Paragon fixed ISA converted to easy access ISA - confusing?

howryoo

Has anyone had a Paragon fixed ISA rolled / auto-convert into an easy access ISA recently (if they took no action with maturity instructions)?

Is it me or has it become confusing, as it looks like they've just replaced the fixed rate title with easy access isa and assigned with a slightly different account number?  All the old monthly statements have also be amended!

I wonder if it would have been different if I had selected easy access as a maturity option (thus the matured fixed rate would be a 'closed' account and the easy access assigned a completely new account number)?

subjecttocontract

What's confusing about that ?
If that's what the t&c's say, then that is what they do.
Seems entirely reasonable to me.

howryoo

It's confusing because if you look at it a few years' down the line, your statements would reflect easy access rather than fixed rate.  Suppose you can track it by the account number (despite slight difference) and just bear it in mind.

They could have at least retained the proper account name and account number up until the previous month prior maturity?

Or they could have labelled 'Interest' with the fixed rate account name it relates to?

refluxer

howryoo said:

Has anyone had a Paragon fixed ISA rolled / auto-convert into an easy access ISA recently (if they took no action with maturity instructions)?

Is it me or has it become confusing, as it looks like they've just replaced the fixed rate title with easy access isa and assigned with a slightly different account number?  All the old monthly statements have also be amended!

I wonder if it would have been different if I had selected easy access as a maturity option (thus the matured fixed rate would be a 'closed' account and the easy access assigned a completely new account number)?

FWIW, I submitted maturity instructions for a Paragon fixed rate ISA to convert to an easy access ISA earlier this year and it was assigned a completely new account number which is what I would expect. I can't remember whether that particular ISA was the default option or not though.

The old fixed rate ISA does appear in the list of closed accounts and the statements haven't been altered to reflect the later easy access ISA account details.

In my experience with other banks, when a fixed rate ISA defaults to a 'maturity' (easy access) ISA (when they don't receive maturity instructions), then that account usually retains the same account number. That doesn't necessarily mean that's how Paragon operate though, I guess.

howryoo

Thanks refluxer for sharing your experience.  In hindsight, maybe that's what I should have done to keep it clean.

Having said that, I don't understand why older statements reflect the new account name.  Not the end of the world, just isn't ideal.

Qyburn

I've just done the same, opened a new Triple Access account and transferred the matured fixed rate into it.  The old account shows under "Closed" and the account number prefix changed from "1IA" when it was a fixed rate to "EIB" on maturity.  The number stayed the same.