Transfer at end of term

BarGin

I have a Shawbrook fixed rate ISA maturing in early September. I’ve just had an email from them requesting maturity instructions. I would like to reinvest in a fixed rate ISA for another year. They have offered me a rate of 4.25%. Looking elsewhere I can get 4.75% from Ford Money. My question is what is the procedure to transfer the funds? Do I open an account with Ford Money first and ask them to transfer in on the maturity date?

As the amount in question is only about £16,000 and I have no intention of adding any to it this year, would it be simpler just to withdraw and pay in myself? I’ve not done this before so any advice appreciated.

masonic

If you are sure you won't need this year's allowance, then withdrawing and adding to Ford Money may be simpler, but would result in some period of time without interest.

Transferring will be dependent on Ford Money, but usually provides an option to transfer at maturity and may reduce/avoid any interest void period. You can usually set up a transfer during or immediately after applying, although there could be a limited time window (e.g. 14 days) for funds to be received, so check this.

bucksman

masonic said:

If you are sure you won't need this year's allowance, then withdrawing and adding to Ford Money may be simpler, but would result in some period of time without interest.

Transferring will be dependent on Ford Money, but usually provides an option to transfer at maturity and may reduce/avoid any interest void period. You can usually set up a transfer during or immediately after applying, although there could be a limited time window (e.g. 14 days) for funds to be received, so check this.

Looks like Ford has dropped their ISA rate to 4.5%?  Where did you see the 4.75% please

refluxer

bucksman said:

masonic said:

If you are sure you won't need this year's allowance, then withdrawing and adding to Ford Money may be simpler, but would result in some period of time without interest.

Transferring will be dependent on Ford Money, but usually provides an option to transfer at maturity and may reduce/avoid any interest void period. You can usually set up a transfer during or immediately after applying, although there could be a limited time window (e.g. 14 days) for funds to be received, so check this.

Looks like Ford has dropped their ISA rate to 4.5%?  Where did you see the 4.75% please

Ford Money have reduced the rates on all of their fixed rate accounts since this thread was started including (as you've spotted) their 1 year cash ISA rate, which has dropped from 4.75% to 4.50%.

BarGin

I'm sure it was showing as 4.75% earlier today! Beginning to think I may as well stick with Shawbrook although I have another couple of weeks to decide.