When to ask for transfer date?

[Deleted User]

Hello,
I've just received a letter from my current 1 year fixed  isa  which  matures  on 11 October.
I want to transfer to a 2 year fix with another provider. Should l ask for the transfer to begin on the maturity  date or start the process  before?
Thanks.

anniecave

In most cases the new provider will give you an option to specify a future date. So you can request it in advance, and request to transfer only from the maturity date. If you look, you may even be able to see a sample copy of the ISA transfer form on the new provider website and see what options it gives. If so, as part of the application process there will likely be a website based version of the same ISA transfer form. 

[Deleted User]

anniecave said:

In most cases the new provider will give you an option to specify a future date. So you can request it in advance, and request to transfer only from the maturity date. If you look, you may even be able to see a sample copy of the ISA transfer form on the new provider website and see what options it gives. If so, as part of the application process there will likely be a website based version of the same ISA transfer form. 

Thank you.

The_stingemeister

I have the same question really. I have a letter from Nationwide saying my ISA matures on 6 October. My banking app says my bonus expiry date is 6 October, but the anniversary date is 7 October. So do I open a new ISA with Nationwide on the  7th, as would I lose any bonus if I opened and transferred, say, today?

Also I have used my cash ISA allowance for the year with another provider. Will starting a new ISA be allowed, it would be financed via an ISA transfer, no "new" money. It's a Nationwide ISA to a different Nationwide ISA, because of the drop in interest after 12 months.

refluxer

The_stingemeister said:

I have the same question really. I have a letter from Nationwide saying my ISA matures on 6 October. My banking app says my bonus expiry date is 6 October, but the anniversary date is 7 October. So do I open a new ISA with Nationwide on the  7th, as would I lose any bonus if I opened and transferred, say, today?

Were you given any specific maturity options in the letter ? If the options are available in online banking, this may allow you to lock in a fixed rate now in readiness for the maturity and that would be more logical route to follow than opening a new fixed rate ISA separately and arranging a transfer yourself once the existing ISA matures.

Is your current Nationwide ISA a fixed rate ISA ? I've not come across one with mention of a bonus before or are you talking about the interest payment ? You should definitely not transfer a fixed rate ISA before it's maturity date (either internally or externally) otherwise you'll pay penalty for doing so.

The_stingemeister said:

Also I have used my cash ISA allowance for the year with another provider. Will starting a new ISA be allowed, it would be financed via an ISA transfer, no "new" money. It's a Nationwide ISA to a different Nationwide ISA, because of the drop in interest after 12 months.

Yes, you can open a new ISA and fund it via a transfer from an ISA containing subscriptions from a previous tax year without it affecting the current tax year's ISA allowance. 

[Deleted User]

[Deleted User] said:

anniecave said:

In most cases the new provider will give you an option to specify a future date. So you can request it in advance, and request to transfer only from the maturity date. If you look, you may even be able to see a sample copy of the ISA transfer form on the new provider website and see what options it gives. If so, as part of the application process there will likely be a website based version of the same ISA transfer form. 

Thank you.

Well l popped into the branch(PBS)  earlier  today to ask for a paper transfer form but was told that it's too early  to engage  the transfer. Earliest is 6th October.

Even if l fund the £500 to open the account if the rate is withdrawn  l won't be able to transfer.

I was advised  to let the account  go unfunded and reopen the account  closer to my maturing date.

The_stingemeister

refluxer said:

The_stingemeister said:

I have the same question really. I have a letter from Nationwide saying my ISA matures on 6 October. My banking app says my bonus expiry date is 6 October, but the anniversary date is 7 October. So do I open a new ISA with Nationwide on the  7th, as would I lose any bonus if I opened and transferred, say, today?

Were you given any specific maturity options in the letter ? If the options are available in online banking, this may allow you to lock in a fixed rate now in readiness for the maturity and that would be more logical route to follow than opening a new fixed rate ISA separately and arranging a transfer yourself once the existing ISA matures.

Is your current Nationwide ISA a fixed rate ISA ? I've not come across one with mention of a bonus before or are you talking about the interest payment ? You should definitely not transfer a fixed rate ISA before it's maturity date (either internally or externally) otherwise you'll pay penalty for doing so.

The_stingemeister said:

Also I have used my cash ISA allowance for the year with another provider. Will starting a new ISA be allowed, it would be financed via an ISA transfer, no "new" money. It's a Nationwide ISA to a different Nationwide ISA, because of the drop in interest after 12 months.

Yes, you can open a new ISA and fund it via a transfer from an ISA containing subscriptions from a previous tax year without it affecting the current tax year's ISA allowance. 

I think my current ISA isn't a fixed rate one, it's the Triple access one. You're allowed 3 withdrawals per year.  But I'm not 100% sure, it's a 1 year duration but it says the rate is variable. It's a bit contradictory....one year and a variable rate. One year suggests it's fixed, then variable suggests not fixed.

refluxer

The_stingemeister said:

I think my current ISA isn't a fixed rate one, it's the Triple access one. You're allowed 3 withdrawals per year.  But I'm not 100% sure, it's a 1 year duration but it says the rate is variable. It's a bit contradictory....one year and a variable rate. One year suggests it's fixed, then variable suggests not fixed.

Ah, gotcha. If your account is similar to the current Triple Access ISA account, then it simply means you can make up to 3 withdrawals a year and keep the higher interest rate, but that rate drops from the forth withdrawal onwards. The 1 year term just refers to the length of time you can hold the account before it automatically converts to a normal easy access account, but the interest rate during that 12 months is variable.

Unlike a fixed rate ISA, with this type of account (which is essentially easy access) you would normally expect to be able to close it or transfer away at any point without penalty (and you'd receive the interest due up until that point) but you'd need to check your T&Cs (or check with Nationwide) to be sure, especially with the 'bonus' you mentioned (there's no mention of a bonus with the current Triple Access account on offer - just the interest payment that would be due if you kept the account for a full year)

Albermarle

The_stingemeister said:

refluxer said:

The_stingemeister said:

I have the same question really. I have a letter from Nationwide saying my ISA matures on 6 October. My banking app says my bonus expiry date is 6 October, but the anniversary date is 7 October. So do I open a new ISA with Nationwide on the  7th, as would I lose any bonus if I opened and transferred, say, today?

Were you given any specific maturity options in the letter ? If the options are available in online banking, this may allow you to lock in a fixed rate now in readiness for the maturity and that would be more logical route to follow than opening a new fixed rate ISA separately and arranging a transfer yourself once the existing ISA matures.

Is your current Nationwide ISA a fixed rate ISA ? I've not come across one with mention of a bonus before or are you talking about the interest payment ? You should definitely not transfer a fixed rate ISA before it's maturity date (either internally or externally) otherwise you'll pay penalty for doing so.

The_stingemeister said:

Also I have used my cash ISA allowance for the year with another provider. Will starting a new ISA be allowed, it would be financed via an ISA transfer, no "new" money. It's a Nationwide ISA to a different Nationwide ISA, because of the drop in interest after 12 months.

Yes, you can open a new ISA and fund it via a transfer from an ISA containing subscriptions from a previous tax year without it affecting the current tax year's ISA allowance. 

I think my current ISA isn't a fixed rate one, it's the Triple access one. You're allowed 3 withdrawals per year.  But I'm not 100% sure, it's a 1 year duration but it says the rate is variable. It's a bit contradictory....one year and a variable rate. One year suggests it's fixed, then variable suggests not fixed.

The Triple access one has a better interest rate than their normal easy access account. Presumably if the rate dropped, it would also drop on the normal easy access account, so keeping the difference in place.

badger09

[Deleted User] said:

[Deleted User] said:

anniecave said:

In most cases the new provider will give you an option to specify a future date. So you can request it in advance, and request to transfer only from the maturity date. If you look, you may even be able to see a sample copy of the ISA transfer form on the new provider website and see what options it gives. If so, as part of the application process there will likely be a website based version of the same ISA transfer form. 

Thank you.

Well l popped into the branch(PBS)  earlier  today to ask for a paper transfer form but was told that it's too early  to engage  the transfer. Earliest is 6th October.

Even if l fund the £500 to open the account if the rate is withdrawn  l won't be able to transfer.

I was advised  to let the account  go unfunded and reopen the account  closer to my maturing date.

Malt290

I’ve just looked at summary page of Principality’s 1 year FRISA which says that any existing ISA to be transferred in must be available within 5 working days. Hence their ref to 6 Oct. 

Could have saved yourself a visit😉

[Deleted User]

badger09 said:

[Deleted User] said:

[Deleted User] said:

anniecave said:

In most cases the new provider will give you an option to specify a future date. So you can request it in advance, and request to transfer only from the maturity date. If you look, you may even be able to see a sample copy of the ISA transfer form on the new provider website and see what options it gives. If so, as part of the application process there will likely be a website based version of the same ISA transfer form. 

Thank you.

Well l popped into the branch(PBS)  earlier  today to ask for a paper transfer form but was told that it's too early  to engage  the transfer. Earliest is 6th October.

Even if l fund the £500 to open the account if the rate is withdrawn  l won't be able to transfer.

I was advised  to let the account  go unfunded and reopen the account  closer to my maturing date.

Malt290

I’ve just looked at summary page of Principality’s 1 year FRISA which says that any existing ISA to be transferred in must be available within 5 working days. Hence their ref to 6 Oct. 

Could have saved yourself a visit😉

Now you tell me! 
It's just a short walk to my local branch and l wanted a Iceland  pizza anyway.