Getting Money out of UBL

Bobber14

I was wondering whether anyone has had any success in transferring money out of UBL? I have an ISA there on a (by today’s standards) woeful rate, which I would like to put somewhere where it will work a little harder for me.

They never seem to answer the ‘phone (it just goes to dead after a little while), and their ChatBot is completely useless.

Any advice would be gratefully received.

Thanks

J

refluxer

If you want to transfer it to another ISA account then you don't need to contact UBL to do this - you need to open the new ISA, request that it be funded with a transfer and provide the UBL account details. The new provider will then sort out the transfer for you.

If your new ISA is with a bank who utilise the BACs ISA transfer service, then the transfer will be done electronically and hopefully won't take too long, as I think UBL also use this service. If your new provder doesn't, then the transfer will be carried out by post (funds are generally sent by cheque) and will therefore take longer.

Is the current ISA an easy access ISA or are you midway through a fixed term ? If it's the latter, then there will be a penalty to pay so read the existing ISA T&Cs carefully. 

Bobber14

Refluxed that is super helpful thanks. It is a fix, but with current rates at nearly 5% elsewhere, and only 1.4% on this one, it doesn’t take long to make it worthwhile to take a penalty.

Cheers - J

Bobber14

*too* long

refluxer

Yes, rates are far higher now so it might be worth transferring but you must still make a note of the penalty and do your calculations carefully. 

Penalties are typically 2 to 12 months-worth of interest depending on the length of the fix so if, for example, you're close to the end of a longer fix, the penalty might still outweigh the benefit of switching, despite the big difference in rate.