Cynergy ISA maturing soon. Best option for delay free transfer out?

samtaylor99

Maturing ISAs with Cynergy are automatically re-invested in another fixed rate ISA if I do not contact them with instructions. Cynergy’s online options are - 1. Renew into a 1 Year ISA. 2. Renew into a 2 Year ISA. 3. Transfer and close. They have also sent a letter which describes the options as 1. Renew to a choice of fixed terms or 2. Transfer to the Variable Rate ISA. Elsewhere the letter states ‘If you’d like to transfer out to another provider you’ll have to get in touch with them’.

Previous ISA transfers I’ve done have gone smoothly by opening a new ISA with my new provider, ticking the transfer in button and letting the new provider get on with it but they were all products which defaulted to an easy access ISA on maturity and kept the same account details.

Has anyone successfully transferred a Cynergy ISA by ignoring the Cynergy options entirely and simply contacted their new provider with the non standard ‘roll type’ number of the ISA to be transferred? OR would it be better to ask Cynergy to transfer it to the variable 1% ISA and give these details which are the usual sort code and Account Number. For the second option I would need to wait until my fixed ISA closed and the funds were available in the variable account.

refluxer

Is transferring into their Online ISA not an option ? (Currently 4.05%)

https://www.cynergybank.co.uk/personal/online-isa

If it is, I would do that and then transfer from there. The last time I transferred a cash ISA away from Cynergy, they sat on the BACS ISA transfer request for almost a week before actioning it (and that only occurred because I sent them a secure message to get them to do it), so I wouldn't personally be confident in relying on them to do the 'transfer at maturity' option in a timely manner when required.

In my case, the funds were in the Online ISA account on a reasonable rate so it wasn't too much of a big deal but in your case, it would risk auto-investment in another fixed rate account which would obviously be a bit more problematic.

samtaylor99

Thanks refluxer, that may well be an option. When I initially started planning for this transfer ( a month ago) we were looking at the probability of a rate drop from the BOE on 19/03 so I was trying to get something 'locked down' ASAP. This looks much less likley today. Shame Cynergy don't include this option instead of the 1% in their maturing options.

fuzzzzy

When you open a fixed rate ISA with Cynergy they seem to open a variable rate online ISA (paying 1% interest) alongside it at the same time for maturity purposes. I have one but it has not matured yet so not familiar with the process. Maybe the easiest option is to give instruction for deposit at maturity into this online 1% interest ISA and then immediately contact Cynergy to ask for an upgrade to the issue 62 Variable rate ISA paying 4.05%? Then you can arrange a transfer to another provider later if you wish?

samtaylor99

https://forums.moneysavingexpert.com/discussion/comment/81926993#Comment_81926993

Yes, That seems to be the only way to do it without risking auto-investment in another fixed rate account. As you will see when your's is about to mature that 'Option' states 'Transfer and close' so requires checking and double checking that you are not going to loose ISA status. I was 99% sure it wouldn't - but It could be clearer I think. Cynergy's rates are not great ATM so I don't think it will sit with them very long.