Isa Transfer

Cef21

I wonder if it is worth transfering a maturing isa to another provider unless there is a big increase in interest percentage.I was going to transfer from Virgin to Santander. Santander being 4.62% Virgin being 4.5%.On the amount in savings, gives me an extra £84 per annum with Santander. But last time I transfered to Santander it took over 2 weeks  and Virgin drops your rate to 0.5% or less  on maturity.So I lose 2 weeks at 4.5%  which is over £100 so the result is pointless .I renew it with Virgin and it takes days to transfer. It is a dreadful practice that banks get away with dropping the rate to almost nothing on maturity.

flaneurs_lobster

Might be worth transferring to the Virgin 5.05% fixed, available if you have a current account with them, especially as it sounds like your transferring amount is substantial (~£60K?). Don't think it'll be available for too much longer.

My last two transfers to VM (from other providers) took a week.

Albermarle

 It is a dreadful practice that banks get away with dropping the rate to almost nothing on maturity.

Not sure of the statistics of how many do this, but many do not. 

Hal17

We had two Virgin ISA's maturing on Saturday, I had already given them instructions to transfer on maturity to their Virgin Fixed Iss 14 at 5.05%.

Arrived home today and checked that they had been transferred, only to find that they are both now Easy Access ISA's at 0.10% gross. Interesting that the Virgin Money site has just gone off-line.