ISA transfer Deadlines

hatnezmaturestudent

I have an old ISA that matures on 30/5/2025.  I'd like to open another ISA this year and transfer the old on to it.  The new ISA condition is that I instruct them to transfer the old ISA within 14 days which I am happy to do.  My question  that neither the old nor the new bank can answer is;

If I was to open new ISA today (17/4/25) and instruct them to transfer the old within 14 days (31/4/25), will the transfer still proceed on 30/5/25 (when old ISA matures) within the new ISA's T&Cs?    

Thanks

Peter999_2

Why would you want to open the ISA so long before the old one matures?

jimjames

hatnezmaturestudent said:

If I was to open new ISA today (17/4/25) and instruct them to transfer the old within 14 days (31/4/25), will 

You might struggle to transfer anything on 31/4

hatnezmaturestudent

Peter999_2 said:

Why would you want to open the ISA so long before the old one matures?

Because the new one may well be withdrawn time old one matures.

Bigwheels1111

I would call and check, ( you must instruct them to transfer the old within 14 days )

Instruct move, that means tell them to move in 14 days, or tell them to move it by day 14, but then transfer on 30/5/25.

Ask this,

If I open the isa today, tell you to move old isa by the 1st of May, then complete transfer on the 30/5/25.

They will say yes or no.

If the new rate is so good, how much is the penalty to leave the old isa.

30, 60, 90 days loss of interest.

hatnezmaturestudent

I've called they cant say.  Bigwheels1111 said:

If the new rate is so good, how much is the penalty to leave the old isa.

30, 60, 90 days loss of interest.

Thanks.  Last adviser of new ISA I spoke to couldn't answer!  

Either way, don't intend to transfer the old one until maturity.     

youngretired

Which bank is it you're wishing to transfer to?

If it's Santander, as I know they have a statement stating must receive transfer instruction within 14 days of opening the new ISA and switch within 30 days, then you may have an issue.
As I opened an account with them and sent the instruction on the same day as opening, as I knew 15 working days would be after my maturity and the transfer failed (at the moment trying to find out why, as both blaming each other) and was told that the transfer could only happen by opening another new ISA and requesting again as it was passed the 14 days.

If it's a different bank then depends on how you instruct them i.e. paper or online. As some banks say that if they receive a paper transfer request it is manually processed in which case they can pend it, where if online they are automatically requested and this is why some instruction are declined.

badger09

Most Cash ISA providers specify that for a Fixed Rate ISA you must fund, or request they xfer in an existing ISA within a specified period. 

On their xfer form there will be options to xfer immediately & suffer any potential interest penalty, or xfer on maturity. You choose the latter. 

IIRC, Trading 212 is the only one which insists on immediate xfer. 

Which provider do you want to xfer to?