Coventary ISA Transfer

AndyPK

I have a 5 year ISA with Coventry at a poor rate of 1.75%. It has 2 year left to run.

Can I transfer it to another Coventary ISA at ~4% or is it easier to transfer it to another provider? 

I'm assuming I will loose 90 days interest, but can't find the original T&C's to confirm exactly

eskbanker

I imagine that transferring within Coventry would be easier than an external transfer, but neither should be onerous enough to outweigh the fundamental decision about which product is better for you?

I would have thought that a 5 year fix is likely to have a larger penalty than 90 days?

AndyPK

You are correct. 

Found the paperwork. It's 180 days interest

refluxer

A 180 day penalty is actually pretty low for a 5 year fixed rate ISA - it's usually double that (around a year).

I would imagine it'll be worth switching as rates are more than double what you're paying now and your penalty is comparatively low (plus you've still got a couple of years left) but you need to do your sums carefully.

MSE have a 'ditch and switch' calculator here which might help : https://www.moneysavingexpert.com/savings/isa-switch-calc/

AndyPK

Thanks for the tool link. £38 off my own calculations 

AndyPK

While coventary gave the opinion it would be very easy to transfer one of their own ISAs during the application process, it's not!  I have to phone them up.  

I guess if there was no penalty, it would have been easy.