Transferring a maturing ISA to another company

Mr_Teeny

One of my ISA's is due to mature on 30.11.19 but there's no option in the maturing instructions to go to another ISA. How do I transfer and ensure I keep the maturity bonus of 0.3% or whatever it was. If it goes to a new ISA all their docs state losing 120 days interest if money is taken out.



Are transfers treated differently towithdrawals so I could simply go onto whatever ISA with the company on maturity then set up another ISA and transfer a few days after.


Thanks


Or can I simply open a new ISA now with the other firm then transfer after maturity

eskbanker

Assuming you've found a product with another provider that ticks your boxes (including accepting inbound transfers) then open it, ensuring that any initial window for funding it extends into December.

Once open, follow the new provider's ISA transfer process, which will usually allow you to specify that the transfer can only take place after a specified maturity date, thereby safeguarding all your interest/bonus and avoiding early withdrawal penalties....

Mr_Teeny

Thanks, looking at the virgin money one for a year 1.4 which seems to accept transfer and deposits within 30 days of opening. Although to be honest 1.4% is so measly even coventry who I'm transferring from have a higher rate savings account at 1.46% . Kinda seems pointless keeping cash in ISA's these days.