Transferring from a Shawbrook FR ISA maturing to a Santander FR ISA

Growingold

Hi

My Shawbrook FR ISA matures on 7th May. I wish to transfer it to a Santander FR ISA. If I submit a transfer request now to Santander will they wait until the maturity date? Thanks

badger09

https://forums.moneysavingexpert.com/discussion/6664699/transferring-from-a-shawbrook-fr-isa-maturing-to-a-santander-fr-isa

Yes.
Providing you tell them to!

1st open your new Santander FRISA. During opening process there is a question about how you will fund it, and the option to transfer in an ISA from another provider. On the transfer form there is the option to transfer immediately, or wait until maturity. That’s the one to select.

refluxer

Shawbrook are notorious for letting ISA cash sit in the default maturity ISA account at a very low interest rate before actioning transfers, so I personally wouldn't be confident of this not happening, even if you did request a transfer on maturity ahead of time.

To avoid being stuck on that low-paying account for any length of time, I normally request an internal transfer to their easy access ISA on maturity which happens quickly, although that strategy will be tricky for you timing-wise, as it's likely the new ISA would pick up a different account number, making a transfer request in advance to Santander impossible at this stage.

boco803

Are Shawbrook that bad with maturing fixed rate ISAs?

Even where you've instructed and initiated a transfer out to another provider ahead of time?

Do they let fixed rates mature into a maturity account regardless, then action transfer out requests from there?

Just that a search suggests that funds will only be transferred to a Matured Funds account if no instructions received?

Barkin

https://forums.moneysavingexpert.com/discussion/comment/81969255#Comment_81969255

In my experience - no, they're not.

fuzzzzy

https://forums.moneysavingexpert.com/discussion/comment/81969319#Comment_81969319

But it creates stress knowing if something does go wrong with the transfer process, as does happen from time to time, your funds can be sitting at a dismal 0.1% interest rate.

Shawbrook should treat their customers better and ensure maturing ISAs receive the same interest rate as their highest paying easy access ISA, currently 2.7%.