Charter Savings Bank 2 Year Fixed Rate ISA 0.62% - T's & C's Withdrawal & Closure 9 October 2022 at 11:20PM in ISAs & tax-free savings 6 replies 319 views

TojoRalph

I have a Charter 2 year fixed ISA at 0.62% that is due to mature March 2023. Needless to say I am looking to move the money somewhere it's earning its keep a little better. However for the life of me I cannot find the T's & C's for the account on their web page. Anyone any ideas? Thanks.

silvermum

https://web.archive.org/web/20210216165409/http://www.chartersavingsbank.co.uk/Products/ISAs

I used WaybackMachine to search pre-March2021
It appears to have a 180 day interest penalty for early redemption. 

25_Years_On

If you want to find out about withdraws  look at the current list and select find out more below 2yr fixed rate isa.

https://www.chartersavingsbank.co.uk/Products/FixedRateCashISA

silvermum

25_Years_On said:

If you want to find out about withdraws  look at the current list and select find out more below 2yr fixed rate isa.

https://www.chartersavingsbank.co.uk/Products/FixedRateCashISA

This is just for FRISAs currently on sale though I believe?
The OP is asking about a product available 18 months ago. The T&Cs may not be the same.

TojoRalph

silvermum said:

https://web.archive.org/web/20210216165409/http://www.chartersavingsbank.co.uk/Products/ISAs

I used WaybackMachine to search pre-March2021
It appears to have a 180 day interest penalty for early redemption. 

Thanks and as you say, it looks like 180 days. I have asked the question anyway and regardless of if it was 90, 120 or 180 days, with such a paltry rate by todays standards, I now realise it's unlikely to impact  my decision.

Based on my rough maths, for the £20K I have tied up at the 0.62% rate, the 180 days interest penalty equates to approx. £62 lost. With the remaining 5 months of the term to 31st March seeing £52 having been earned. So that’s a total of £114 “lost” in penalties and interest to the 31st Mar 2023.

Alternatively, £20K at 3.70% (1 Yr Fixed) will earn approx. £308 in the 5 months Nov to 31st Mar 2023. So it appears a simple decision. Thanks.

TojoRalph

To update, a week on from my asking the question via the banks preferred method  (the secure messaging system) and I have heard nothing back. I have also tried calling, but the hold time was ridiculous and I gave up.

ScarletBea

I did a similar thing with my Leeds BS ISA and they were super helpful and quick!