Isa transfer

Dorislingley

Hi all, new to this so hope this is how you go about asking advice??!!
I gave instruction a month before maturity date for my isa to be transferred, via the new provider, on maturity date. 

I then got a letter from the current isa provider saying they had moved it to an account with 0.1% interest as I’d not given them any instruction!??
I emailed them via the secure message centre, didn’t get an answer after 10 days so rang them on a Friday to be told the funds would be moved on the following Monday…….Tuesday comes along, still no funds! 

Called them again on the Tuesday to be told the funds will be moved today….they eventually were in the new isa on the Wednesday. 

While waiting for this to happen, I’ve lost 12 days interest from the new provider which amounts to a decent amount of money!!
I had checked with the new provider and was told they got paperwork but no funds!!?

Ive complained to the previous provider, not heard as yet…….surprise, surprise.

Is it unreasonable for me to want compensation for the amount of interest I’ve lost? never mind the the time I lost calling both banks to try and get it sorted. 

Thanks, look forward to people thoughts/help! 😊

refluxer

In my experience, interest is usually back-dated by the new provider so you don't lose out during a transfer. I don't know if this necessarily applies to every provider / ISA transfer though.

eskbanker

Are you saying that the old provider changed the product/rate before maturity, or that the transfer process was delayed beyond the maturity date?

Cash ISA providers are meant to dovetail interest between them so that there are no days when the money isn't earning interest, but if the delay has meant too many days at the low rate then you may have a case if you can establish whose fault it was.