check what the T&Cs of the account say. Isas never disallow withdrawals but fixed rate savings bonds usually have interest penalties.

andygb

https://forums.moneysavingexpert.com/discussion/comment/81930516#Comment_81930516

Thanks for that, particularly the dates, you would think having worked in finance for forty years, I would know the financial year dates😊

Woodstok2000

Further to the above, from the terms it appears you can only fund the isa when you open it so you couldn't open it now and add more money later.

You may be able to have two separate fixed accounts, or you could open an easy access isa with 20k now, add 20k after April 6th and then immediately transfer it all to the nationwide one.

Isthisforreal99

Not the answer to the Q asked but any particular reason why Nationwide 2 year fix at 4.05% when there are better rates available and possibly more to come in the next couple of weeks.

Appreciate some people like to have all their money under the 'one roof'

andygb

https://forums.moneysavingexpert.com/discussion/comment/81930563#Comment_81930563

Cheers, we have opened individual account, both funded with £20K each from our one joint savings account.