Have I inadvertently tied myself to Kent Reliance for life?

jimexbox

When I've transfered a maturing fixed rate ISA to another provider, I've not given instructions to the current provider.  I've just opened another ISA, entered all the relevant details and the new provider have handled the transfer. 

I have a Kent Reliance fixed rate ISA and reading the transfer process, it looks the same. No need to wait and give maturity instructions.

friolento

jimexbox said:

When I've transfered a maturing fixed rate ISA to another provider, I've not given instructions to the current provider.  I've just opened another ISA, entered all the relevant details and the new provider have handled the transfer. 

I have a Kent Reliance fixed rate ISA and reading the transfer process, it looks the same. No need to wait and give maturity instructions.

Sure, ISA transfers are always initiated by the receiving provider.

Many of the receiving provider don't now support any request for waiting for maturity. Therefore you must ensure that your old ISA is easy access (or pay early termination fees on fixed ISAs, which would seem careless). The problem with KR fixed term ISAs is that they mature into another fixed term unless you instruct them to mature the ISA into EA.

In other words, there absolutely is a need to give maturity instructions.

jimexbox

friolento said:

jimexbox said:

When I've transfered a maturing fixed rate ISA to another provider, I've not given instructions to the current provider.  I've just opened another ISA, entered all the relevant details and the new provider have handled the transfer. 

I have a Kent Reliance fixed rate ISA and reading the transfer process, it looks the same. No need to wait and give maturity instructions.

Sure, ISA transfers are always initiated by the receiving provider.

Many of the receiving provider don't now support any request for waiting for maturity. Therefore you must ensure that your old ISA is easy access (or pay early termination fees on fixed ISAs, which would seem careless). The problem with KR fixed term ISAs is that they mature into another fixed term unless you instruct them to mature the ISA into EA.

In other words, there absolutely is a need to give maturity instructions.

Santander support transfer on maturity of fixed rate ISA's. I never give instructions to my maturing provider, all worked flawlessly. Obviously if transferring on maturity isn't an option, I'd move to easy access ISA first. 

Kim_13

Recently had to do this with a parent’s ISA, returning the form to get the Easy Access. The ISA was a 2023/24 ISA, so they had to go with Kent Reliance (or another portfolio ISA provider) at the time in order not to lose the option of using the remaining allowance later. The default with Kent Reliance is to reinvest for the same term, but the rate offered on doing so lower than that available online for the same term, so doing nothing isn’t an option. £1 had been invested to secure a NLA Skipton ISA, so they would lose out by complying. The only thing you can do without breaking the unenforceable terms in this situation is to be stuck with an autorenewal or withdraw the lot (but of course that is a disadvantage to the investor also as it means the loss of tax free status on the money.)  

I could sort of understand the terms, though not required by HMRC, if you wanted to invest more with them - though they are only supposed to say you can only have one ISA with them - our product, our rules kind of thing. They are absolutely diabolical and will now be on my avoid list, but not even for their dubious T and Cs. The account was opened by post so no online access, so they emailed Kent Reliance with 4 days to go until maturity explaining that they had not received anything and wished to move to the Easy Access. KR replied the quickly with what could only be described as a cut and paste email - we send maturity options 14 days before maturity (completely ignoring the fact that the customer has emailed them to report not receiving it!) and telling the customer to return it when received. They wouldn’t accept the instruction to move to Easy Access via email for the security of the account. The options form eventually turned up that afternoon, when the post had already gone, so the earliest it could go was the next day, Thursday, for an account maturing today. First Class prepaid, but I doubt it got there in time. It went with a covering letter and Proof Of Posting, but it looks as though they’ll have to register for online services later in the week to find out whether they have just ignored it.

Oh, a £1 early transfer out was made to secure another now NLA ISA (as they had no allowance left in 24/25 to do it with new money) and they sent email updates about that but conveniently don’t do it for the maturity pack. Even the option to print off and post back would speed up the process. Everyone knows that post is taking longer now (and I suspect the letter sat in a pile at KR for a week before they bothered posting it.) 

Their terms/form are badly set out and I wouldn’t be surprised if they were interpreted by some as meaning opening the new account was going to take up new allowance.

friolento

jimexbox said:

friolento said:

jimexbox said:

When I've transfered a maturing fixed rate ISA to another provider, I've not given instructions to the current provider.  I've just opened another ISA, entered all the relevant details and the new provider have handled the transfer. 

I have a Kent Reliance fixed rate ISA and reading the transfer process, it looks the same. No need to wait and give maturity instructions.

Sure, ISA transfers are always initiated by the receiving provider.

Many of the receiving provider don't now support any request for waiting for maturity. Therefore you must ensure that your old ISA is easy access (or pay early termination fees on fixed ISAs, which would seem careless). The problem with KR fixed term ISAs is that they mature into another fixed term unless you instruct them to mature the ISA into EA.

In other words, there absolutely is a need to give maturity instructions.

Santander support transfer on maturity of fixed rate ISA's. I never give instructions to my maturing provider, all worked flawlessly. Obviously if transferring on maturity isn't an option, I'd move to easy access ISA first. 

I currently don't want to transfer to Santander, or to a provider which supports the transfer at maturity. Even if I wanted to, that would be no excuse for Kent Reliance not to act on my maturity instructions.

Rusty190

jimexbox said:

friolento said:

jimexbox said:

When I've transfered a maturing fixed rate ISA to another provider, I've not given instructions to the current provider.  I've just opened another ISA, entered all the relevant details and the new provider have handled the transfer. 

I have a Kent Reliance fixed rate ISA and reading the transfer process, it looks the same. No need to wait and give maturity instructions.

Sure, ISA transfers are always initiated by the receiving provider.

Many of the receiving provider don't now support any request for waiting for maturity. Therefore you must ensure that your old ISA is easy access (or pay early termination fees on fixed ISAs, which would seem careless). The problem with KR fixed term ISAs is that they mature into another fixed term unless you instruct them to mature the ISA into EA.

In other words, there absolutely is a need to give maturity instructions.

Santander support transfer on maturity of fixed rate ISA's. I never give instructions to my maturing provider, all worked flawlessly. Obviously if transferring on maturity isn't an option, I'd move to easy access ISA first. 

@jimexbox - in order to move your fix rate Isa to an easy access with KR, you'd have to provide them with maturity instructions.
What you are saying is how it works with many/most ISA providers, sadly, being with KR these days is a different experience.

sparkiemalarkie

Rusty190 said

@jimexbox - in order to move your fix rate Isa to an easy access with KR, you'd have to provide them with maturity instructions.
What you are saying is how it works with many/most ISA providers, sadly, being with KR these days is a different experience.

I have recently opened a fixed rate ISA with KR and was thinking about a 2nd - now quite put off by this thread.
At what point do you provide maturity instructions? On opening or close to maturity?
How are the options delivered?

tia

sx

friolento

You provide them just before maturity. I would diarise it for 10 working days before maturity, and write to them by secure message with a request for confirmation. Then monitor that they actually do it

Kim_13

sparkiemalarkie said:

Rusty190 said

@jimexbox - in order to move your fix rate Isa to an easy access with KR, you'd have to provide them with maturity instructions.
What you are saying is how it works with many/most ISA providers, sadly, being with KR these days is a different experience.

I have recently opened a fixed rate ISA with KR and was thinking about a 2nd - now quite put off by this thread.
At what point do you provide maturity instructions? On opening or close to maturity?
How are the options delivered?

tia

sx

The options are delivered by post only - KR had an email address and used it to confirm account opening and a partial transfer, but chose not to when it came to maturity. You can’t say that you want an Easy Access on maturity when opening, and until maturity is approaching they won’t know what fixes they are going to offer. I’ll certainly be looking for providers that default to an Easy Access rather than an autorenewal. A default EA can be transferred out without penalty if the rate is dire, while having to have no further contact with the provider.

If diarising for 10 days before and sending a secure message, the only thing you can do is ask for Easy Access - since you won’t have the paperwork with the rates on which turns up at the 11th hour, designed by the looks of it to get an autorenewal and make the customer jump through hoops to undo it, knowing that a percentage won’t. I had thought they would arrive offering the same as was online at the date of the letter, but that only applies for the Easy Access. The fixes are lower, both for 1 and 2 years. Whether that’s always the case I can’t say.

Unless KR will tell you what the rates are for re-fixing 10 days before via Secure Message, of course.

auser99

Shawbrook were similar last year - giving (wrong) advice that you can't set up a Cash ISA with anyone else in the same year. But at least they had the excuse that the rule had changed a few weeks or so before.

Either way they apologised and compensated me for the messing about I had to do cancelling the ISA and moving to a lower amount with another provider.

If Kent are doing the same a year on there's no excuse but like others say, totally unpoliceable.