Unpick this ISA mess I've created please.

Rusty190

I have a fixed rate ISA which has just matured with bank A.(21/7/2023).
Approx 1 week before maturity date, I made contact with another provider (Bank to transfer all funds to them after maturity.
On line account opened with bank B - online transfer forms completed, printed off, signed and posted to them, as per their instructions.
Account with Bank A , now matured and has been moved, by them, to another 12 month fix with them, paying lower interest than Bank B.
I've made contact with Bank A and requested they move funds to an easy access ISA so that, if there are any delays my funds aren't trapped and I end up paying a penalty.
As yet, funds are still with Bank A in the fixed rate account they moved it to.
Today, Bank A have brought out another 12 month fixed rate ISA which pays a higher rate of interest than Bank B.

Am I too late to cancel the move to Bank B and request Bank A just move money to new fixed rate account as of today?

Rusty190

I should add, Bank A do have a 14 day cooling off period. (It's not Virgin money though!).

Rusty190

I have no idea where the dude with the sunspecs came from - it's meant to be a letter b.

Doctor_Who

Account with Bank A , now matured and has been moved, by them, to another 12 month fix with them, paying lower interest than Bank B.

How did this happen? Surely you must have agreed at some point to reinvest in another 12 month fix? Most often a fix will mature in to an easy access account.

You say bank A has a cooling off period, what about bank B? If they do you could cancel the transfer to bank B.

Albermarle

How did this happen? Surely you must have agreed at some point to reinvest in another 12 month fix? Most often a fix will mature in to an easy access account.

Some providers roll you over into the same product, if they do not receive any other instruction from you. This can be another fixed term of the same duration.

I had a fixed rate with one provider that just like the OP ( I think it was Skipton) I wanted to transfer. To pre empt a problem similar to the OP ( in case of transfer problems/delays) I specifically had to request that it matured into an easy access account ( and it was not very obvious how to do that either )

Am I too late to cancel the move to Bank B and request Bank A just move money to new fixed rate account as of today?

Difficult to say but I would give it a go ( cancelling transfer to Bank B )

Doctor_Who

Some providers roll you over into the same product, if they do not receive any other instruction from you. This can be another fixed term of the same duration.

I had a fixed rate with one provider that just like the OP ( I think it was Skipton) I wanted to transfer. To pre empt a problem similar to the OP ( in case of transfer problems/delays) I specifically had to request that it matured into an easy access account ( and it was not very obvious how to do that either )

So that must be buried in the T&Cs somewhere with the aim of 'trapping' the unaware in a new fixed rate account! I've had relatively few cash ISAs over the years, preferring to use my ISA allowance for investment growth instead. 

OP - I also wonder if the transfer may fail anyway because the details you gave to bank B for the transfer (account/roll number etc) may have changed when bank A moved your ISA to another fixed rate (would depend if bank A kept the same account details or changed them).

Ocelot

That's unusual. All my ISAs and FRBs have always matured into an instant access account, paying next to nothing (presumably hoping you'll forget and leave it in there, but at least you can access it when you want).

Zolablue

Ocelot said:

That's unusual. All my ISAs and FRBs have always matured into an instant access account, paying next to nothing (presumably hoping you'll forget and leave it in there, but at least you can access it when you want).

My wife signed up for a Kent Reliance 1 year fixed cash ISA last November. When it matures Kent Reliance will reinvest it into another 1 year fixed ISA unless they receive instructions to the contrary. I think that this is becoming more common 

Sniblet

Zolablue said:

Ocelot said:

That's unusual. All my ISAs and FRBs have always matured into an instant access account, paying next to nothing (presumably hoping you'll forget and leave it in there, but at least you can access it when you want).

My wife signed up for a Kent Reliance 1 year fixed cash ISA last November. When it matures Kent Reliance will reinvest it into another 1 year fixed ISA unless they receive instructions to the contrary. I think that this is becoming more common 

Oooh cheeky....! One to watch for so thank you for pointing this out @Zolablue.
I had an Aldermore 3 year yr 19/20 ISA (appalling rate - but excessively expensive to move before the end of the term so better off staying put acc. to the MSE calculator) matured in early April which then went onto a 30 day notice ISA. I didn't need to put it through the calculator as it was a no-brainer so transferred to a much, much better interest rate instant access ISA with a flexible provider as I might need the money some time soon.
But the idea of being locked in again after the term ends is a little scary. However, the earlier you recognise it the better, as the move elsewhere will be likely to be more financially advantageous the earliest you can move.