Maturity Option

c22x

Hi, 
Cash ISA advice, please!
I have selected a maturity option with Paragon bank of 4.3% (it renews in April in the new tax year). I have up until two days before maturity to change. It only allows me to change to another account I'd have to open with them.
I've seen better rates with Shawbrook, so now looking to transfer to them and put 20k in in the new tax year. Is this possible?
Thank you!

VNX

When my paragon ISA fix ended I selected to put it into their instant access ISA and as soon as funds hit that account I initiated a transfer ti shawbrook all worked fine 

JGB1955

Why not open the Shawbrook ISA now (it has a 30 day funding window) and arrange to transfer in the Paragon ISA immediately upon maturity?  That's precisely what I've done  for my Paragon ISA that matures on 7 April.  I'll also be adding a further £20K at that point.

c22x

Great! This may be a silly question but do I arrange the transfer via Shawbrook, how will Paragon know I don’t want to continue with the maturity option? Just call them? 

The ISA declaration on opening the account is for 24/25, so do I not need to wait?

JGB1955

You can open it now, even though you're not going to fund it until 2025/6.  You let Shawbrook know the details of the ISA that you want to transfer in, saying that you want to wait until any required notice has expired.  Paragon contacted me the following day, letting me know that Shawbrook had requested the transfer.

c22x

Thanks; that’s so helpful. Appreciate you taking the time to reply. 

t0rt0ise

If you've already actually chosen the maturity option with Paragon, I would cancel it as well as starting the transfer process.