ISA Clarity: Flexible Savings pot vs. Fixed Savings Pot (Shawbrook and OakNorth)


Just a few points regarding the higher-yielding savings pots (please dispute if I am missing something):

  • Could there be more clarity upon setup whether the fixed/flexible savings pots are “ISAs” or not? For the flexible savings pot at least, the provider (Shawbrook/OakNorth/Investec) and interest are stated, but at initial setup at least, the fact it is an ISA is not stated (the “ISA” element is within the summary of terms once you open it). The split ISA model could also be made clear upon setup

  • (Within the Monzo App): I am allowed to open multiple cash ISAs (flexible savings pots) unless a split ISA model is employed by 1 vendor. The app appears to let me open multiple cash ISAs with 2 vendors (e.g. Shawbrook/OakNorth). The situation where I open multiple cash ISAs with 2 different vendors doesn’t appear to be within the rules - unless I am missing something

  • (If I am correct in the above point): There should be a warning before opening your first cash ISA in the Monzo app, alerting you that “Generally only one cash ISA may be opened in a given tax year; with the exception of the split ISA model employed within the Monzo app. Have you opened a cash ISA this tax year? {Y/N}”

Monzo’s guide to ISAs is great!

You can have one ISA only. The app stops you opening multiple.

Everything else is just a plain old savings account.

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