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Easy-access cash ISA options
Comments
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But equally then get a new allowance as of 6 April. If you have any spare money available for that 2 day period you could pay it in on 5th April to restore the full allowance and remove again on 6th which gives you another 12 months to use that old part of the allowance. Not so relevant now but might be when the allowance drops to £12k for cash ISAs
Remember the saying: if it looks too good to be true it almost certainly is.1 -
Interesting! By ‘replenishing all the interest withdrawn’ (from the fixed rate account), I’m guessing you do this by paying into a different ISA (possibly also with Paragon)?
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If it is money deposited in this tax year, you can even redeposit the withdrawn money into a new cash ISA ( ie not the flexible one you withdrew from ). However any money from previous tax year has to go back into the ISA it was withdrawn from.
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Yes, have to have an easy access ISA running alongside the fix (Paragon treat all their ISAs as collectively a single unit for this purpose).
Therefore the March 2026 replenishing was into the instant access account created for that purpose. July 2026 the fix matured ( it was a 15 month fix) a further 3 months interest repaid to the easy access and a new 15 month fixed open but receiving monies from both the instant access and old fix.
The Ford Money flexible isa has just come to my attention, so will be transferring a Charter Savings Bank instant access isa ( not flexible ) to Ford with a view to diversifying interest rate and duration but again taking full advantage of the flexible status .
Not Having a convenient spouse to double up the annual ISA allowance, this is the next best thing for me.
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@poseidon1 Nice. Thanks for the helpful extra details and the reminder about Ford.
During August, Coventry B.Soc. had a 4-times-access flexible ISA on offer at 4.25% var which I signed up to but didn’t think of having the monthly interest paid away. However I could manually pay myself an equivalent amount quarterly.
The possibilities… all the details…
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Flexible ISAs do seem to open a few doors in terms of being able to deploy and use the income and still end up with more than you started with.
I am now considering a flexible S & S Isa ( neither of my current providers are flexible), with a view to be able to deploy a large chunk of ISA capital towards house purchase.
The risky aspect of this is being certain one can replenish all the 'borrowed ' isa capital inside the ISA year, from the sale proceeds of present home.
A depressed english property market and the inefficiency of our conveyancing system, makes this a very high risk strategy for me unless I opt to sell my property by traditional auction, where timing of the disposal can be accurately predicted, but of course quantum of sale proceeds cannot. Still the opportunity is there to use this tax free product for interim purposes whilst still allowing it to accumulate long term.
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Find the thread on here about the Chip ISA. I wouldn't touch it with a bargepole unless they offer fair terms.
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I just saw, Tembo is offering Easy Access Cash ISA paying 5.5% AER including 12m bonus of 2.5%.
In this tax year 26/27 I already added a few hundred £ in my current S&S ISA. I am planning to move it to my current S&S ISA when the Tembo Cash ISA bonus rate is ending or even sooner when I needed the money to fund my current S&S provider.
Could I still open a cash ISA with Tembo for this current tax year while I already funded a few hundred GBP to my current S&S ISA provider this tax year 26/27, without breaking the ISA rule ?
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Not sure I'm following exactly what you propose doing, but you can fund as many ISAs as you like in any tax year, as long as the total subscriptions don't exceed £20K.
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The 5.5% rate is for the homesaver ISA and is dependent on getting a mortgage
Get your mortgage through Tembo to unlock 5.5% AERComplete your mortgage to unlock and receive the bonus you earned during the 12 month period.
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