Paragon Bank ISA transfer

[Deleted User]

My partner and I requested a transfer of each of our maturing fixed cash ISA’s with Paragon to a different provider offering a better rate. Our instructions were given well within the correct timeframe and Paragon confirmed that they had received the request from our new provider. As far as we were concerned everything was in place for the transfer to go ahead at maturity.

However, when the actual maturity date came Paragon put our ISA’s into their ‘easy access’ cash ISA with a low interest rate. When I contacted Paragon to query why they had done this I was told that it may take up to 15 days for the transfer to be completed. I failed to understand why given that they were given our instruction in plenty of time.

Am I missing something here?

Isthisforreal99

The 15 day transfer time only starts from the maturity date.

Rich2808

Not sure I see the issue here - this is standard practice. Your fixed rate has matured - it has been moved to an instant access isa paying a lower rate. You will earn interest at that lower rate until the transfer completes.

Paragon are pretty efficient so I would expect the transfer will happen in the next few days if your current provider takes the necessary steps.

flaneurs_lobster

Some providers will pay you interest on your savings from the point that the transfer is initiated to them.

trickydicky14

https://forums.moneysavingexpert.com/discussion/6670200/paragon-bank-isa-transfer

I have moved several ISA's from Paragon and found them to be very much on the ball so you should not have to wait long.