Help with transfer of fixed ISA. When to start the transfer instruction please?

refluxer

eldaniel said:

Am I right in thinking that safest decision will be to transfer to an easy access ISA with my current provider where interest rate is not the leading one but it above 4%, and then once this is done fill in a transfer to Trading 212. Would that be more interests efficient approach please? 

I do exactly this whenever my fixed rate ISAs mature, as it's the approach least likely to lead to problems. There have been many posts on here in the past where people have had ISA funds stranded in low-paying 'maturity' accounts, when transfers arranged in advance of maturity haven't progressed as expected.

The internal transfer to easy access is usually instantaneous and, if you stick to providers who are able to transfer electronically, the subsequent transfer to a fixed rate ISA with an alternative provider is often completed within a few days, so any differences in interest earned (compared with transferring directly from fixed rate to fixed rate) are usually minimal.

It's probably worth noting that this approach isn't always possible though, as not all fixed rate ISA providers offer an easy access option. I've not yet dealt with one of these providers myself.

eldaniel

eskbanker said:

eldaniel said:

Am I right in thinking that safest decision will be to transfer to an easy access ISA with my current provider where interest rate is not the leading one but it above 4%, and then once this is done fill in a transfer to Trading 212. Would that be more interests efficient approach please? 

Yes, that would work too and less hassle to use an interim product than an interim provider!

After all that is what I ended up doing, which ensured that I won't be losing any interests. Once my funds gone into easy cash ISA with my original provider, then I initiated transfer to Trading 212, which took about a week overall. Many thanks everyone for your input.

intalex

I'm attempting something similar from Nationwide Fixed ISA to Skipton Easy Access ISA, with a transfer requested less than 30 days from maturity of the Nationwide Fixed ISA. Fortunately, Skipton's transfer request had an option to wait for the maturity of the Nationwide ISA. Waiting to see what happens in terms of how long it lingers in a maturity account and/or whether it needs another nudge from me.