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Principality BS 1 Year Fix - T&Cs question
Cardinal-Red
Posts: 664 Forumite
Am interested in depositing my full cash ISA allowance into this and enjoying the 2.8% fix for the year.
However the terms and conditions have this paragraphs in them:
7. Withdrawals from your ISA are not permitted prior to Maturity.
8. Closure of your ISA will be permitted subject to 180 days’ loss of interest.
9. Your ISA may be transferred directly to another approved ISA provider subject to loss of 180 days’ interest. You must transfer the full balance of your ISA and not just part of it.
It's paragraph 9 that concerns me. Obviously in 12 months' time I will be looking to transfer this out as it specifically refers to the account moving to the variable rate ISA.
But 9 above makes no mention of before maturity, or in the current year, so a strict reading of it to me suggests that once the 12 months are up, transferring out will cost you 180 days' interest anyway, effectively reducing the interest to 1.4%.
Is this likely? Or am I being overly cautious?
However the terms and conditions have this paragraphs in them:
7. Withdrawals from your ISA are not permitted prior to Maturity.
8. Closure of your ISA will be permitted subject to 180 days’ loss of interest.
9. Your ISA may be transferred directly to another approved ISA provider subject to loss of 180 days’ interest. You must transfer the full balance of your ISA and not just part of it.
It's paragraph 9 that concerns me. Obviously in 12 months' time I will be looking to transfer this out as it specifically refers to the account moving to the variable rate ISA.
But 9 above makes no mention of before maturity, or in the current year, so a strict reading of it to me suggests that once the 12 months are up, transferring out will cost you 180 days' interest anyway, effectively reducing the interest to 1.4%.
Is this likely? Or am I being overly cautious?
The above facts belong to everybody; the opinions belong to me; the distinction is yours to draw...
0
Comments
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You are being over cautious. At the end of the fixed period, your ISA will be a different ISA with different T&Cs.
... and will be transferable, in whole, in part, with no notice period.
It's pretty standard.0
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