Introducing: ISAs!
Out of interest (pardon the pun) how competitive is the 1.14% compared to other high street banks?
Let me just Google that for you… 
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Just for the avoidance of doubt. I have a 20K allowance for ISAs. I can open a Cash ISA with Monzo and a Stocks and Shares ISA with Freetrade and as long as I don’t go over 20K we’re cool?
As it happens I’ll be lucky to save a fraction of that but just want to check I’ve got the rules down. Seems simpler than I thought!
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Yep! You have ÂŁ20,000 for all of your ISAs (some ISAs have specific rules - LISA and Help to Buy ISA) but in general your overall allowance for this Tax Year is ÂŁ20,000.
You can only open and pay into one of each type of ISA in any tax year though. But a S&S ISA and Cash ISA are different types!
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Well interestingly OakNorth themselves offers a 1.44% AER easy access ISA account, amid with a minimum balance of £1,000. The 0.30% difference seems a bit steep for the convenience if you can meet the minimum balance…
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@cookywook or @simonb Could you let us know if these ISAs are flexible? The Which? article a week or so ago said they were, but nothing Monzo has put out has suggested it is. What’s more is the “normal” OakNorth ISAs aren’t flexible. Would be great if it could be cleared up!
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Don’t appear to be working.
I still get the Investec flow and then told I can’t have one because you’ve stopped them.
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The screenshot in the blog suggests Next Working Day like the Investec Savings Pot.
Although screenshot doesn’t necessarily match real life!
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I was confused about @JustJordds’s question initially as well, but I think he doesn’t mean easy access but instead “flexible ISA”, which is a type of ISA that allows you to take money out and put it back in within the same tax year without affecting the yearly allowance!
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“Easy Access” and “Flexible ISAs” are slightly different terms.
If an ISA is “Flexible” it means that say you have £5,000 in the ISA, and you take £1,000 out. Replacing that £1,000 won’t add onto your £20,000 limit. So in the example you’d still have only put in £5,000 towards you limit.
However if not flexible and with the above example, your limit would be at ÂŁ6,000 (the ÂŁ5,000 you had in initially and the extra ÂŁ1,000 to top back up to ÂŁ5,000).
It is quite an important feature to know if it applies as many on this forum will tell you. It isn’t bad if it isn’t but I’ve just seen some conflicting information on it.
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I’ve found the issue, ISAs don’t work with Joint Accounts which makes sense.
However, ISAs are now the Flexible Savings Pot seemingly replacing the Investec Pots. @cookywook are we going to get any kind of Flexible Savings Pot functionality back to Joint Accounts or is this another aspect where the Joint Account is going to be neglected?
Except for the fact that the container pot is being called a Flexible Savings Pot.
This could (understandably) lead people into thinking it is a Flexible ISA even if it isn’t.
They should really change that if its not a Flexible ISA.
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Yes sorry - I should’ve been clearer, I was more speaking in terms of the ISA itself.
I think because we are getting more savings pots, hence the title - but would be good to get some definitive answers on whether the ISAs are Flexible or flexible.
I understand. Just using that as a lead off for the point I wanted to make.
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I think the non-ISA savings vehicles will likely (hopefully) be Joint Account compatible (nothing I’ve seen suggests this but it makes sense). ISAs naturally can’t be on a Joint Account as they are individual to the customer and their tax liabilities.
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Oh no I agree definitely! I think in the rush to push the ISAs out before the end of the Tax Year a couple of things just need clarifying.
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What worries me is that the ISA replaces the Flexible Savings Pot on Personal Accounts so are they going to invest any time in creating a non-ISA replacement is what I’m asking @cookywook
Yes.
There’s further partnership with OakNorth planned.
Both fixed and easy access accounts.
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The Which? article I mentioned has stated we are expecting 6 savings vehicles (2 ISAs - 1 being this one) and 4 savings accounts:
- instant-access account, 1% AER
- six-month fixed-term account, 1.36% AER
- nine-month fixed-term account, 1.46% AER
- 12-month fixed-term account, 1.53% AER
- instant-access cash Isa, 1.14% AER
- 12-month fixed-term cash Isa, 1.38% AER
I would therefore speculate that those 4 non-ISA vehicles could very well come to Joint Accounts.
Link to Which? Article - Monzo Savings Pots - Which?
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