Transfer out during cooling off period

Emily_Joy

I opened and funded a 3 year ISA with Aldermore, but I see now West Brom offers a somewhat better rate. Aldermore cooling-off period ends on 12 of October. If I open a West Brom ISA now and request a full transfer, will there be any penalty?

Ayr_Rage

You'll need to read the Ts and Cs, however a transfer may not be possible, just a return of funds to wherever they came from.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82158839#Comment_82158839

What happens if the ISA account originally transferred from no longer exists? Would be pretty common if an account was emptied by the transfer.

J63320

The problem with getting West Brom to do a transfer out is that it might not be completed in time. To be on the safe side, you could do an internal transfer to an Aldermore Easy Access ISA, which happens almost instantly. Open it online with Aldermore, and select ‘transfer from another Aldermore account’ as the funding method. Then when it appears - you might have to log out and log in again - select it and use the Move Money option to do the transfer, which will get the money out of the fixed ISA safely within the cooling off period. You will also get a little bit of interest!
You can then open the West Brom ISA and request that they do the transfer from your new Aldermore ISA.

Ayr_Rage

https://forums.moneysavingexpert.com/discussion/comment/82158858#Comment_82158858

I just presumed that as the OP had "opened and funded" rather then made a transfer, but I get your point.

Emily_Joy

https://forums.moneysavingexpert.com/discussion/comment/82158877#Comment_82158877

Yes, indeed, it was funded with new money. Thank you everyone - I will move it to an EA ISA with Aldermore first then.