Al Rayan 120 day Notice Cash ISA - transferring to another ISA in order to obtain funds

thriftytracey

Hi

I want to close this ISA which I stupidly started in 2015 and hardly earning anything.  I would like to close it and move it to a one year fixed bond.  I can only close it without having to wait 120 days by transferring it to another cash ISA.  

Can anyone suggest a cash ISA where there is no penalty on closing it  soon after I have opened it?  I am not bothered about the interest rate as it will purely be a vehicle to obtain my cash.

Thanks

eskbanker

I'm not aware of any easy access cash ISA that would impose a penalty charge for closing soon after opening, have you identified one or more that does this?

Beddie

I think you can withdraw it from Al Rayan after giving the 120 days notice, you don't need to faff about transferring it first. Or even better, just pay the penalty and move it now if the rate is low.

Just call them, they'll tell you what you can do.

thriftytracey

I started the process for an easy access ISA.  I am just wary there will be some penalty if I close it a few days after the money is transferred.  During the process on the "change your mind in 14 days" states you can close "without charge".  So, is there going to be a penalty if it is outside the 14 days? 

Daliah

thriftytracey said:

 I would like to close it and move it to a one year fixed bond. 

thriftytracey said:

I started the process for an easy access ISA.  I am just wary there will be some penalty if I close it a few days after the money is transferred.  During the process on the "change your mind in 14 days" states you can close "without charge".  So, is there going to be a penalty if it is outside the 14 days? 

What kind of account is it you'd like to open - a 1 year fix or an easy access one?

There is no charge ever for an easy access cash ISA (or non-ISA). Only fix term ISAs have early redemption/transfer charges, after the cooling-off period. Non-ISA fixed term bonds have a 14 day no charge cooling off period and cannot be accessed until maturity once the cooling off period is over.

thriftytracey

I've spoken to Coventry Building Society and they confirmed I can close the easy access cash ISA at any time after the cash has transferred without fee or penalty.

km1500

why transfer it ? just close it and pay the 120 day penalty (which you would do anyway if you transferred it)

Daliah

km1500 said:

why transfer it ? just close it and pay the 120 day penalty (which you would do anyway if you transferred it)

she might not want to withdraw the entire balance, and not want to lose the ISA wrapper on the remainder

thriftytracey

km1500 said:

why transfer it ? just close it and pay the 120 day penalty (which you would do anyway if you transferred it)

I have to give 120 days notice according to them.

Daliah

thriftytracey said:

km1500 said:

why transfer it ? just close it and pay the 120 day penalty (which you would do anyway if you transferred it)

I have to give 120 days notice according to them.

You have to give notice or pay the profit penalty whether you want to close or transfer. 

masonic

thriftytracey said:

km1500 said:

why transfer it ? just close it and pay the 120 day penalty (which you would do anyway if you transferred it)

I have to give 120 days notice according to them.

Cash ISA providers must allow access at any time. They are allowed to charge a penalty for access.