Requesting ISA Transfer By Maturity Date

hazmatt97

Hello all,

I have a cash ISA with Barclays due to mature in around 2-3 weeks. I want to transfer the ISA to another provider (iWeb S&S).

Can I request the transfer now, given it will take a while to be sorted and by the time it’s transferred the current ISA will have matured.

Or do I need to wait until maturity before I request the transfer? Just conscious that once it’s matured it’ll be sitting for a while doing very little whilst the transfer is processed.

It’s a fixed ISA that I can’t withdraw from until maturity in a few weeks.

Thanks!
Matt

gravel_2

Have you gone through the motions of requesting the transfer on iWeb? Some providers allow you to pick a target date for the transfer, others don't.

hazmatt97

gravel_2 said:

Have you gone through the motions of requesting the transfer on iWeb? Some providers allow you to pick a target date for the transfer, others don't.

I did try and got as far through until I was worried the next “continue” button might be the last, so perhaps it’s not something they offer.

mebu60

You have to initiate the transfer through the new provider (iWeb) who will contact Barclays. There will almost certainly be a question on when where you can answer instructing Barclays (via iWeb) not to progress the transfer until maturity. 

masonic

I don't think you can specify a date on iWeb's transfer form, or to pend the transfer until maturity, so the instruction to Barclays will be an immediate transfer (which they must act on within 5 working days of receipt). It would be unwise to kick this off at such an early stage as you'd likely incur a penalty.

If the account details will change at maturity, then it would be better to use the new account number and submit at maturity anyway.