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ISA with Charter Savings Bank
I opened an cash ISA with Nationwide in this tax year and transferred an existing ISA to it (no new money).
I now want to open a new cash ISA which I will add new money to.
Charter Savings has this wording that I need to agree to:
"I have not subscribed and will not subscribe to another cash ISA in the same tax year that I subscribe to this cash ISA"
but does the fact that I opened a Nationwide ISA this tax year mean I can't open an additional ISA with Charter? Seems odd but that's what the wording implies.
Comments
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It's another provider that hasn't updated its terms to reflect the new Isa regulations. Accept it and ignore it.
Anyway, if you haven't added new money to any other Isa this year then you are, so far this tax year, complying with these terms. "Subscribe" means adding new money.
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It's ridiculous that they haven't updated their terms, but they are not alone. You just have to lie and say you haven't gone for a new ISA this year. Technically you haven't, as you haven't put new money in this tax year.
Do be aware that when it comes time for maturing, they will not necessarily offer you the best rate that they have, so you do have to check and act accordingly. My fixed with them matured on 20/8. Maturity instructions offered me 4.5% fixed or 4.15% EA Isas, whilst their rates on website showed 4.67% and 4.23% at the time, and still the same now. You can opt for opening another account entirely, but I was miffed at being offered the lower rate, showing no regard for customer loyalty, so transferred instead. The transfer was quick though, completed yesterday and money with new provider.0 -
With Charter Savings when they have better accounts on sale that are not listed in the maturity options, you can just open the account you want and it will be added to your options.
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Thank you. I do realise that. I was just miffed that they didn't include the top rate automatically in maturity instructions, a right Mrs Grumpy! 😂
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