Santander Maturing ISA

badger09

sparkyspark said:

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.

Neither. 

I ticked the box with the wording as per my post above, ie on maturity. 

youngretired

Kent Reliance still use paper transfer requests and they do ask for the date that the maturing ISA matures on and not just tick the box for wait until maturity. 

sparkyspark

youngretired said:

Kent Reliance still use paper transfer requests and they do ask for the date that the maturing ISA matures on and not just tick the box for wait until maturity. 

That's correct, now I've downloaded a copy of the transfer form, I can see they ask for the date of maturity as well as a tick box to transfer on the date specified and also a balance at the time of applying for the transfer. Spoke to customer service about the amount to transfer and they said just put the current balance down and they will request all funds to be transferred on the maturity date.
I can remember when banks just had a tick box to close the account and transfer all funds without stipulating a final balance, much simpler.

sparkyspark

Just done the Kent Reliance Easy Access Cash ISA application, if you ask for any transfers to be added at the point of application, in my scenario the Santander Fixed Rate ISA, it didn't actually ask for a date to complete, it just gives the tick option as below which is much better and different from the ISA transfer form you download which asks for dates for further transfers.

Wait for the full notice period to end or wait until the maturity date (whichever is relevant) before going ahead with this transfer. Please note we can only hold transfer requests open for 30 days, if your notice period is longer we will not accept your request unless you instruct us to carry out the request as soon as possible.

friolento

youngretired said:

Kent Reliance still use paper transfer requests and they do ask for the date that the maturing ISA matures on and not just tick the box for wait until maturity. 

Last Saturday, I put in a request for a transfer to KRBS, for an ISA that matures on May 3. It was all done online, all I ticked was "wait until maturity". Both KRBS and the old provider have confirmed by email that the transfer will be processed as requested.

hertslady64

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.
.

I had exactly the same situation. Even received the same letter on 19th March. In the end I re-requested the ISA transfer through Paragon last Friday and the money was transferred yesterday.
I think it's poor service from Santander. My husband has done the same but only requested the transfer on the 28th March and his was transferred the 2nd April !

ffc58

hertslady64 said:

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.
.

I had exactly the same situation. Even received the same letter on 19th March. In the end I re-requested the ISA transfer through Paragon last Friday and the money was transferred yesterday.
I think it's poor service from Santander. My husband has done the same but only requested the transfer on the 28th March and his was transferred the 2nd April !

This was finally paid across by Santander late on April 9th (Maturity date April 1st) never had to wait so long usually 2 days  at most. Just holding on to your money a bit longer due to end of tax year on April 5th is my conclusion  

rallycurve

ffc58 said:

hertslady64 said:

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.
.

I had exactly the same situation. Even received the same letter on 19th March. In the end I re-requested the ISA transfer through Paragon last Friday and the money was transferred yesterday.
I think it's poor service from Santander. My husband has done the same but only requested the transfer on the 28th March and his was transferred the 2nd April !

This was finally paid across by Santander late on April 9th (Maturity date April 1st) never had to wait so long usually 2 days  at most. Just holding on to your money a bit longer due to end of tax year on April 5th is my conclusion  

They did not do that to me. My ISA matured on the  April 1st too and I had the funds with the new provider on the 4th

6022tivo

A quick bump on this. 

My Santander ISA matures on the 1st December. 

I'm transfering to trading212. 

I can't see any options to delay the transfer until maturity?? 


Many years ago I had a form with two options. Maturity and Asap. 

I'm sure that would come from Santander when it's initiated? 

Am I say to just proceed now, and that option will come along?

badger09

6022tivo said:

A quick bump on this. 

My Santander ISA matures on the 1st December. 

I'm transfering to trading212. 

I can't see any options to delay the transfer until maturity?? 


Many years ago I had a form with two options. Maturity and Asap. 

I'm sure that would come from Santander when it's initiated? 

Am I say to just proceed now, and that option will come along?

The option to delay an ISA transfer until after maturity is at the discretion of the new provider. Most providers allow it & have the relevant box to tick on their xfer form. However, there are many comments in other threads on this forum about trading212 not giving this option. 

You should therefore wait until your Santander ISA matures, unless you are prepared to pay the relevant interest penalty.