Skipton fixed rate how many deposits?

avantra

Looking at the fixed rate 6.26% ISA offer from Skipton it does state:

'No limit to the number of withdrawals or transfers you can make (minimum £1) although all withdrawals will incur a penalty of 90 days loss of interest...

Sorry to be thick and old but is TRANSFERS = deposits?

You see in the world of ISA's transfers mean moving one's ISA from one provider to another, I am tempted as I only have £2000 at the moment to put aside.
It is unusual for a fixed rate ISA to allow further deposits that's why I am curious.

sec79

I've been today to open an account. I was told you can add money to the ISA, but you have to visit the branch to do this.

nathanhill69

I spoke with them on the phone and they told me that they may withdraw the ISA issue at any time (not that they are about to or anything). Once the issue is closed no further funds can be added by customers.

Not sure how accurate this info is...

tradetime

It is not uncommon for a fixed rate product to allow you to add further deposits as long as the product is still on offer to new customers, (not all do though) usually however as soon as it is withdrawn for new customers no further deposits can be added.

avantra

nathanhill69 wrote: »

I spoke with them on the phone and they told me that they may withdraw the ISA issue at any time (not that they are about to or anything). Once the issue is closed no further funds can be added by customers.

Not sure how accurate this info is...

Can they do this?
I scanned their T&C and the site and nothing about stopping deposits after issue is closed for new members. Further to this they only say in the small letters
'All transfers and withdrawals are subject to a 90 day interest penalty on the amount withdrawn/transferred.'

That's about it, which is a bit different to what they put on the first page of the product details -

'No limit to the number of withdrawals or transfers you can make (minimum £1) although all withdrawals will incur a penalty of 90 days loss of interest' (nothing about "transfers") ?!!

I will give these nampties a call tomorrow and see who against who.:rotfl:


UPDATE!!

Spoke to to Skipton this morning, they say that once the account is open and the minimum funds invested you can top it up (up to £3.6k) when ever you want, even if the offer is closed to new clients. Can deposit in the branch or they accept bank transfers via Internet banking (Account details will be with account opening pack).

So all in all: A one year high fixed rate ISA with no penalties on deposits.

This is a better offer than the Nationwide fixer of 6.15% in my book.[FONT=&quot]
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