Huge Cash ISA trapI have been a satisfied ZOPA customer for a number of years with a banking account, 2 savings accounts and 2 cash ISAs.The cash ISAs consist of 1 fixed term account expiring in April 26 and 1 easy access account.I was about to create a 2nd fixed term account expiring in October 26 and transfer in all the easy access funds.However I now understand that this would be a trap in that both fixed rate accounts would need to be transferred out at the same time meaning one has to close early with penalties. This is a huge flaw and Zopa should do the ethical thing and ensure that 2 fixed term ISAs cannot be opened.Update:Zopa have repeated the stock answer that all pots are classed as one ISA so all need to be transferred out at the same time, but they will look at it.But they fail to address the current issue of allowing 2 or more fixed term accounts with different end dates meaning 1 or more would have to be closed early with harsh penalties.This is a huge flaw and Zopa should do the ethical thing and ensure that 2 fixed term ISAs cannot be opened.
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