ISA approaching maturity date

Darnhall123

I have a 1yr fixed term ISA with Kent Reliance that is due to mature on 9th December 2025.
Can anyone tell me if I have to wait till 9th December onwards to initiate a transfer to another provider, or is there an industry 'timescale' that allows me to start a transfer beforehand?

I think it takes around 14 days for the transfer to complete, so i'm wondering if I could start a transfer say 2 weeks (or more if poss), before maturity and avoid any early withdrawal penalties?

flaneurs_lobster

Yes, you can apply for any new ISA  that allows transfers in. They will allow you to specify that you want to transfer your existing ISA at maturity. You'd generally do this about 2-3 weeks out from maturity - most ISAs want funds within a month (or an active transfer) to stay open.

Take a look at a transfer form before then just to see what info they need, they are all pretty similar.

is1971de

Kent Reliance will send you an letter with maturity options about 2/3 weeks before this date

Darnhall123

flaneurs_lobster said:

Yes, you can apply for any new ISA  that allows transfers in. They will allow you to specify that you want to transfer your existing ISA at maturity. You'd generally do this about 2-3 weeks out from maturity - most ISAs want funds within a month (or an active transfer) to stay open.

Take a look at a transfer form before then just to see what info they need, they are all pretty similar.

Great thank you.
Another question then....
I'm conscious that interest rates are starting to fall so will an interest rate be secured from the time the transfer process is initiated with the provider, or could the rate go down whilst in progress?

Darnhall123

is1971de said:

Kent Reliance will send you an letter with maturity options about 2/3 weeks before this date

Thank you.
KR current ISA rates aren't particularly competitive so i've been looking at other options and there's plenty offering much better fixed deals.
My current fix with them is 4.41% but the best (and only) deal they have atm is 4.05% / 1yr.
My fear is that rates will continue to fall so looking at getting out ASAP and securing a new deal before this happens.

flaneurs_lobster

Darnhall123 said:

is1971de said:

Kent Reliance will send you an letter with maturity options about 2/3 weeks before this date

Thank you.
KR current ISA rates aren't particularly competitive so i've been looking at other options and there's plenty offering much better fixed deals.
My current fix with them is 4.41% but the best (and only) deal they have atm is 4.05% / 1yr.
My fear is that rates will continue to fall so looking at getting out ASAP and securing a new deal before this happens.

Your current fixed ISA will have penalties for withdrawing funds before maturity, make sure you know what they are before doing anything.

RE rates changing, generally the rate is guaranteed for a period of time, as long as the application is lodged before the cutoff the rate will be honoured (but check the fine print).

Darnhall123

flaneurs_lobster said:

Darnhall123 said:

is1971de said:

Kent Reliance will send you an letter with maturity options about 2/3 weeks before this date

Thank you.
KR current ISA rates aren't particularly competitive so i've been looking at other options and there's plenty offering much better fixed deals.
My current fix with them is 4.41% but the best (and only) deal they have atm is 4.05% / 1yr.
My fear is that rates will continue to fall so looking at getting out ASAP and securing a new deal before this happens.

Your current fixed ISA will have penalties for withdrawing funds before maturity, make sure you know what they are before doing anything.

RE rates changing, generally the rate is guaranteed for a period of time, as long as the application is lodged before the cutoff the rate will be honoured (but check the fine print).

Thanks FL 👍

Albermarle

Darnhall123 said:

flaneurs_lobster said:

Darnhall123 said:

is1971de said:

Kent Reliance will send you an letter with maturity options about 2/3 weeks before this date

Thank you.
KR current ISA rates aren't particularly competitive so i've been looking at other options and there's plenty offering much better fixed deals.
My current fix with them is 4.41% but the best (and only) deal they have atm is 4.05% / 1yr.
My fear is that rates will continue to fall so looking at getting out ASAP and securing a new deal before this happens.

Your current fixed ISA will have penalties for withdrawing funds before maturity, make sure you know what they are before doing anything.

RE rates changing, generally the rate is guaranteed for a period of time, as long as the application is lodged before the cutoff the rate will be honoured (but check the fine print).

Thanks FL 👍

If you scroll down the list of threads, you will see three similar questions about ISA's maturing from just yesterday.
Worth reading those at least.

35har1old

flaneurs_lobster said:

Darnhall123 said:

is1971de said:

Kent Reliance will send you an letter with maturity options about 2/3 weeks before this date

Thank you.
KR current ISA rates aren't particularly competitive so i've been looking at other options and there's plenty offering much better fixed deals.
My current fix with them is 4.41% but the best (and only) deal they have atm is 4.05% / 1yr.
My fear is that rates will continue to fall so looking at getting out ASAP and securing a new deal before this happens.

Your current fixed ISA will have penalties for withdrawing funds before maturity, make sure you know what they are before doing anything.

RE rates changing, generally the rate is guaranteed for a period of time, as long as the application is lodged before the cutoff the rate will be honoured (but check the fine print).

Current 1 year fixed the penalty is 90 days
For every £1000 the penalty would be £11 given the best at maturity would be £44 say you withdrew at 10  months £36.67 - £11
Nat West is second in MSE 1 year fixed at 4.2% but closure date is 23-10-25 or earlier 

Slinky

is1971de said:

Kent Reliance will send you an letter with maturity options about 2/3 weeks before this date

Mine was sent on a Monday and hadn't arrived before the following Saturday when we went on holiday for a week. It Matured 2 weeks after the date on their letter.

Slinky

Darnhall123 said:

I have a 1yr fixed term ISA with Kent Reliance that is due to mature on 9th December 2025.
Can anyone tell me if I have to wait till 9th December onwards to initiate a transfer to another provider, or is there an industry 'timescale' that allows me to start a transfer beforehand?

I think it takes around 14 days for the transfer to complete, so i'm wondering if I could start a transfer say 2 weeks (or more if poss), before maturity and avoid any early withdrawal penalties?

If you need to quote the bank sort code and account number, the sort code is 62-24-97, and your bank account number is the numerical part of your Account Number, with a zero at the start.