Charter Bond Maturity?

metrobus

I have a fixed rate bond maturing in 2 weeks with Charter.
They emailed me yesterday to say that I can choose what to do with the funds, through “maturity options” when I log in.
When I do this it gives me about 5 different accounts to choose from , one of which is an old easy access issue 38 it does not give the current issue which is a higher rate, a bit sneaky of them I think.
My question is do Charter allow internal transfers between accounts held with them or do I need to withdraw funds to my nominated account and then fund my other account with them from that?
Thank you.

newatc

You should open the new bond with higher rate. Probably give it a day then the new bond will become an option in your maturity selection.

jaypers

Yes, you can do internal transfers between accounts. 

metrobus

Jaypers,that’s good to know.

What I have noticed now is the minimum balance for issue 43 to get the higher rate is £5K but it’s only £1K for issue 38, if you drop below them interest is only 0.1%.

jaypers

Just took a look and see that issue 38 is paying 4.28% which is low, although probably a little higher than the maturing fixed. Your best bet is to just select that for maturity day and then move out as you see fit. If you open the latest issue, it’s 5.07% and you can transfer between the 2 accounts immediately anyway. Yes, the minimum balance may be an issue depending on funding. From what I can see, Issue 38 is also £5000 minimum balance, not £1000 to get the advertised rate.

metrobus

That’s strange since it gives me an option of an Easy  access saver issue 38 at 4.89 / 5.00 and in the information about product page it states interest of £50 if £1000 is invested for 1 year.
It also offers products like 18 month and 2 year fixed rate bonds which I don’t see on their normal “products” page.
Its 5.81/5.97 for the 2 year fix which I think I’ll take

Ive just realused there are 2 separate accounts an Easy access account and an Easy access Saver account with different interest rates and minimum balance requirements .

intalex

Anyone know from experience if Charter take the full 2 working days (which the quote) to transfer maturing bond funds to the nominated account?

sparklymarkly

intalex said:

Anyone know from experience if Charter take the full 2 working days (which the quote) to transfer maturing bond funds to the nominated account?

Not always but sometimes!
I have had a next day transfer but generally it arrives in the nominated account in the morning of the 2nd day.