I appreciate that, but in the current situation we arenāt aware of whether Monzoās ISA (although provided by OakNorth) are or are not flexible.
We have a couple of things that may suggest either way - one naturally being that OakNorth donāt currently operate Flexible ISAs.
That doesnāt mean to say Monzoās are or arenāt but it is something we can consider.
EDIT: Iām just purely speculating
2 people have posted that they asked COps and were told it was flexible
Oh, sorry I mustāve missed them - little strange it isnāt put on any of the posts Monzo have done.
They did a breakdown of how the ISA worked and didnāt mention it - maybe donāt want to confuse.
Iāve asked if someone can confirm officially
It really needs adding to the article either way.
Flexible* Savings Pot ISA from OakNorth
*This is not a flexible ISA, so any money withdrawn cannot be replaced.
or
if theyāve done a special deal with OakNorth (that OakNorth customers donāt even get) they should be shouting it from the rooftops as a feature and letting people know what that means by having easy access and flexible they can withdraw and deposit anytime without any impact.
This is why I suspect cs got it wrong
With this being a new product released ahead of schedule I would err on the side of caution. Itās made worse by the fact it has flexible in its name.
Iām sure someone will be along soon to provide concrete answers.
I was one of the people who asked support chat if this is a flexible ISA. They confirmed that it is.
I agree it should be made a bit clearer as itās not at the moment.
This is confusing. Bring flexible is a big selling point, so why arenāt they actively promoting it?
It would be very poor if this turned out to be false, but it looks like they are indeed flexible.
Definitely worth @cookywook clarifying once and for all thoughā¦
So I already have an ISA for this tax year with another bank.
If I open one with Monzo/OakNorth for the 2019/2020 tax year do I need to do a funds transfer? Or can I withdraw my money from the existing ISA and deposit it into the new one without losing any benefit?
You can open one ISA of each type each year. So you can have a cash isa from last year and a cash isa for the new tax year.
If you withdraw the cash from another isa and put it into a new isa that will count towards the 20k limit. You would need to transfer the ISA via the appropriate method to keep your full allowance.
Monzo do not allow transfers in at this time I believe.
Right OK - might be better off opening one with OakNorth directly and importing my existing cash then.
Thanks
Apologies if this question has already been asked/answered. With the introduction of the ISA, is there any reason to hold on to the Investec savings pot with its (slightly lower) 1% interest. Aside the Ā£20k ISA limit (thatās not a problem for me, sighā¦) are they not identical products?
Whilst I canāt advise you on whether to transfer over your investec pot or not - to answer simply no they are not identical.
One is a āSavingsā Pot (Investec) where you could be taxed on the interest you earn on that money.
One is a āFlexible Cashā ISA where you will never pay tax on the interest earned.
Naturally, if you already have open and paid into a Cash ISA, wait until the next tax year, as you canāt open and pay into more than one of each type of ISA.
As someone whos new to ISAs also is there an upper limit to an ISA, like if you max out your Ā£20,000 limit in year 1 to ISA A can you then add your year 2 allowance to ISA A or do you have to open up a new ISA B?
Not that its a worry of mine, ill not have this problem ever 
Spot on. This is my first as, before now, Iād earn more looking for lost change on a bus than entertaining an ISA. Iāll take the extra 0.14%, thank you Monzo.
What are the odds that this could increase in the future (Iām sure i remember seeing 7% being advertised many years agoā¦)
To be honest, mathematically speaking, youāre still losing money in the ISA as the rate of inflation is higher than the ISA interest rate.
(I think please donāt quote me) but it has to do naturally with the overarching Bank of England Base Rate of interest (currently at 0.75% I believe). As this rises (or falls) the cost of lending and interest rises and falls. The other banks naturally go over the ābaseā and thatās where we get figures like 1.14% - theyāll be doing different bits a pieces to make a gain which is more than the 0.39% in this example so that it is profitable to provide such a rate.
Back in 2007 (pre-recession) the base rate was 5.5% - so a savings account with less than 5% would be poor.
Just had a little look the BoE base rate in 1989 was a whopping 14.875%!!!
Iāve just had confirmation
Monzo are the ISA manager so itās not the same as the OakNorth offering. It is a flexible ISA
Cheers! I did suspect this with the Which? article stating they were and Monzo not doing anything about it to say it wasnāt true. But naturally couldnāt be sure.
Shows some good foresight from Monzo to differentiate so much as a manager compared to the products the provider offers directly.