Maturing Yorkshire ISA

Gatser

My Cash ISA with Yorkshire Bank matures in May.

I am not impressed that the letter they have sent me says that I can reinvest in their new Fixed Rate Bond (ISA) or I can...
1. Invest additional funds
2. Part withdraw funds
3. Switch to another Yorkshire Bank Product
4. Close your account

What about transferring to a (better!) ISA with a competitor? :mad:

Should this be reported to the FCA for misleading information?

VT82

That would need to be initiated by the other party, so isn't a Yorkshire building society 'option' per se.

I guess it would come under 3. - switch to whatever access ISA they've got in the meantime and then go and set up your alternative who can request the transfer.

They're not doing anything specifically 'wrong', but they could do with having a Q&A on what you should do if you wanted to go down this route. The FCA might take it on board as something that should be industry standard, but they won't tell the Yorkshire off.

xylophone

If you do not wish to reinvest with the Yorkshire, complete a transfer form for your chosen provider now, ticking the "transfer at maturity" box?

Presumably your letter from the Yorkshire says something on the lines of "If we do not hear from you, your Fixed Rate ISA Issue...
automatically converts to......

I, too, feel that the letter should explain the transfer procedure if you do not wish to reinvest with the Yorkshire but wish to retain the ISA status- not doing so is a trifle disingenuous.