Charter failed to transfer cash ISA in 45 days

Gehngus

The transfer to Moneybox is complete.

It took less than three days. How could charter not have managed in 45?

They really do need to make some changes.

fuzzzzy

https://forums.moneysavingexpert.com/discussion/comment/81907375#Comment_81907375

Not my experience with a recently transferred ISA to Charter. I opened a fixed term ISA account with them in December for the transfer of an ISA maturing in January, and my maturity date is January.

Shylock_249

https://forums.moneysavingexpert.com/discussion/comment/81909037#Comment_81909037

It's certainly my experience, I've raised a few points with Charter and someone is going to phone me on Friday afternoon. This will be one of the questions I'll raise.

fuzzzzy

https://forums.moneysavingexpert.com/discussion/comment/81909320#Comment_81909320

That info seems to apply to non-ISA fixed rate bonds. Maybe it is the same for fixed term ISAs being funded by new money or transfers in from easy access ISAs, but when you open a fixed term ISA and initiate, in advance, a transfer in from another provider at maturity, then it would seem that the ceding provider maturity date determines the Charter maturity date, not the date when the Charter account was opened.

I was lucky in that my transfer completed within 1 working day of the ceding provider maturity date, but I suppose if the transfer had taken a full 15 working days, then you could be right in your assertion that you could lose 3 weeks from the fixed term. Whether that is an issue or not I suppose depends on what future interest rates are when the ISA matures.

Shylock_249

https://forums.moneysavingexpert.com/discussion/comment/81909620#Comment_81909620

I've just put the phone down after receiving Charter's phone back (a day early). They confirm that with ALL fixed rate accounts, ISAs or otherwise, that the maturity date is effective from the date the account is opened, NOT the date it is funded.

I went through my XYZ Bank scenario (shown above) and he agreed that is exactly what happens. I advised him to take a look at this post.

He contradicted your first paragraph above. Who knows, maybe you got lucky, I hope so.😊

fuzzzzy

https://forums.moneysavingexpert.com/discussion/comment/81910205#Comment_81910205

My maturity date is shown online in the account details and that contradicts what the advisor has told you.

Here is what the summary T&Cs say about the fixed rate period for a 1 year fixed rate ISA currently on offer.

refluxer

https://forums.moneysavingexpert.com/discussion/comment/81910205#Comment_81910205

Unfortunately, that customer service agent is wrong. I have 3 fixed rate cash ISAs with Charter and the maturity date for all 3 is based on the date the opening deposit is credited to the account and not the date the account was opened.

When crediting a newly-created account immediately with new subscriptions (or when an electronic transfer is processed immediately and only takes 1 working day), then the maturity date will (pretty-much) be based on the date the account was opened of course (give or take a day) but, when doing a transfer that involves paper forms (and therefore takes longer) or if an electronic transfer doesn't take place immediately, then the dates will be markedly different (two of my three fall into the latter category).

Shylock_249

You just can't get good staff these days!