Julian Hodge Bank ISA transfer out fee penalty???

MRLX69

Hi,

I was about to sign up for an ISA at Julian Hodge Bank when I saw this: http://www.moneyfacts.co.uk/searches/savingdetails.aspx?detailid=SAVINGS_SEARCH&histno=SAVINGS001593401Yearly

I thought there was only a penalty if you break the 1 year contract early.... so even if the 1year is over and you wish to transfer out, they will charge you??

Please let me know if anyone has experienced this.

Thank you!

Mike

johnmoney05

On the terms and conditions:

Withdrawals

For fixed rate Cash ISAs opened after 1st November 2002, you can transfer all of your account or make a withdrawal at any time by writing to us with full details of the request. The minimum withdrawal you are permitted to make is the full balance in the ISA. We may apply a practical implementation period of any length up to a maximum of 30 days following your request for a transfer / withdrawal.
For access to your account before the end of the fixed rate period, an exit fee will be charged and the practical implementation period may apply. The exit fee payable is determined taking the following factors into account;
– The number of days from the date of transfer/ withdrawal to the end of the fixed rate period; and
– The value being withdrawn at the time of your transfer / withdrawal request; and
– The difference between the money market interest rate when the account was opened and the date of transfer / withdrawal; and
– An administration charge.
The money market interest rate is the semi-annual interest rate swap LIBOR (London Inter-Bank Offered Rate) as published on Reuters page GBPIRS=ICAP at 9.00am daily or should such page cease to be published, we may in our absolute discretion, substitute such other measure as provides a reasonable alternative.
The exit fee will be deducted from the closing balance. The exit fee applicable to your account is available upon request from us at any time.
Where the fixed rate term has run to maturity, no exit fee will be charged.
Transfers must be paid directly to your new ISA manager. Withdrawals can be paid by us sending a cheque by post.

Maturity
Upon the maturity of the fixed interest rate, the interest rate will be changed to the prevailing variable Cash ISA interest rate. For a period of 14 days following this, a new fixed interest rate may be agreed (subject to availability), or the account may be transferred to another provider or you may close the account without notice. After this period of 14 days, the variable rate Cash ISA terms will apply.

So I don't think there will be any charge when the term is ended.

MRLX69

Thanks a lot!

Just thought of a few more stuff before I dive in...

1) Does my interest get re-invested in the ISA? or is it taken out of the ISA and put in a different account? - I'd like it to go back into the ISA... I can't seem to find this info on the site, sorry if it is actually there

2) General question about ISA's - is there a limit to how many ISAs I can transfer in (or merge together) in any given tax year? I have an ISA opened last tax year and I'm about to open one with Julian Hodge. Now, next tax year can I transfer them both into an ICESAVE one?

Thanks for all your help!!