Shawbrook Bank

fuzzzzy

Yes I usually select easy access on maturity if I am intending to transfer. Luckily with my Barclays maturing ISA it does automatically mature into easy access, albeit with a pretty crap rate, but the account number does not change so it was possible to set up the transfer in advance. It can get complicated with different institutions having different rules and never quite knowing when you open an ISA purely for transfer purposes whether you need to make the transfer request immediately on opening or whether you have some time to give that instruction.

bristolleedsfan

fuzzzzy said:

Just to be clear I was querying the OP's statement that 

My new provider had initiated a transfer request on 16 November for funds to be transferred on maturity.

Would the new provider have set things in motion before the maturity date of 1 December? I was told by Virgin that they had to wait to send the transfer request until the maturity date.

Earlier this year I had a transfer out transacted by UBL UK on maturity date.

fuzzzzy

So is that unusual or fairly common - to have an ISA transfer request, made in advance, be carried out on the actual maturity date. Just wondering if what Virgin told me, that they are not allowed to do anything in advance of the maturity date, is BS. Or was your transfer process just extraordinarily quick?

bristolleedsfan

fuzzzzy said:

So is that unusual or fairly common - to have an ISA transfer request, made in advance, be carried out on the actual maturity date. Just wondering if what Virgin told me, that they are not allowed to do anything in advance of the maturity date, is BS. Or was your transfer process just extraordinarily quick?

I applied to new ISA provider by post about 30 days before maturity date, after about 10 days new provider wrote to me stating transfer form had been sent to existing provider, transfer completed on maturity date.

https://www.tisa.uk.com/wp-content/uploads/2023/03/Cash-to-Cash-ISA-Transfer-Industry-Guidelines.pdf see page 6 onwards - pending cases

fuzzzzy

Thanks for that info. Hopefully the Virgin branch advisor I spoke to was ill-informed and my transfer instruction has already been forwarded as a pending case.

Tawny_Owl_2

Well, I have two fixed rate ISAs with Shawbrook Bank and they haven't matured yet. Because they're paying pitiful interest rates (<2.3%), I've decided to switch them to Newcastle Building Society, who have a 1 year fixed rate ISA which pays 5.2%. There will be a penalty in terminating the ISAs prematurely with Shawbrook, but this will be swamped by the [almost double] interest rate I'll get with Newcastle. 
I know that some ISA transfers can take longer because the receiving bank/building society may not accept electronic transfers; and they have to be sent by cheque !!  In my case, Newcastle accept electronic transfers, so hopefully it will be done reasonably quickly.
I'll let you know if I get any problems !
P.S.  I was going to transfer my ISAs to Dudley Building Society - as they were a MSE Best Buy recently. Dudley told me that the transfer from Shawbrook would indeed involve a cheque as they don't accept electronic transfers.

RedImp_2

Slightly changing tack Shawbrook just sent me my 22/23 tax statement today.  I’ve long since submitted my tax return but seems to be pretty late?

FishInGlass

fuzzzzy said:

Thanks for that info. Hopefully the Virgin branch advisor I spoke to was ill-informed and my transfer instruction has already been forwarded as a pending case.

This doesn't sound dissimilar to my case Shawbrook to Virgin maturity date 4th December. I has told to wait until maturity before anything could be done even though I had sent the form to them in good time. I have today had an email from Virgin that the transfer is complete and I can see Shawbrook have added 0.1% for 7 days interest. I can't get on to Shawbrook to validate their side as the login is not working.Thankfully I got 5.85% for the 1 year from Virgin before their rates dropped. More info in my posts on the Isas and tax free savings sub forum.

Growingold

RedImp_2 said:

Slightly changing tack Shawbrook just sent me my 22/23 tax statement today.  I’ve long since submitted my tax return but seems to be pretty late?

Same here.  Thought it was a bit strange seeing it's about 8 months after tax year end.  

Barkin

Growingold said:

RedImp_2 said:

Slightly changing tack Shawbrook just sent me my 22/23 tax statement today.  I’ve long since submitted my tax return but seems to be pretty late?

Same here.  Thought it was a bit strange seeing it's about 8 months after tax year end.  

Hmm... i got mine back in May.