Meteor - IsBank - 1yr Fixed ISA

Powapa · 29 January at 11:20PM

Hi everyone, I've just started an ISA transfer from Moneybox to Meteor to be able to open their 1 year fixed rate at 4.35%.

You can't open the account until the transfer is complete so it is a gamble but my current rate with Moneybox is 4.13% and I'm sure I'll be able to get this elsewhere is Meteor remove the rate, has anyone else done this with Meteor and been successful?

rob37uk · 1 February at 6:29PM

I started the same process yesterday, 31st Jan. We'll see how long it all takes. My plan if there is no good fixed rate available when funds have arrived is to credit to an instant access ISA and transfer immediately onwards.

allegro120 · 2 February at 11:16AM

https://forums.moneysavingexpert.com/discussion/comment/81865436#Comment_81865436

I started the same process today. I called Meteor, they said that Isbank 4.35% is a new offer so it is likely to stay for a bit, but obviously no guarantee.

Powapa · 4 February at 6:52PM

just noticed the rate for 4.35% has now been removed from the website. Is it possible for me to phone meteor tomorrow and cancel my transfer to them?

refluxer · 4 February at 7:16PM

With a fixed rate cash ISA, you would normally open the account (therefore locking in the rate at that time) and then request the transfer, so a subsequent rate reduction wouldn't be a problem.

What did you mean when you said "You can't open the account until the transfer is complete" ?

There needs to be an account open for the funds to transfer into and you would have signed up to the T&Cs of the account, which should have included the interest rate.

If their T&Cs do state that you get the rate on offer at the time the transfer completes, then that would be an unacceptable way of doing things, as some ISA transfers can take many weeks to complete and you would have no way of knowing what rate you'd signed up for.

Powapa · 4 February at 8:20PM

https://forums.moneysavingexpert.com/discussion/comment/81870544#Comment_81870544

Hi, because it’s a savings platform you had to transfer your Isa into the platform first and then apply for the ISA.

Unfortunately the ISA it’s a good rate is no longer available so I need to cancel my transfer to the platform.

hope that makes sense.

allegro120 · 5 February at 10:22AM

https://forums.moneysavingexpert.com/discussion/comment/81870513#Comment_81870513

My funds arrived to Meteor today (5th Feb), Isbank 4.35% was still on the list and I was able to allocate funds to this account. Received e-mail saying that the application is confirmed and money will start earning interest within 1 business day.

Powapa · 5 February at 3:48PM

https://forums.moneysavingexpert.com/discussion/comment/81871224#Comment_81871224

Thank you, just checked again and the 4.35% rate is now showing again. Only just had an email today from Moneybox saying they are starting the transfer so hopefully will be done soon.

allegro120 · 6 February at 10:41AM

https://forums.moneysavingexpert.com/discussion/comment/81871807#Comment_81871807

I just had an e-mail from Meteor. "We confirm that your deposit for £xx,xxx.xx with IsBank into the IsBank 1-Year Fixed Term Deposit 4.35% AER has been placed and will start earning interest today." So it took 1 day to allocate as promised.