Shawbrook ISA transfer

Bazzalona13295

Apologies in advance if this is a daft question, for some reason I don't feel as confident dealing with ISAs as I do other savings.

I have a 1 year (5.83%) cash ISA with Shawbrook, comes to an end in a month or so. None of their maturity options appeal so if I simply put it in an easy access ISA with them short term is it a problem to transfer that to another bank/bs IF the 'new' ISA is NOT easy access?

I still have around 15k of this years allowance to invest so I'd like to shift it to a better rate.

The rate was very good but tbh I'm happy moving back to a place I can pop into if necessary like a Yorkshire, Nationwide, Coventry etc.

Many thanks in advance.

masonic

The only issue with transferring into non-easy access ISAs is making sure you have enough time before the funding window closes. This is more of an issue with some providers than others. I would expect Shawbrook would be doing electronic transfers in most cases, but both providers need to be on the same system for this to happen.

Bazzalona13295

masonic said:

The only issue with transferring into non-easy access ISAs is making sure you have enough time before the funding window closes. This is more of an issue with some providers than others. I would expect Shawbrook would be doing electronic transfers in most cases, but both providers need to be on the same system for this to happen.

Thankyou, I will make sure I do this.

refluxer

Bazzalona13295 said:

I have a 1 year (5.83%) cash ISA with Shawbrook, comes to an end in a month or so. None of their maturity options appeal so if I simply put it in an easy access ISA with them short term is it a problem to transfer that to another bank/bs IF the 'new' ISA is NOT easy access?

Absolutely no problem with doing this - I've done this myself with Shawbrook and other providers when my fixed rate ISAs have matured as it's less likely to lead to problems, whereas going directly from one fixed rate ISA to another fixed rate with a different provider can sometimes cause issues.

Make sure you request that the money gets transferred into Shawbrook's normal Easy Access Cash ISA account because the default 'Matured Funds' account (that your fixed rate ISA will become if you don't submit maturity instructions) pays a much lower rate of interest.

Bazzalona13295 said:

The rate was very good but tbh I'm happy moving back to a place I can pop into if necessary like a Yorkshire, Nationwide, Coventry etc.

But do you really need to pop into a branch for an account where the money is fixed and probably won't be touched for a year or more ? You'll usually get lower rates by sticking to the high-street ISA providers. 

Bazzalona13295

refluxer said:

Bazzalona13295 said:

I have a 1 year (5.83%) cash ISA with Shawbrook, comes to an end in a month or so. None of their maturity options appeal so if I simply put it in an easy access ISA with them short term is it a problem to transfer that to another bank/bs IF the 'new' ISA is NOT easy access?

Absolutely no problem with doing this - I've done this myself with Shawbrook and other providers when my fixed rate ISAs have matured as it's less likely to lead to problems, whereas going directly from one fixed rate ISA to another fixed rate with a different provider can sometimes cause issues.

Make sure you request that the money gets transferred into Shawbrook's normal Easy Access Cash ISA account because the default 'Matured Funds' account (that your fixed rate ISA will become if you don't submit maturity instructions) pays a much lower rate of interest.

Bazzalona13295 said:

The rate was very good but tbh I'm happy moving back to a place I can pop into if necessary like a Yorkshire, Nationwide, Coventry etc.

But do you really need to pop into a branch for an account where the money is fixed and probably won't be touched for a year or more ? You'll usually get lower rates by sticking to the high-street ISA providers. 

Thats what I was going to do, put it in the easy access ISA, I guessed there could be an issue otherwise.

As for the high street thing, ordinarily no I'm very comfortable using online providers but with ISAs I just have a bit of a blind spot/lack of confidence.

The rates offered by Shawbrook aren't great, I did open one with Yorkshire a while back which pays 4.85% I think plus a Virgin one which pays 5.05%.

The bulk of my funds would go into YBS as it allows limited withdrawals which I may need, doubt it but you never know (edit - the transferred funds).

The money I know I can do without for 12 months will go into Virgin (edit - this will be 'new' money).

Thats the plan, no idea what the best rates are now but the YBS one was opened a while ago just to secure it.

Thanks for the advice

savit4l8er

refluxer said:

Make sure you request that the money gets transferred into Shawbrook's normal Easy Access Cash ISA account because the default 'Matured Funds' account (that your fixed rate ISA will become if you don't submit maturity instructions) pays a much lower rate of interest.

Thank you for that tip.