Hi just some feedback from me regarding the Oaknorth Cash ISS I just closed - it wasn’t the interest rate it was the delay in transferring funds or even receiving interest payments which are slower and seem to occur at the end of the next business working day. I would have saved the max but this is not as good as keeping my Nationwide ISA which is pretty much instantaneous
We’ve teamed up with OakNorth to bring you cash ISAs that’ll earn you 1.14% interest on your savings. They’re easy access too, meaning you can withdraw money at a day’s notice if you want to.
Based on that it’s always the next working day so it wasn’t just your transfer being delayed.
That’s the way they work. It states it when you open the pot.
Please remember you can only contribute to one cash ISA per financial year. If you’ve added money to the OakNorth one since April 6th then you cannot contribute to any other til next April
Unless you’ve got flexibalance left from previous years
Have I mentioned how much I hate the rules around ISAs?
Isn’t it that money from a previous tax year can be withdrawn and replaced this tax year?
On that note, if I was to make the oaknorth pot balance go below £500, and it therefore closes, does that mean I can’t make a new one to replace it with until April, or is there a shadow account with a zero balance until I try and recreate the pot?
If the account is closed then you can’t open another until next year is my understanding. However I believe you can open another so long as you transfer and close your current ISA as an ISA transfer.
You just properly transfer the ISA for that to count, you can’t just close and ISA and open another.
I didn’t think ISA transfers were available yet
But the OP could have a flexi ISA with Nationwide and have taken money out in this tax year to fund the Oak North ISA.
In which case, the OP could just put it back in the old ISA.
Always transfer, never close!
I believe you are correct. But that is the only way to have an current year ISA if you want to move to a different one while already having opened one. If you opened a Monzo ISA, you just have to wait unfortunately.
Ahh good old ISA rules.
So yes standard rules are in one tax year you can invest into one cash ISA with one firm and one stocks and shares ISA with one firm for a maximum combined total of £20,000. This makes up the bread and butter of the majority of ISA providers in the UK.
Flexable ISA’s you can withdraw from and it adds what you withdraw from your current years allowance so you can put it back at a future date.
Example, if you have 30k in an ISA and you put in 5k your current tax year allowance remaining is 15k. You then withdraw 20k, so this is added to your current years ISA allowance and so now you can put into your ISA a maximum of 35k.
Correct! Protect that allowance!