Transfer Maturity Date

Hammer_Time

My ISA matures early November, I believe that some providers allow you to open an account with them and transfer an existing ISA at maturity (up to 30 days). I phoned Aldermore and the first advisor said its okay, I phoned up later just to verfity and was told it had to be a maximum of 15 days. Does anyone know which is true?

eskbanker

There's no standard, it's up to each ISA provider to specify the period within which transfers or deposits can be made, so you need to check the terms of the one you have in mind - refer to those published on its site rather than talking to staff who can't be relied on to be right all the time!

Hammer_Time

eskbanker said:

There's no standard, it's up to each ISA provider to specify the period within which transfers or deposits can be made, so you need to check the terms of the one you have in mind - refer to those published on its site rather than talking to staff who can't be relied on to be right all the time!

Thanks eskbanker, I did check on there website but there wasn’t any information about it. I know you have to make a deposit in 14 days of opening, I was going to put some money in it to tick that box and hoping to transfer the isa a little bit later.

eskbanker

Hammer_Time said:

eskbanker said:

There's no standard, it's up to each ISA provider to specify the period within which transfers or deposits can be made, so you need to check the terms of the one you have in mind - refer to those published on its site rather than talking to staff who can't be relied on to be right all the time!

Thanks eskbanker, I did check on there website but there wasn’t any information about it. I know you have to make a deposit in 14 days of opening, I was going to put some money in it to tick that box and hoping to transfer the isa a little bit later.

Under 'additional information' in the product summary box (for the one year fixed, I presume others are similar):

You can request to transfer in ISAs held with other providers at account opening stage only

Hammer_Time

eskbanker said:

Hammer_Time said:

eskbanker said:

There's no standard, it's up to each ISA provider to specify the period within which transfers or deposits can be made, so you need to check the terms of the one you have in mind - refer to those published on its site rather than talking to staff who can't be relied on to be right all the time!

Thanks eskbanker, I did check on there website but there wasn’t any information about it. I know you have to make a deposit in 14 days of opening, I was going to put some money in it to tick that box and hoping to transfer the isa a little bit later.

Under 'additional information' in the product summary box (for the one year fixed, I presume others are similar):

You can request to transfer in ISAs held with other providers at account opening stage only

Thank you, however it doesn't state how long you have for the transfer to be finalised. 

PeskyBlunder

Hammer_Time said:

Thank you, however it doesn't state how long you have for the transfer to be finalised. 

I opened a fixed rate ISA with Aldermore this year and transferred in 2 ISAs - one of these, a stocks & shares ISA, took ages. Over a month if I remember correctly, so I don't think Aldermore would care too much if it took too long.

eskbanker

Hammer_Time said:

eskbanker said:

Hammer_Time said:

eskbanker said:

There's no standard, it's up to each ISA provider to specify the period within which transfers or deposits can be made, so you need to check the terms of the one you have in mind - refer to those published on its site rather than talking to staff who can't be relied on to be right all the time!

Thanks eskbanker, I did check on there website but there wasn’t any information about it. I know you have to make a deposit in 14 days of opening, I was going to put some money in it to tick that box and hoping to transfer the isa a little bit later.

Under 'additional information' in the product summary box (for the one year fixed, I presume others are similar):

You can request to transfer in ISAs held with other providers at account opening stage only

Thank you, however it doesn't state how long you have for the transfer to be finalised. 

The point is that it needs to be initiated as part of the opening process, after which it's in their hands, except if the provider you want to transfer from doesn't deal electronically, in which case there is effectively a 14 day window to start the process:

ISA Transfers

When you open your account, you’ll be asked at the start of the application if an existing ISA is to be transferred. If it is, towards the end of the application you’ll be asked to provide the details of the ISA to be transferred.

Where your existing provider subscribes to the electronic Cash ISA transfer platform, your request will be submitted electronically.

If your existing provider doesn’t subscribe to the electronic platform, you’ll need to print and send us a completed ISA transfer form, which is provided to you at the end of your application.

Please make sure that any ISA Transfer Forms are returned within 14 calendar days from the date of application.

https://www.aldermore.co.uk/savings-accounts/personal-savings-accounts/cash-isas/fixed-rate-cash-isas/1-year-fixed-rate-cash-isa/

Hammer_Time

eskbanker said:

Hammer_Time said:

eskbanker said:

Hammer_Time said:

eskbanker said:

There's no standard, it's up to each ISA provider to specify the period within which transfers or deposits can be made, so you need to check the terms of the one you have in mind - refer to those published on its site rather than talking to staff who can't be relied on to be right all the time!

Thanks eskbanker, I did check on there website but there wasn’t any information about it. I know you have to make a deposit in 14 days of opening, I was going to put some money in it to tick that box and hoping to transfer the isa a little bit later.

Under 'additional information' in the product summary box (for the one year fixed, I presume others are similar):

You can request to transfer in ISAs held with other providers at account opening stage only

Thank you, however it doesn't state how long you have for the transfer to be finalised. 

The point is that it needs to be initiated as part of the opening process, after which it's in their hands, except if the provider you want to transfer from doesn't deal electronically, in which case there is effectively a 14 day window to start the process:

ISA Transfers

When you open your account, you’ll be asked at the start of the application if an existing ISA is to be transferred. If it is, towards the end of the application you’ll be asked to provide the details of the ISA to be transferred.

Where your existing provider subscribes to the electronic Cash ISA transfer platform, your request will be submitted electronically.

If your existing provider doesn’t subscribe to the electronic platform, you’ll need to print and send us a completed ISA transfer form, which is provided to you at the end of your application.

Please make sure that any ISA Transfer Forms are returned within 14 calendar days from the date of application.

https://www.aldermore.co.uk/savings-accounts/personal-savings-accounts/cash-isas/fixed-rate-cash-isas/1-year-fixed-rate-cash-isa/

Thanks for all your help. I believe I have to look elsewhere as mine is a electronic transfer which is longer that the 14 day to mature. 

Hammer_Time

I emailed Aldermore for written confirmation, please see below. 

Dear Sir/Madam,

Thank you for your recent enquiry.

I can confirm for ISA transfers we can leave the funding window open for 30 days to ensure the ISA transfer is completed. 

Please select the option to transfer existing ISA and select the option to wait for the funds to be available during your application to ensure the transfer goes ahead without interest penalty. 

eskbanker

Fair enough, so you still need to commit to the transfer when opening the account but can defer its actual execution until maturity of the old product, which is an option that many cash ISA providers do support - might be worth asking them why they didn't include this in their Ts & Cs though!