Maturing cash ISA transfer help!

Limara

My current idea matures with Coventry the options are very poor.
Ideally I want to transfer to different providers so I can get one on monthly interest payout.
How can you state how much you want to transfer when you don't know the balance until maturity and they say if they don't hear it will be automatically put in a fixed ISA which I don't want.
First time I have had to transfer they have always been quite competitive  sadly not this time ! 

JGB1955

Are they not quoting a maturity value? If not, just approach a new provider and request that the full sum is transferred upon maturity.

singhini

Short answer is you won't know until after maturity unless they have already communicated it to you. If they haven't don't worry because the paperwork for the new bank or building society you want to move to will ask you a series of questions, such as:

Q1) Please confirm what type of ISA you want to transfer -----> you choose Cash ISA, not Stocks & Shares ISA (assuming the Coventry ISA is indeed a cash ISA)

Q2) Your transfer options - Decide whether you want to:

(a) Transfer all the money from your existing ISA and close it, or

(b) Transfer some money from your existing ISA.

Select (a) if you want to move everything.

Q3) Does the ISA you wish to transfer have a notice period -----> put the date it matures (if its already matured then select NO -----> NOTE: if the ISA matures and Coventry re-invest it into a new fixed rate ISA i think you have 21 days "free window/cooling off" period where you can move it elsewhere -----> CHECK  WITH  THEM  FIRST  BCOZ  IM  NOT  100%  SURE 

PS1 -----> i made those questions up (they are representative of they types of questions you will be asked by the new bank/building society

PS2 -----> you will need to provide the new bank/building society the account details and sort code of the old Coventry ISA so make sure you have it when you apply to the new place.

anniecave

Often new providers ask for an estimated value of how much you intend to transfer, this doesn't have to be exact, but ideally should be in the right ballpark.  Just use the current balance amount as an estimated value if you intend to transfer that plus interest, as this will be close. 

Upon maturity your existing provider should offer to convert it to an instant acccess account as one of the options, select this option so it's available to be transferred out.  

masonic

Most people wish to transfer the whole account. In which case there is no need to know the balance accurately.

clairec666

Limara said:

My current idea matures with Coventry the options are very poor.
Ideally I want to transfer to different providers so I can get one on monthly interest payout.
How can you state how much you want to transfer when you don't know the balance until maturity and they say if they don't hear it will be automatically put in a fixed ISA which I don't want.
First time I have had to transfer they have always been quite competitive  sadly not this time ! 

Where are you transferring to? I've just done a transfer into Natwest - there was a box to tick for "Transfer all money from my ISA and close it", you only had to enter an amount if you were doing a partial transfer.

Sorry to hijack your thread but I've got another query about maturing ISAs. I've got a 1-year fix maturing in a month's time, and usually I would leave it to mature before moving it, but I want to take advantage of a good rates which are around now. How soon is too soon to initiate the transfer? Obviously I will tick the "wait until maturity" box so that I don't incur a penalty for early withdrawal, and I'm taking into account the deposit window for the new ISA.

masonic

clairec666 said:

Sorry to hijack your thread but I've got another query about maturing ISAs. I've got a 1-year fix maturing in a month's time, and usually I would leave it to mature before moving it, but I want to take advantage of a good rates which are around now. How soon is too soon to initiate the transfer? Obviously I will tick the "wait until maturity" box so that I don't incur a penalty for early withdrawal, and I'm taking into account the deposit window for the new ISA.

It depends on the new provider. Some are not very good at pending transfer requests. There have been examples where a request submitted more than ~5 working days ahead of maturity has not been accepted, though most can handle this without issue.

Limara

anniecave said:

Often new providers ask for an estimated value of how much you intend to transfer, this doesn't have to be exact, but ideally should be in the right ballpark.  Just use the current balance amount as an estimated value if you intend to transfer that plus interest, as this will be close. 

Upon maturity your existing provider should offer to convert it to an instant acccess account as one of the options, select this option so it's available to be transferred out.  

My last balance was updated a year ago, do no help, and there are 3 options given and all 3 are fixed 

Albermarle

Limara said:

anniecave said:

Often new providers ask for an estimated value of how much you intend to transfer, this doesn't have to be exact, but ideally should be in the right ballpark.  Just use the current balance amount as an estimated value if you intend to transfer that plus interest, as this will be close. 

Upon maturity your existing provider should offer to convert it to an instant acccess account as one of the options, select this option so it's available to be transferred out.  

My last balance was updated a year ago, do no help, and there are 3 options given and all 3 are fixed 

It is easy enough to work an estimated current balance. If you had £10,000 and the interest rate is 4% the maturity value will be £10,400.

Even if all the Coventry options are fixed rate, then when you open a new ISA and organise the transfer there should be an option to only transfer on the maturity date. I think this was explained earlier in the thread.