Can a Cash ISA transfer be specified to transfer on a set date?

JSmith321

I have a flexible Cash ISA which matures in a couple of weeks whereupon it is moved automatically to a lower interest flexible Cash ISA. In order to transfer this Cash ISA to an another company with a better level of interest, can I specify that is it transferred on the maturity date, or a day later after the annual interest has been paid. Thanks

j_netprofit

I don’t think so, transfers between providers  can take upto 5 weeks. Timing them exactly to the new financial year is next to impossible. 

eskbanker

JSmith321 said:

I have a flexible Cash ISA which matures in a couple of weeks whereupon it is moved automatically to a lower interest flexible Cash ISA. In order to transfer this Cash ISA to an another company with a better level of interest, can I specify that is it transferred on the maturity date, or a day later after the annual interest has been paid. Thanks

It depends on the functionality offered by the receiving provider - most, but not all, will include a 'transfer on maturity' option on their transfer forms.

Albermarle

j_netprofit said:

I don’t think so, transfers between providers  can take upto 5 weeks. Timing them exactly to the new financial year is next to impossible. 

The guidelines for ISA transfers is maximum 15 working days, and normally most seem to be a bit quicker than that.

jak22

The interest on a fixed saver ought to be added at maturity, as interest is generally calculated and added at account closure - e.g. at full transfer or maturity - even if that's a different date than the regular interest date.

As part of the instruction to the new ISA there ought to be an option to transfer a fixed at maturity - perhaps up to a few weeks in the future - otherwise it'll happen pretty quickly - not good with a fixed with penalty but OK with an instant access.

With VM it likely matures to a variable for a day or so but keeps the same account number - which is handy as that needs to be specified on the transfer instruction

Otherwise it's possible to open a new ISA but then wait until maturity and the opening of the new variable - and then request the transfer knowing its account number. The fixed interest ought to be there and if the new variable is fully transferred its few days interest will transfer as well. 

Kim_13

I have seen the option on some providers’ forms - probably among those signed up to electronic transfers, as there’s far less certainty about when a paper transfer will complete, given the postal service need to be involved - but whether it would be an ‘on or after’ in practice to ensure that investors did not incur a penalty on a maturing fix, I don’t know.

35har1old

jak22 said:

The interest on a fixed saver ought to be added at maturity, as interest is generally calculated and added at account closure - e.g. at full transfer or maturity - even if that's a different date than the regular interest date.

As part of the instruction to the new ISA there ought to be an option to transfer a fixed at maturity - perhaps up to a few weeks in the future - otherwise it'll happen pretty quickly - not good with a fixed with penalty but OK with an instant access.

With VM it likely matures to a variable for a day or so but keeps the same account number - which is handy as that needs to be specified on the transfer instruction

Otherwise it's possible to open a new ISA but then wait until maturity and the opening of the new variable - and then request the transfer knowing its account number. The fixed interest ought to be there and if the new variable is fully transferred its few days interest will transfer as well. 

OP never mentioned a fixed ISA

eskbanker

35har1old said:

jak22 said:

The interest on a fixed saver ought to be added at maturity, as interest is generally calculated and added at account closure - e.g. at full transfer or maturity - even if that's a different date than the regular interest date.

As part of the instruction to the new ISA there ought to be an option to transfer a fixed at maturity - perhaps up to a few weeks in the future - otherwise it'll happen pretty quickly - not good with a fixed with penalty but OK with an instant access.

With VM it likely matures to a variable for a day or so but keeps the same account number - which is handy as that needs to be specified on the transfer instruction

Otherwise it's possible to open a new ISA but then wait until maturity and the opening of the new variable - and then request the transfer knowing its account number. The fixed interest ought to be there and if the new variable is fully transferred its few days interest will transfer as well. 

OP never mentioned a fixed ISA

OP mentioned maturity, which signifies a specific date, i.e. the end of a fixed term.

jak22

It was a fair point, the O/P said is was a flexible ISA, suggesting it could be an easy access account with a bonus rate that's ending, in which case the answer is likely still no to specifying a specific future date, but more likely to be able to transfer at any time at which point interest would be added.