ISA transfer, after maturity?

6022tivo

My Santander Cash ISA matures in 2 weeks and they are taking the mick with their 1.25% which drops to 1% in a few months. 
It annoys me so much I'm transferring out the ISA and will also transfer my current account from them to a more modern bank shortly afterwards. 

I'm about to use trading212 to start the ISA transfer but I don't want it to happen before my Santander ISA maturity. 

I'm sure in years gone by, the final form I sign says immediately, or after maturity, and I have a box to tick. 
However theres no mention of this and I'm worried it will automatically transfer as soon as possible and I'll lost out on my 5% which is a few thousand pounds. 

Anyone oen else transferred and knows if this option is offered before I confirm the transfer. 
It does it just happen after doing the app application?

refluxer

Santander's approach is common to the majority of fixed rate ISAs when they mature and you haven't submitted maturity instructions - ie. transfer them automatically to a low-paying easy access account. It's just meant as a temporary home for your money, while you decide what to do with it. Many other ISA providers pay less than 1% with these accounts, too.

As for your transfer, if there isn't an option to transfer after maturity, then you obviously mustn't proceed. As the Trading212 rate is variable, there's no benefit to opening it ahead of time anyway.

6022tivo

refluxer said:

Santander's approach is common to the majority of fixed rate ISAs when they mature and you haven't submitted maturity instructions - ie. transfer them automatically to a low-paying easy access account. It's just meant as a temporary home for your money, while you decide what to do with it. Many other ISA providers pay less than 1% with these accounts, too.

As for your transfer, if there isn't an option to transfer after maturity, then you obviously mustn't proceed. As the Trading212 rate is variable, there's no benefit to opening it ahead of time anyway.

I just think the Santander approach is very old bank, and a lot of people may forget to sign up to a new deal. 
As Santander will be making maybe 5% on your money, it's a poor move to give you back 1.25, soon to be 1%. 

Probably why a lot of the younger folk, and some old are moving away from the traditional banks. 

Re Trading212, that's the problem. I was hoping someone with experience would know if this "on maturity" option is known. I actually thought it was the holding bank that gave that option when they send the transfer statement to the new ISA company. 

badger09

6022tivo said:

refluxer said:

Santander's approach is common to the majority of fixed rate ISAs when they mature and you haven't submitted maturity instructions - ie. transfer them automatically to a low-paying easy access account. It's just meant as a temporary home for your money, while you decide what to do with it. Many other ISA providers pay less than 1% with these accounts, too.

As for your transfer, if there isn't an option to transfer after maturity, then you obviously mustn't proceed. As the Trading212 rate is variable, there's no benefit to opening it ahead of time anyway.

I just think the Santander approach is very old bank, and a lot of people may forget to sign up to a new deal. 
As Santander will be making maybe 5% on your money, it's a poor move to give you back 1.25, soon to be 1%. 

Probably why a lot of the younger folk, and some old are moving away from the traditional banks. 

Re Trading212, that's the problem. I was hoping someone with experience would know if this "on maturity" option is known. I actually thought it was the holding bank that gave that option when they send the transfer statement to the new ISA company. 

See my reply on the other thread where you asked the same question