how to transfer a fixed ISA on maturity ?

Karen222

auser99 said:

Had a Virgin fixed ISA expiring and the easiest way was simply to let it expire into the easy access 0.10% rate. Then set up the switch with the new provider.

I believe you can request the new supplier to deal with the expiring fixed ISAa while before it expires, but it just screams for one side or the other to bodge it up.

I was pleasantly amazed that Virgin to Santander took 2 days!
Maybe that's how it should work, as I'd only previously done an old school paper transfer between NSI and Shawbrook which took about 3months and compo!

Hi - just a heads up to be careful with this - I had a Natwest fixed rate ISA due to mature on Sept 4th, cash and interest should have been available (but wasn't ) on Sept 5th. I received no advice on maturity options in the 2 weeks before maturity, so went into the branch, was told in person, but alas not in writing, that it would roll over to a cash ISA at 1.something  percent, and I then said I would arrange to transfer to a different provider, which process I initiated on Sept 6th.  All went ahead, money is now transferred minus a £300 + transfer penalty applied. I am raising a complaint - but watch out!! Its causing me lots of stress.

Albermarle

Karen222 said:

auser99 said:

Had a Virgin fixed ISA expiring and the easiest way was simply to let it expire into the easy access 0.10% rate. Then set up the switch with the new provider.

I believe you can request the new supplier to deal with the expiring fixed ISAa while before it expires, but it just screams for one side or the other to bodge it up.

I was pleasantly amazed that Virgin to Santander took 2 days!
Maybe that's how it should work, as I'd only previously done an old school paper transfer between NSI and Shawbrook which took about 3months and compo!

Hi - just a heads up to be careful with this - I had a Natwest fixed rate ISA due to mature on Sept 4th, cash and interest should have been available (but wasn't ) on Sept 5th. I received no advice on maturity options in the 2 weeks before maturity, so went into the branch, was told in person, but alas not in writing, that it would roll over to a cash ISA at 1.something  percent, and I then said I would arrange to transfer to a different provider, which process I initiated on Sept 6th.  All went ahead, money is now transferred minus a £300 + transfer penalty applied. I am raising a complaint - but watch out!! Its causing me lots of stress.

Unusual not be informed of options around 3 weeks before maturity. I do not recall that ever happening to me..

Why was there a penalty applied. Did it rollover automatically into another fixed rate ?

PeskyBlunder

Karen222 said:

Hi - just a heads up to be careful with this - I had a Natwest fixed rate ISA due to mature on Sept 4th, cash and interest should have been available (but wasn't ) on Sept 5th. I received no advice on maturity options in the 2 weeks before maturity, so went into the branch, was told in person, but alas not in writing, that it would roll over to a cash ISA at 1.something  percent, and I then said I would arrange to transfer to a different provider, which process I initiated on Sept 6th.  All went ahead, money is now transferred minus a £300 + transfer penalty applied. I am raising a complaint - but watch out!! Its causing me lots of stress.

Do you have a copy of the T&Cs from when you opened it? What do they say? The Natwest website currently says: "Once your 1 year or 2 year Fixed Rate ISA reaches the end of its term, we’ll automatically change it into an instant access Cash ISA.". Did you get the right year i.e. could it have been a 2 year ISA?