Santander Maturing ISA

ffc58

I had a maturing ISA with Santander .Mature date 1st April.Decided to re invest with Paragon.
Set up an account and asked to take the ISA  from Santander on maturity.
Received a letter from Santander on 19th March to say they had received the request from Paragon for transfer.
It is now 8th April and my ISA is still with Santander and transferred  into a very low interest ISA account.(1.25%)
Made calls to Santander from 3rd April and when i did get through was informed it will be transferred shortly. After another call on 4th April was informed the process could take 15 days to complete after maturity.
I have switched maturing ISA's before and usually they have been transferred straight after maturity date.    
Is this now common that it can take this long?.And they can just put it into some low value ISA for up to 15 days.
.

t0rt0ise

In my experience it's not common with other banks. Sounds like a Santander taking their time thing.

MaisieP

For me the ISA transfer from Santander to Paragon took 2 days, I'm impressed with both companies

subjecttocontract

ffc58 said:

I had a maturing ISA with Santander .Mature date 1st April.Decided to re invest with Paragon.
Set up an account and asked to take the ISA  from Santander on maturity.
Received a letter from Santander on 19th March to say they had received the request from Paragon for transfer.
It is now 8th April and my ISA is still with Santander and transferred  into a very low interest ISA account.(1.25%)
Made calls to Santander from 3rd April and when i did get through was informed it will be transferred shortly. After another call on 4th April was informed the process could take 15 days to complete after maturity.
I have switched maturing ISA's before and usually they have been transferred straight after maturity date.    
Is this now common that it can take this long?.And they can just put it into some low value ISA for up to 15 days.
.

It's incredibly annoying when transfers seem to take forever, I know, I've been there. Its Paragon who have responsibility to chase the transfer not Santander. You could contact Paragon to ask why the delay. Officially they have 15 business days to affect the transfer but it's often much less than that.

sparkyspark

Checked with Santander isa team this morning as my 1 year fixed rate isa taken out on the 10th April 2023 does not in fact mature until the 1st May 2024 before I can transfer it away, apparently they run it till the first day of the next month if it should mature mid month, in my case I expected to be able to transfer out on the 10th April 2024 but will now have to stipulate a later date for the transfer, wanted to open the Kent Reliance easy isa at 4.95% without the hassle of having to specify a date to transfer.

gravel_2

I recently instructed a transfer from Santander to Skipton and it took 2-3 days. My ISA had already matured.

badger09

sparkyspark said:

Checked with Santander isa team this morning as my 1 year fixed rate isa taken out on the 10th April 2023 does not in fact mature until the 1st May 2024 before I can transfer it away, apparently they run it till the first day of the next month if it should mature mid month, in my case I expected to be able to transfer out on the 10th April 2024 but will now have to stipulate a later date for the transfer, wanted to open the Kent Reliance easy isa at 4.95% without the hassle of having to specify a date to transfer.

Do you need to specify a date of transfer? There’s usually options to either transfer immediately & face any possible penalties, or wait for notice period to end/wait for maturity (or words to that effect). Just tick the latter. 

rallycurve

Mine was pretty quick. Dates are very similar to yours and funds are now with the new provider. See https://forums.moneysavingexpert.com/discussion/comment/80703623/#Comment_80703623 for exact timeline.
I think Paragon does electronic transfers so I can't see why yours is taking longer

sparkyspark

Spoke to Kent Reliance team this morning, Yes apparently there's an option to state a date when you want the transfer to take place on maturity but haven't had time to apply for the Kent isa as yet to confirm, but I would imagine the information given to me will be correct.

badger09

I also have a Santander 1 year FRISA maturing 1 May. Applied online on 4th to xfer it on maturity into Virgin Money FRISA issue 11. VM acknowledged same day & Santander acknowledged 7th. Pretty slick. 🤞🏻 xfer is equally slick. 

sparkyspark

badger09 said:

I also have a Santander 1 year FRISA maturing 1 May. Applied online on 4th to xfer it on maturity into Virgin Money FRISA issue 11. VM acknowledged same day & Santander acknowledged 7th. Pretty slick. 🤞🏻 xfer is equally slick. 

Did you use the 1st May as your transfer date or the day after to make sure of maturity. Just about to look at the application now.