ISA - I've jumped the gun opening a new ISA - what are my options??

Just_A_Dad

https://forums.moneysavingexpert.com/discussion/comment/81987437#Comment_81987437

thankyou. two things that still confuses me (and sorry if its been explained already) but

from looking at ISA's if I want to open one today - I only have 2 weeks to transfer another ISA into it - but that one doesnt mature until 1st June

Is the window for funding into it a set time - and if yes- what is that window?

thanks

eskbanker

Is the window for funding into it a set time - and if yes- what is that window?

There's no one-size-fits-all answer to that - easy access ISAs can be funded at any time but fixed term/rate ones usually (but not always) have an initial funding window, which may be different between deposits and transfers, so you need to read the terms of the specific product you're interested in. This information will usually be in the summary box as well as the detailed Ts & Cs…

friolento

https://forums.moneysavingexpert.com/discussion/comment/81987463#Comment_81987463

You generally need to request an ISA transfer-in within the initial deposit window. Some providers are even more strict and only allow you to request the transfer during the actual application.

As consumers, we don't have any control over how long a transfer-in will take. Some can happen within hours, some will take weeks… but most providers will allow us to specify whether we want the transfer to happen asap, or whether we want to wait for maturity etc. What you might find is that your new provider will only accept transfer requests which can be done immediately, or that they won't take requests where the maturity date is more than x weeks in the future.

As said, you need to read the summary box / the T&Cs.

flaneurs_lobster

Just something else that might be relevant, on another thread someone has mentioned that they have a Santander ISA maturing on 1 June (hope it's not the OP…) and that they have received details from Santander of a maturity ISA that might be of interest to continue saving with them.

Just_A_Dad

ok, so it looks like applying for a 4.25 fixed today with Santander can be filled between now and the end of June before closing for the term. This means that I can use this and fund it when the current year ISA matures on June 1st.

OK, I drop 0.25% rom the max i can get - but that is not the end of the world - thank you all for your help today.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81987725#Comment_81987725

Found it

https://forums.moneysavingexpert.com/discussion/comment/81987189#Comment_81987189

@Growingold had a suggestion for another product that might suit

Shawbrook has a 2 yr fixed rate one for 4.53%. Initial fund within 90 days accepts transfers in and you can specify wait until maturity when initiating the transfer

ffc58

I had a maturing ISA with Santander but decided to transfer to Paragon for longer term on maturity.

On mature date it had been transferred into 0.90% ISA.

Questioned this and said the transfer could take 15 days.

Only took 5 days to be transferred.

Just_A_Dad

thank you - so an update - as the current ISA is for us a mixture of 3 saving pots (for the future) we've been able to open 3 seperate ISA's and can split out the different balances over the 3 accounts. Hopefully this will make savings easier going forwards and just transfer ISA's from year to year to the best deal we can get at the time.

Thanks for all your help.