Fixed term cash ISA

[Rufus Stone]

I just want to move my instant access cash ISA to a fixed term cash ISA, within the same organisation.

Why do they need to know my employer for this?

Why do they need to know my salary for this?

So sick of big brother.

[mikef]

Which institution is offering a decent rate fixed term cash ISA ?

On the AML due diligence, I just opened a new fixed rate saver with Atom Bank and they had it up and running in minutes, no questions about salary - as long as I was transferring from an account in the same name, that’s all they needed (plus a soft credit check for AML purposes)

Edited by mikef on Monday 10th July 18:16

[bitchstewie]

Sounds unusual.

I've got numerous S&S ISAs and I've never been asked anything like that.

[timbo999]

I think they ask for your NI number, so the tax man can check you only open one a year... whether the tax man actually does is another issue!

[The Leaper]

timbo999 said:

I think they ask for your NI number, so the tax man can check you only open one a year... whether the tax man actually does is another issue!

Yes, wife and I recently set up this year's ISAs with a new provider and, aside from expected details, we were asked for our NI number. Nothing asked about income.

R.

[2 sMoKiN bArReLs]

The Leaper said:

timbo999 said:

I think they ask for your NI number, so the tax man can check you only open one a year... whether the tax man actually does is another issue!

Yes, wife and I recently set up this year's ISAs with a new provider and, aside from expected details, we were asked for our NI number. Nothing asked about income.

R.

I've just opened one too, and exactly the same.

[Mr Squarekins]

All they need is your NI number and the cash. That's it.

[Whistle]

I also have a question on a similar matter,

I had a fixed isa that matures next month, I haven’t put any funds in it this financial year as I opened another one year fixed rate isa in April and put £20k in on day one.

I’m I able to open another one year fixed rate isa in august and transfer the balance from the one that’s about to mature without breaking any tax rules?

Total amount put into any isa this year would be £20k

[C69]

Mr Squarekins said:

All they need is your NI number and the cash. That's it.

Agreed, they need to know who you are and your NI number. Anything else is probably customer profiling for marketing purposes. OP, I'd suggest switching provider if you think that your current one is being too nosey.

[C69]

Whistle said:

I also have a question on a similar matter,

I had a fixed isa that matures next month, I haven’t put any funds in it this financial year as I opened another one year fixed rate isa in April and put £20k in on day one.

I’m I able to open another one year fixed rate isa in august and transfer the balance from the one that’s about to mature without breaking any tax rules?

Total amount put into any isa this year would be £20k

Yes, the important thing is to follow the correct transfer process, as detailed here: https://www.gov.uk/individual-savings-accounts/tra...

Obviously you'll have to check that the ISA you want to switch to allows transfers in.

[Rufus Stone]

mikef said:

Which institution is offering a decent rate fixed term cash ISA ?

Nationwide - 5.1%

[mikef]

Cheers

[Whistle]

Rufus Stone said:

Nationwide - 5.1%

Yes this is where my isa is going, the one that’s about to mature is already with them.

[The Leaper]

You can get somewhat better than 5.1% a for a fixed rate cash ISA. See here: https://savingschampion.co.uk

R.

[Rufus Stone]

The Leaper said:

You can get somewhat better than 5.1% a for a fixed rate cash ISA. See here: https://savingschampion.co.uk

R.

Slightly better yes, but might not be worth the aggrivation of moving. Mind you, Nationwide have pissed me off.

[Stella Tortoise]

It’s data to be used fo profiling and so they can try and entice you in for a financial review which is another term for ‘flogging you stuff’.

Please don’t get arsenal with the poor adviser, they hate this process as much as you do but they are measured by their ability to follow the sales process and are checked by mystery shoppers.

[Rufus Stone]

Stella Tortoise said:

It’s data to be used fo profiling and so they can try and entice you in for a financial review which is another term for ‘flogging you stuff’.

Please don’t get arsenal with the poor adviser, they hate this process as much as you do but they are measured by their ability to follow the sales process and are checked by mystery shoppers.

It's an online application!

[The Leaper]

Rufus Stone said:

The Leaper said:

You can get somewhat better than 5.1% a for a fixed rate cash ISA. See here: https://savingschampion.co.uk

R.

Slightly better yes, but might not be worth the aggrivation of moving. Mind you, Nationwide have pissed me off.

Aggravation, what aggravation? It's a simple procedure to open an ISA with a provider new to you. And:

• better to spread assets among different providers
• less risk
• less chance of breaking through the £85,000 government security limit.

Only downside is the need to keep records of the different accounts, although this is really not difficult to do. Between us, wife and I have 14 separate ISAs split among 6 providers, and keeping records and maintaining them is simple.

R.

[Stella Tortoise]

Rufus Stone said:

Stella Tortoise said:

It’s data to be used fo profiling and so they can try and entice you in for a financial review which is another term for ‘flogging you stuff’.

Please don’t get arsenal with the poor adviser, they hate this process as much as you do but they are measured by their ability to follow the sales process and are checked by mystery shoppers.

It's an online application!

Tell ‘em to ‘do one’ then!