Shawbrook maturing isa

hendrix04

Hello all ,I have a 6month fixed isa maturing on 5th November.Shawbrook bank are asking for a maturity instruction or funds will go into a maturing funds account.I am assuming this account keeps the isa status,but cant find confirmation of it.Waiting on an answer to my message to them.Anyone had experience of this?

happybagger

No experience of SB (although both my parents have an ISA with them), I assume one of the options will be to their Instant Access ISA that currently pays 1.50%, so asking them to transfer it to that would seem sensible while deciding?

hendrix04

Thanks happybagger for your reply.That was the question I sent them about moving funds in to their easy access as all their options online are fixed

happybagger

Their current fixed rate offerings come with these conditions at maturity

• At maturity, you can either withdraw your funds, transfer them into a new Shawbrook account of your choice (subject to any specific account terms and conditions) or transfer part or all of your balance to an alternative ISA provider (if your account matures within the same tax year as your deposits were made, you will have to transfer out the whole balance for that specific tax year). If you do not let us know what you wish to do by the maturity date, your account will revert to a Cash ISA Matured Funds account and the variable interest rate will be confirmed to you in writing.

So it would be interesting to ask what the rate on the "Cash ISA Matured Funds" account is, just in case it's more than the 1.5% on their standard current Instant Access ISA offering.

Then you can decide to move to a different provider as you wish.

hendrix04

Thanks for your reply happybagger,so it appears the account keeps isa status.The matured funds account has rate well below easy access isa.May have to move it asap after maturity if I cant get a reply and get it into the easy access.