What happens to Kent Reliance Direct One Yr Fixed Rate ISA on maturity?

purplestar133

The question's in the title really!

Am I right in thinking you can add to this ISA whenever you like? As it's fixed at 4.5%, I may aswell start adding my 09/10 subscription in there from April. It's ok to do that isn't it? Then when it matures in January (I think) transfer it to another provider. Just worried if it turns into a notice account when it matures that might make it more difficult. Can't see any mention anywhere of what happens on maturity...

Baldur

purplestar133 wrote: »

Just worried if it turns into a notice account when it matures that might make it more difficult. Can't see any mention anywhere of what happens on maturity...

Suggest that you read the Terms & Conditions of the account - most providers' FRISAs simply become easy access variable rate Cash ISA accounts on maturity but at least one, Julian Hodge Bank, applies a fairly lengthy notice period unless you transfer within a time-limited 'window of opportunity' from the date of maturity.

purplestar133

Baldur wrote: »

Suggest that you read the Terms & Conditions of the account - most providers' FRISAs simply become easy access variable rate Cash ISA accounts on maturity but at least one, Julian Hodge Bank, applies a fairly lengthy notice period unless you transfer within a time-limited 'window of opportunity' from the date of maturity.

Thanks, but I don't have any terms and conditions. I printed everything that was on their website at the time and have just looked through it and couldn't find any info. Will ring them anyway.

Milarky

purplestar 133,

If you look at this page you see KRBS doesn't offer any kind of ISA except the instant access variety - so that's what your matured funds can be expected to go into.

As to adding, it is unlikely you could add to your initial investment before January 2010 - when the fixed rate ends - unless those pesky terms and conditions say you can...

The most straightforward way to keep your ISA allowance for 2009/10 in one place is to 'subscribe' (i.e. open) a new KRBS ISA in April and then you could nominate that account to receive the maturity proceeds - if they will oblige

MarkyMarkD

KRBS fixed rate ISAs DO allow subsequent subscriptions during the fixed rate term, so it would be worthwhile to throw another £3,600 in at 4.5% on 6 April.

On maturity you will be offered the choice of a new fixed rate - if they are offering any at the time - or (the default option) be transferred to a variable rate ISA which you can freely withdraw/transfer from without penalty.