UBL UK - Doesn't inspire confidence - be wary of. Should I be concerned?

chocolatetruckle

I opened a 1 Year Fixed Rate Cash ISA with UBL UK just over a year ago with a transfer from another savings provider, no problems there.

Three weeks before its maturity UBL sent an email requesting my maturity instructions.  I then completed a transfer request with another provider for most of the money once it had matured.    This, I was informed, was rejected by UBL.  No reason was given so I replied to their email with my instructions for a part transfer and a withdrawal of the balance.  This was sent 5 days before the maturity date.  I also tried several times over the next 3 days to send them a Secure Message with the same instructions through their Internet banking website. Messages disappeared once I hit 'send' but eventually after 3 days, I saw my message listed.

Come maturity day my funds along with the interest were now in another 1 Yr Fixed Rate ISA.  Having had no response to my messages I phoned them.  I was told by a not-very-polite customer service assistant that sending maturity instructions with 5 days' notice was "too late" and the transfer request was rejected because it wasn't for the "whole amount".  Their email asking for instructions never gave a reply by date.  I was also informed that under the 14-day cooling-off period I could simply cancel the new ISA but it would lose its ISA status which I don't want.  (After reading reviews on Trustpilot I now doubt they would pay heed to my instructions)

I'm not sure where to go from here.  Do I leave it where it is and hope for better luck in simply transferring the whole amount next year?  If only they would respond to messages it would give me some reassurance.  After decades of opening and transferring Cash ISAs seamlessly, I now have this uneasy feeling that I won't see my money again, or am I being overdramatic?

subjecttocontract

Yes, I have a list of cash ISA providers that I want to avoid. UBL, along with Virgin and others are on my list. Over the years I've learnt that just because a provider offers a service or a high interest rate doesn't necessarily mean their customer service will be up to my standards. Good luck, hope you get it sorted.

Albermarle

I do not think you need to worry about not seeing your money again. UBL deposits are fully covered by the FSCS £85K compensation scheme.
However yours is not the first post on the forum complaining about UBL, so probably best to transfer out when the fixed term is up.

grumbler

chocolatetruckle said:

Three weeks before its maturity UBL sent an email requesting my maturity instructions.  I then completed a transfer request with another provider for most of the money once it had matured.    

What sort of account with 'another provider'? If it was cash ISA, I don't think you can just 'push' your ISA there and have to apply first and then 'pull' it.

As UBL don't offer easy-acces ISA,  I have to confess that I don't know how to transfer their fixed-rate ISA out without payig any penalties or losing ISA status.

chocolatetruckle

What sort of account with 'another provider'? If it was cash ISA, I don't think you can just 'push' your ISA there and have to apply first and then 'pull' it.

As UBL don't offer easy-acces ISA,  I have to confess that I don't know how to transfer their fixed-rate ISA out without payig any penalties or losing ISA status.




I opened a Fixed Rate Cash ISA with the new provider choosing the 'Transfer In' option only (many do this but not all).

You then choose if you want the transfer to be immediate, thus paying penalty fees for early withdrawal or upon its maturity, penalty free, as the term has ended.  In either case, your money retains its ISA status.

I have been doing this for many years without any problems.  Looks like this is no longer the case!

bristolleedsfan

UBL do not accept part transfers out ( Would have been prudent to have checked with them in the first instance)

Albermarle

bristolleedsfan said:

UBL do not accept part transfers out ( Would have been prudent to have checked with them in the first instance)

OP - Clearly this is what the issue is. You have tried to initiate a part transfer from a provider that will not facilitate that,

wmb194

Would transferring it in full within the 14 day cooling off window allow it to be transferred without penalty?

bristolleedsfan

wmb194 said:

Would transferring it in full within the 14 day cooling off window allow it to be transferred without penalty?

No interest paid transferring funds out during 14 day cooling off period.