Transfer maturing cash ISA

GMeeg

I opened a new fixed ISA on 6/4/24 and subscribed £20k. I have a fix with another provider maturing on 1/5/24. Can I open a new fixed ISA with any provider to transfer this into?

masonic

Yes          

GMeeg

Thank you. Also is it normal for them to wait till maturity date to request transfer? Why can't they ask in advance so it comes through on maturity date?

badger09

GMeeg said:

Thank you. Also is it normal for them to wait till maturity date to request transfer? Why can't they ask in advance so it comes through on maturity date?

When you open the new FRISA you can complete the new product provider’s transfer form. You can tell them to arrange the xfer immediately, & suffer any interest penalty, or wait until maturity. Make sure you select the latter option. 

There is nothing to prevent you starting this process off now. In fact, if you wanted to, it is probably possible to have the maturity funds xferred into the FRISA you opened on 6 April.