Fixed isa ending and won’t transfer in time

refluxer

Dallybally said:

I’ve just posted the transfer form to new supplier, stupid place won’t even take email. 

Hang on - who are you wanting to transfer to ? If you want this to go ahead ASAP, you need to choose an ISA provider who doesn't require paper forms.

Albermarle

Dallybally said:

It does say if I change my mind on whatever I choose I have 14 days, so guess I have 14 days from next Friday for the transfer to go through, I’ve just posted the transfer form to new supplier, stupid place won’t even take email. Seems the best rate places skimp on fancy options. If it does end up in a fix I can still transfer can’t I? Worst case I lose X days interest, can they backdate that to before the new fix started and take money off me for what I already earned? 

You can normally just set up a new ISA on line and request a transfer in at the same time.

I think with this new provider and UBL you are maybe sacrificing good customer service, for the sake of a small interest rate difference?

Dallybally

refluxer said:

From that FAQ answer I posted above - if your fixed rate ISA T&Cs are the same as for those they currently offer, then it looks like it will probably roll into another fix unless you tell them otherwise.

If they don't have an easy access/maturity ISA option and you're not able to arrange a transfer-out in time then I'm not sure what your options are at this stage, though.

But speaking of time.. as UBL appears to be a trading name of United National Bank Ltd who are on the list of providers who utilise the BACS ISA transfer service, then if you're able to open a new ISA with another bank who are also on that list and arrange a transfer without the need for paper forms, it's possible you might still have a chance of sorting a transfer in time. There are no guarantees though (I've had similar transfers take as little as a few days but others take much longer) and delays risk incurring a penalty if a transfer occurs after UBL have set a new fixed rate account up.

The 14 day cooling-off period may buy you some time beyond your maturity date, but I wouldn't want to rely on it as things could potentially get a bit messy going down that route (as Albermarle mentioned) and, as above, you risk incurring a penalty if making use of the cooling-off period hasn't been formally recognised (for whatever reason) and you end up being penalised for making an early withdrawal/transfer before maturity.

I've never held a fixed rate ISA where there wasn't an easy access option at maturity and have never made use of a cooling-off period for an ISA so have no experience of how any of this works in practise though, I'm afraid.

If you definitely want to avoid another UBL fix then it would be worth speaking to them about your options ASAP, I would imagine.

UBL are from Pakistan I think, you sure it’s part of United national? Either way my new provider, principality, are not on the list. Hope my form gets there quick and is processed quick. If they get it Tuesday that’s 14 business days until the 14 calendar day cooling off period ends. Wish I’d know all this a week ago. 

Dallybally

Albermarle said:

Dallybally said:

It does say if I change my mind on whatever I choose I have 14 days, so guess I have 14 days from next Friday for the transfer to go through, I’ve just posted the transfer form to new supplier, stupid place won’t even take email. Seems the best rate places skimp on fancy options. If it does end up in a fix I can still transfer can’t I? Worst case I lose X days interest, can they backdate that to before the new fix started and take money off me for what I already earned? 

You can normally just set up a new ISA on line and request a transfer in at the same time.

I think with this new provider and UBL you are maybe sacrificing good customer service, for the sake of a small interest rate difference?

You might be right, in both cases I literally picked the best rates off this website. Although I only pay in once a year though so how bad can it get for 1 transaction a year? It’s my own fault, only had an ISA for 12 months, I missed this transferring gubbins. 

Dallybally

refluxer said:

Dallybally said:

I’ve just posted the transfer form to new supplier, stupid place won’t even take email. 

Hang on - who are you wanting to transfer to ? If you want this to go ahead ASAP, you need to choose an ISA provider who doesn't require paper forms.

Principality. First time I’ve ever transferred an ISA, until this thread I presumed it was all paper 

35har1old

Dallybally said:

Thanks. They don’t have an instant ISA, only fixed, that’s what worries me. Guess if I transfer to that I’ll only lose a few days interest when it transfers out. 

It could possibly rollover into a new 1year fix it you haven't given instruction which could mean that you have 14 days to transfer out.
Just checked there terms if you haven't informed them of your wishes
It will rollover to a similar term and the current rate available will be applied

alibean121

I would absolutely start by sending them a secure message telling them you are pursuing option 2, have opened a new ISA and submitted the transfer request and they will receive communication from your new provider shortly. Make sure you do this before the maturity date as it says. I wouldn't see any reason they couldn't 'reasonably comply' with the request to make the ISA available for imminent transfer and, if they decided to impose any interest penalty that reduces the transfer below the value maturing, I'd be making a complaint to get it back from them.

For the future, you can usually submit these transfer requests quite a way in advance and tick on them that they should wait out to the end of any fixed term before processing a transfer. Fingers crossed it works out.

refluxer

Dallybally said:

UBL are from Pakistan I think, you sure it’s part of United national? Either way my new provider, principality, are not on the list. Hope my form gets there quick and is processed quick. If they get it Tuesday that’s 14 business days until the 14 calendar day cooling off period ends. Wish I’d know all this a week ago. 

At the bottom of every UBL website page it says "UBL UK and United Bank UK are the trading names of United National Bank Limited".

I've got a few Principality Regular Saver accounts and have had iSAs with them in the past and have always been pleased with the service I've received so they shouldn't be an issue but you'll be at the mercy of the Royal Mail, unfortunately. 

You definitely need to inform UBL of your maturity instructions ASAP to avoid the risk of being penalised when the transfer takes place.

Albermarle

Dallybally said:

refluxer said:

Dallybally said:

I’ve just posted the transfer form to new supplier, stupid place won’t even take email. 

Hang on - who are you wanting to transfer to ? If you want this to go ahead ASAP, you need to choose an ISA provider who doesn't require paper forms.

Principality. First time I’ve ever transferred an ISA, until this thread I presumed it was all paper 

Apart from this thread, reading though the forum will increase your knowledge about all possible ISA and savings account issues.

Dallybally

Thanks all. I have messaged both banks to see if they can speed up or anything. Both say 3 working days to respond though, and UBL took 5 last time.