ive locked in with close bro

northernstar007

ive decided to lock my isa away with close brothers for 5 years at 4.85%

hope ive done the right thing, activated the transfers (shawbrook & virgin) just hopefully it goes through with no hiccups, acc number issued etc

and now watching the rates for the next 14days more intensely

i wonder if a few years time i look back and look how much i got a good rate if it starts dropping in the years to come

poseidon1

No doubt you are optimistic that Close Bros' liabilty exposure to the car finance scandal has been fully provided for in their accounts, and there won't be any unpleasant surprises when the matter is hopefully settled next year.

https://www.theguardian.com/business/2026/mar/17/close-brothers-banking-group-cut-jobs-car-finance-shares

If the short sellers of Close shares are correct that there has been a substantial understatement of the company's exposure, that would not bode well for its net equity position.

eskbanker

In the context of locking money away for five years, FSCS protection should assuage any concerns about their ongoing financial viability…

northernstar007

all good so far, virgin isa has been transferred, now just waiting for my maturity on my shawbrook is aug19th email confirmed from shawbrook a transfer has been received for maturity

northernstar007

quick update, as i mentioned my virgin isa has transferred (my initial 20k) but the interest is still being held by virgin and showing up in my virgin acc, is this normal and will be transferred in a matter of time or shall i give virgin a nudge

mrcrumb

it’s not normal for interest to be left behind. Did you ask for a transfer of the full amount or did you ask for a partial transfer of £20k in the transfer application to Close Brothers.

northernstar007

i asked for a full transfer

mrcrumb

I would chase this up with Virgin Money in the first instance. If they have “full” instruction and a “ready for funds” signal from Close Brothers they may be able to send the remaining balance. You may then have to contact Close Brothers to chase it and/or get them to submit a separate transfer request.

northernstar007

called close brothers up, they are requesting the interest from virgin

mrcrumb

Hopefully it will get sorted and the other transfer from Shawbrook too.

northernstar007

the virgin interest has now been transferred, now just the shawbrook isa to transfer on wed maturity date, all good so far