Transfer in / Maturity date question

mrmustard61

I have two fixed term ISAs maturing on the 8th of April. I want to transfer both to a new Moneybox ISA but I unsure when to initiate the transfer process to avoid any penalties that may occur. Should I wait until the maturity date or is it safe to start the process now (or an intervening date)?

masonic

I believe Moneybox doesn't provide the facility to specify a notice period or earliest transfer date when transferring in, so you should not submit the request early as some are completed really quickly these days. The main question for you is then: What happens to those fixes at maturity? Will they end up in an easy access account or another default fix (with 14 day cooling off)? Will the account number stay the same?

Those details will inform the action you should take.

Albermarle

With most providers they will hold off the transfer until the current product matures, but Moneybox will not.

In general with these top of the table new fintech savings providers, you have to monitor their offers and T's and C's perhaps a bit more carefully than with traditional providers.