UBL fixed term ISA

kjs31

Having seen the UBL 1 year fixed term ISA at the top of the cash ISA table currently I decided to transfer part of my existing cash ISA. I’m about to give up however. Firstly I got halfway through registering for an account and got ‘something went wrong’ and had to start again. Then my iPad didn’t save the secure password that it suggested so I had to do a password reset. It said that it had sent a verification code 3 times (it hadn’t) but finally did on the 4th attempt. Now I’ve entered my personal details and details of my existing account and I’ve got ‘something went wrong’ when I click to confirm that they are ok. Is this an indication of the general instability of their website offering in general? I’m using their website rather than the mobile app as it suggested that this was the easiest way to apply! Wondering whether to ditch this one and go for Charter Savings Bank instead. 

kidwell25

I took out a UBL 1 year fix this time last year and am regretting it now. Who knows whether it was in the small print at the time but now I've received my maturity instructions letter I've discovered that unless I instruct to the contrary the ISA will automatically reinvest into another 1 year fix. There is then a 14 day cooling off period, but no interest is earned during that period if the funds are transferred out. And if the transfer happens after the 14 days I'll be subject to early withdrawal charges. So just bear that in mind if you think you might want to move the ISA to another provider in future.

kjs31

kidwell25 said:

I took out a UBL 1 year fix this time last year and am regretting it now. Who knows whether it was in the small print at the time but now I've received my maturity instructions letter I've discovered that unless I instruct to the contrary the ISA will automatically reinvest into another 1 year fix. There is then a 14 day cooling off period, but no interest is earned during that period if the funds are transferred out. And if the transfer happens after the 14 days I'll be subject to early withdrawal charges. So just bear that in mind if you think you might want to move the ISA to another provider in future.

Thanks. I’ve had that a fair bit with other fixed term products. Some transfer straight into another fixed term product unless you respond, others transfer to a very low interest easy access account. Who knows what will be happening with interest rates in a year however so I only want to commit to UBL for a year. 

Albermarle

but now I've received my maturity instructions letter I've discovered that unless I instruct to the contrary the ISA will automatically reinvest into another 1 year fix.

This is not that unusual. 
The key with all fixed rates is that you should get some kind of notification a few weeks before maturity, laying out your options. Usually you get a reminder again before it actually matures. If you respond to this then there will be no issues.