boingboing

Hi again, I have another question.I would like some advice on using a Coventry Building Society one year fixed rate cash ISA that matures on 30 November 2023. I have the option of fixing again for one year (or more) or transferring into their Four Access or Instant Access cash ISA. The Four Access as the name implies allows 4 free withdrawals per year and anything over that incurs a loss of 50 days interest on the amount withdrawn.

Coventry’s terms and conditions on their fixed rate cash ISA state withdrawals are allowed but will face a penalty of 120-day loss of interest and account closure.

However, I am a little concerned that the Home Office case worker that will be involved may not be aware of this or mistakenly conclude that the existing account (and/or new fixed rate ISA is a fixed rate bond (not ISA) in which no withdrawals are typically allowed until the maturity date.

This is the relevant cash savings requirements that must be met:

· THE SAVINGS CAN BE IMMEDIATELY WITHDRAWN (WITH OR WITHOUT PENALTY)

https://assets.publishing.service.go...equirement.pdf



1. If I fix for another year the account retains the existing account number.

2. If I do take the option of transferring to the Four Access or Instant Access ISA it will mean a new account number being created. In this case will providing two account statements that clearly show the transfer be acceptable to the Home Office?

Will I be safe with either of the above two options?

SanDiegogirl

Did you use the current fixed rate ISA as cash savings for your earlier FLR applications? If so, then wouldn't it be OK for the ILR application?

boingboing

Thanks for the reply.

Previously I used a normal easy access savings account for FLR. With interest rates increasing significantly since then, I decided it would be wise to place more money into both ISAs and none-ISA fixed rate bonds.

I do have the option to use other access savings accounts but in order to reach the £34,600 requirement and at least six months' evidence, I would have to delay the application for ILR until January. As mentioned in a previous post, our window of opportunity to apply for ILR is from now until 21 March 2024.

SanDiegogirl

Personally, I would submit an application with the simplest financial situation as possible.
You can't expect a case officer to be 100% aware of all the nuances of ISA's and other financial products; so present the simplest finances as possible.
I, personally would wait until Jan to submit with 'other access' savings accounts.