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I recently opened a 2 year fixed rate cash ISA with a well known building society. Anyway I didn’t deposit money into it for around 10 days and when I went to do so, I couldn’t as apparently a new ISA was available.
So I cancel that one and opened a new 2 year ISA with the same company. This time I made sure I deposited some money into it with then the intention of putting some monthly money into it as I go along.
I go into it today to put some more savings into it - but cannot do so as there is a new ISA available.
So I’m now left with a 2 year cash ISA - where I was only able to deposit money into it for around 4 weeks before it was closed to further new payments.
To say I’m fustrated is an understatement 😂
Should be renamed, you are tied to *us* for 2 years, but be quick you can only deposit money into the account in the first monrh!!
I feel your pain. But at least you managed to open an account! I have tried now with 2 different institutions to open a new account to transfer my ISA as my bank are still paying pathetic rates. It is a reasonable sum of money too so you would think these institutions would bend over backwards to get their hands on your cash. Not a bit of it. The barriers put up and the time it takes to navigate all the anti laundering stuff means I have probably wasted over a day of my life trying to set up an account and still not got anything to show other than frustration (and an ongoing 0.5% interest rate on my ISA).
Always the case with fixed rates, not an issue if instant access but if fixing a rate then they normally specify the window (short) that you can deposit funds into before it’s closed. Will be the same with all providers.
Appreciate that is no help whatsoever and not trying to be clever, they often don’t advertise that enough