Transferring ISA with long notice period

Dot18

Hi Forum colleagues,
I am struggling with an ISA issue and wondered if anyone has any pointers. I have a 40 day notice ISA with Paragon which I want to transfer as the interest rate has dropped but I'm struggling to find a new ISA account that will stay open for 40 days to accept a transfer - I got part way through a transfer to Kent Reliance to see that they will only accept transfers if notice period is less than 30 days. It's most of my savings so would be a substantial hit to pay the penalty of not giving notice. Anyone know of an ISA that will accept transfers with a 40 day notice period?
Many thanks

Ch1ll1Phlakes

Dot18 said:

Hi Forum colleagues,
I am struggling with an ISA issue and wondered if anyone has any pointers. I have a 40 day notice ISA with Paragon which I want to transfer as the interest rate has dropped but I'm struggling to find a new ISA account that will stay open for 40 days to accept a transfer - I got part way through a transfer to Kent Reliance to see that they will only accept transfers if notice period is less than 30 days. It's most of my savings so would be a substantial hit to pay the penalty of not giving notice. Anyone know of an ISA that will accept transfers with a 40 day notice period?
Many thanks

May be quite annoying to do this but probably the most straightforward is to transfer the isa to an easy-access ISA and then transfer it to wherever you want after. Transferring a notice ISA isn't one that's popped up on the forum regularly but hopefully someone has had experience with this

Ch1ll1Phlakes

Also I assume you're either trying to transfer to a new notice ISA or a fixed rate ISA

Dot18

Many thanks for this Ch1ll1Phlakes - trying to do what you suggest but struggling even to find an easy access ISA that will stay open for more than 30 days to accept the transfer in with a 40 day notice period - I've started going through a bunch where I try to apply and get to the transfer request part where they ask if you need to wait for a notice period - I say yes and then bank/building society and trying to transfer to say this is limited to 30 days and if longer you just need to request an immediate transfer and take the hit. So this is the point I get stuck - just wondered if anyone had come across this issue before and knew of any providers that didn't have this constraint?

Isthisforreal99

Only way round it seems to be take the hit on the 40 days interest that you will lose - you don't have to wait the 40 days but there are penalties (as with all notice accounts)

Ch1ll1Phlakes

Dot18 said:

Many thanks for this Ch1ll1Phlakes - trying to do what you suggest but struggling even to find an easy access ISA that will stay open for more than 30 days to accept the transfer in with a 40 day notice period - I've started going through a bunch where I try to apply and get to the transfer request part where they ask if you need to wait for a notice period - I say yes and then bank/building society and trying to transfer to say this is limited to 30 days and if longer you just need to request an immediate transfer and take the hit. So this is the point I get stuck - just wondered if anyone had come across this issue before and knew of any providers that didn't have this constraint?

Do you have an ISA with anyone else already or have any allowance available for this tax-year? As once an ISA is open they should be able to receive the transfer as long as the ISA stays open. Also most easy access ISAs should allow transfers at any stage.

Quick suggestion then if you're having problems transferring to a new provider. Have you tried asking Paragon to transfer the ISA to their easy access ISA so the notice period wouldn't apply and then transfer out to a new provider.

Ch1ll1Phlakes

from paragons easy access isa page. Any transfer taking longer than 28 days will still be honoured though this should be simpler if it's an internal transfer. A quick message/ email to them will hopefully get you an answer to see if this is possible

Dot18

Thanks Isthisforreal99 - it would be a costly hit as it's funds from many years of ISA saving so trying to find another solution if possible

Ch1ll1Phlakes

Dot18 said:

Many thanks for this Ch1ll1Phlakes - trying to do what you suggest but struggling even to find an easy access ISA that will stay open for more than 30 days to accept the transfer in with a 40 day notice period - I've started going through a bunch where I try to apply and get to the transfer request part where they ask if you need to wait for a notice period - I say yes and then bank/building society and trying to transfer to say this is limited to 30 days and if longer you just need to request an immediate transfer and take the hit. So this is the point I get stuck - just wondered if anyone had come across this issue before and knew of any providers that didn't have this constraint?

Had a look on the forum for similar queries and came across the following thread.
West Brom BS 60 Day notice ISA — MoneySavingExpert Forum

I don't know if the same applies for Paragon but if it does getting this letter should allow you to transfer out.

Ch1ll1Phlakes

Sorry one more post from me. Having a look through Paragons website I see the following at ISA Transfers | Paragon Bank

I imagine if you contact them, they will give you a notice letter which would allow for the transfer to be processed.

Shedman

Don't Virgin Money give up to 60 days 'grace' for an ISA transfer in?  Been a little while since I've transferred one into Virgin but I thought I was able to set up a transfer in with a longer notice period than 30 days when they were offering their good Exclusive Fixed rates (though sadly they no longer seem to offer the best fixed rates)