January 2016

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
2 replies 1K views
BrettBrett Forumite
21 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I currently have Two ISAs, One A 5 Yr Fix with Virgin Money, which has just had its First 12 months with them. The second is one I opened in April this Year with NS& I, A Direct ISA. The Virgin ISA has the full protected amount covered by the Government in it, but as we all know now the amount covered drops to £75,000 this coming January.We also know that NS&I are to drop their rate on the Dirtect ISA from 1.50% to 1.25% in November. Question.... I am looking at moving the NS&I ISA to the Five Year Fix with The Coventry at 2.4%, as soon as possible, I don't want to wait until November. What I would like to know is under the current situation, where the Government is reducing the Protection to the £75,000, would I be allowed to move £10,000 from the Virgin ISA to The Coventry in January when the new rules come in or because the Coventry and the Virgin are Fixed ISAs this is not allowed.?Basically can I top up the Coventry ISA in January if I open it now with the NS&I transfer?


  • eskbankereskbanker Forumite
    19.2K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    My understanding is that the temporary arrangements for withdrawals resulting from the FSCS changes apply up to January not from then, i.e. they're giving you the opportunity to get below the limit before it comes in not afterwards, but check with Virgin how they're applying these.

    Whatever you decide to do with Coventry, be aware that their window for contributions to a fixed ISA is limited:
    We must receive your initial deposit, and any other deposits (including any ISA transfer instructions), either within 14 calendar days of us accepting your application or while the account is still open to new investors, whichever is longer.
  • Thanks for the advice onto Virgin and Coventry now
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