New fixed rate cash ISA with 28 day transfer in period?

charlie12525

My Virgin fixed rate ISA matures on 29th August. I would like to open a new fixed rate ISA and transfer my matured funds.

With the BOE meeting in a few days, and a predicted rate drop, it might be a good idea to open the new ISA now to lock in a decent interest rate.

I'm looking for a provider which will allow me to open now but not transfer until the 29th.

I could keep it simple and go for the Virgin 1 Year Fixed Rate Cash E-ISA at 4.16% but there are better rates available.

Looking at the Paragon 15 Month Fixed Rate Cash ISA. Terms state that I can transfer "existing ISAs within 28 days of your application request".

Any other suggestions please for a fixed rate 1 to 2 year term with a long funding window?

Albermarle

28 days is not that unusual.
Also normally you can set up the transfer when opening the account. Normally you tick a box that says something like 'do not transfer until the maturity date of the existing ISA'

With the BOE meeting in a few days, and a predicted rate drop, it might be a good idea to open the new ISA now to lock in a decent interest rate.

The savings providers are fully aware of the likelihood of an interest rate drop, so will have already largely factored this into their current offerings.

Hattie627

charlie12525 said:

My Virgin fixed rate ISA matures on 29th August. I would like to open a new fixed rate ISA and transfer my matured funds.

With the BOE meeting in a few days, and a predicted rate drop, it might be a good idea to open the new ISA now to lock in a decent interest rate.

I'm looking for a provider which will allow me to open now but not transfer until the 29th.

I could keep it simple and go for the Virgin 1 Year Fixed Rate Cash E-ISA at 4.16% but there are better rates available.

Looking at the Paragon 15 Month Fixed Rate Cash ISA. Terms state that I can transfer "existing ISAs within 28 days of your application request".

Any other suggestions please for a fixed rate 1 to 2 year term with a long funding window?

I have the VM fixed rate ISA maturing on 29th August also. Yesterday I opened the Paragon 15 month FR Cash ISA at 4.27%. Applied for and opened online within minutes (existing Paragon customer). As part of opening process I applied to transfer the maturing funds from Virgin Money, ticking the box not to transfer until maturity. Maturity is 25 days ahead from date of application. The Paragon terms state that if the transfer funds are not received within the 28 day funding window, the transfer will still be accepted. 

Bobblehat

Hattie627 said:

charlie12525 said:

My Virgin fixed rate ISA matures on 29th August. I would like to open a new fixed rate ISA and transfer my matured funds.

With the BOE meeting in a few days, and a predicted rate drop, it might be a good idea to open the new ISA now to lock in a decent interest rate.

I'm looking for a provider which will allow me to open now but not transfer until the 29th.

I could keep it simple and go for the Virgin 1 Year Fixed Rate Cash E-ISA at 4.16% but there are better rates available.

Looking at the Paragon 15 Month Fixed Rate Cash ISA. Terms state that I can transfer "existing ISAs within 28 days of your application request".

Any other suggestions please for a fixed rate 1 to 2 year term with a long funding window?

I have the VM fixed rate ISA maturing on 29th August also. Yesterday I opened the Paragon 15 month FR Cash ISA at 4.27%. Applied for and opened online within minutes (existing Paragon customer). As part of opening process I applied to transfer the maturing funds from Virgin Money, ticking the box not to transfer until maturity. Maturity is 25 days ahead from date of application. The Paragon terms state that if the transfer funds are not received within the 28 day funding window, the transfer will still be accepted. 

Thanks for the "heads up" on the Paragon ISA. I have the same Virgin ISA maturing when yours does. I had a look around MSE and Moneyfacts and decided that the Paragon was a good compromise choice for me too. I'm gambling on the assumption that any variable rate ISA's allowing a transfer-in, currently paying more than Paragon's Fix, could end up lower in the not too distant future!

I am impressed with Paragon's CS ... one of the best no-nonsense, clear advice CS person I've ever talked to! Also, as a new customer (closed only account with them 5 years ago), the online application process is very straightforward and I was able to view my newly opened account online within 5 minutes of completing the application. Lets hope the transfer request goes just as smoothly!