ISA Transfer Timing

GrubbyGirl_2

I have 2 ISAs maturing in December, one on the 19th and one on the 27th.  Am I able to transfer both into the same ISA even though they mature on different dates or am I better opening 2 different ISAs with the same provider?  Also how early can I start the process?

Thanks

PeskyBlunder

It's not clear if you want to stay with the same provider or transfer to a different one. In any case you probably should check how long the provider allows for transfers (assuming you are talking about transferring into a fixed rate ISA).

eskbanker

Most (but not all) ISA providers will include an option on their transfer form to specify that the transfer should wait until maturity so they take care of the scheduling for you.

GrubbyGirl_2

PeskyBlunder said:

It's not clear if you want to stay with the same provider or transfer to a different one. In any case you probably should check how long the provider allows for transfers (assuming you are talking about transferring into a fixed rate ISA).

Yes to a different provider but I want to put them both into the same new provider.   Thanks I will check if they mention timings

Slinky

They will often allow a funding window, I've seen 14 days on one I opening recently. One thing to consider is how much you've got saved with the same provider (or group of linked providers). If it's near or over £85K you may want to consider splitting the money across different providers to keep it fully protected.

GrubbyGirl_2

Slinky said:

They will often allow a funding window, I've seen 14 days on one I opening recently. One thing to consider is how much you've got saved with the same provider (or group of linked providers). If it's near or over £85K you may want to consider splitting the money across different providers to keep it fully protected.

Fortunately the 2 only add up to £33k that's why I want to merge them

Albermarle

The alternative is to let them both mature into easy access ISA's with their current providers. ( you may have to issue this instruction, or it may be the default position anyway)
Then you can transfer them both to the new provider at the same time.
The advantage to doing it this way it avoids any possible foul ups with the transfer of an ISA before it has matured .
The disadvantage could be that the new provider withdraws/reduces the interest rate before you start the transfers. Also you might lose a very small amount of interest.

GrubbyGirl_2

Albermarle said:

The alternative is to let them both mature into easy access ISA's with their current providers. ( you may have to issue this instruction, or it may be the default position anyway)
Then you can transfer them both to the new provider at the same time.
The advantage to doing it this way it avoids any possible foul ups with the transfer of an ISA before it has matured .
The disadvantage could be that the new provider withdraws/reduces the interest rate before you start the transfers. Also you might lose a very small amount of interest.

Yes that's my concern as there are some good rates about at the moment especially as interest rates are falling.  In the past I have put them into the easy access and then transferred as you do hear of them messing up maturity dates

Albermarle

GrubbyGirl_2 said:

Albermarle said:

The alternative is to let them both mature into easy access ISA's with their current providers. ( you may have to issue this instruction, or it may be the default position anyway)
Then you can transfer them both to the new provider at the same time.
The advantage to doing it this way it avoids any possible foul ups with the transfer of an ISA before it has matured .
The disadvantage could be that the new provider withdraws/reduces the interest rate before you start the transfers. Also you might lose a very small amount of interest.

Yes that's my concern as there are some good rates about at the moment especially as interest rates are falling.  In the past I have put them into the easy access and then transferred as you do hear of them messing up maturity dates

However fixed term savings account rates take account of probable/predicted BoE future interest rate cuts.
The latest news seems to be that the speed of cuts could be less than previously predicted. This should mean that fix rate offers in general should stay steady for the near future, maybe even improve slightly.
Although individual providers offers can vary of course.