Fixed ISA maturing.

whattochoose · 9 July 2017 at 11:48AM

I have a fixed two year ISA with Halifax which matures on the 17th July. Once it matures the 2% interest will drop to 0.6%, if I decide to renew my fixed rate option with them.
Clearly, this is not a very good return, so I need to look elsewhere to get a better rate of return for any money I invest in future.
Having looked at Money Saving Experts recommendations, I'm of a mind to invest in a two year fixed rate account, either with Paragon Bank or Secure Trust Bank.
Having never used these providers before, please can anybody give me an assessment of their service?
Also (and I may wrong here) I thought I might have read that when opening an account, one needs to send a cheque for the amount one wants to invest, I think with Secure Trust Bank?
Or am I talking rubbish here, and is it simply a case of everything being done online, including submission of sort code and account number, so that the relevant amount can be withdrawn from your closing account?
Thank you for any help.

whattochoose · 16 July 2017 at 11:11AM

It looks like I'll be opting for Secure Trust Bank.
I have Kaspersky Internet Security which has a safe money option.
When I try and open Paragon Bank in this option I get this message -

"Can’t connect securely to this page

This might be because the site uses outdated or unsafe TLS security settings. If this keeps happening, try contacting the website’s owner."

Alter_ego · 16 July 2017 at 11:21AM

If you want to maintain the tax free status, do not withdraw the money. Go to an ISA provider that accepts transfers in and apply via them.

whattochoose · 16 July 2017 at 11:31AM

Alter_ego wrote: »

If you want to maintain the tax free status, do not withdraw the money. Go to an ISA provider that accepts transfers in and apply via them.

Thank you, but can you recommend an ISA provider who currently offers 2% for a 2 year investment?

Alter_ego · 16 July 2017 at 11:33AM

whattochoose wrote: »

Thank you, but can you recommend an ISA provider who currently offers 2% for a 2 year investment?

Sorry no, but if you find one please let me know.

Emmanuel- · 17 July 2017 at 7:19PM

I had this issue a couple of months ago. I switched to Britannia, who were brilliant with the transfer process. I had tried another building society which at the time was near the top of the best buy tables, and their transfer process was way more cumbersome. So, one lesson is, its not just about the rate but also the service quality. I'm really glad I chose Britannia for the next 2 years.

whattochoose · 20 July 2017 at 10:38AM

Emmanuel- wrote: »

I had this issue a couple of months ago. I switched to Britannia, who were brilliant with the transfer process. I had tried another building society which at the time was near the top of the best buy tables, and their transfer process was way more cumbersome. So, one lesson is, its not just about the rate but also the service quality. I'm really glad I chose Britannia for the next 2 years.

Pleased to say I found it easy enough taking out a two year bond with Secure Trust Bank. I transferred money from my Halifax ISA when it matured into my Halifax Easy Cash Account, for which I have a debit card. I went into my local Halifax branch, who instructed me to enter my card in one of their ipads, entering also my security number. Wont go into too much detail, but the money I wanted to transfer was instantly transferred to my STB account.
I now await my certificate from STB. I'm glad I did it. Instead of the .6% I would have got if I had re-invested in another fixed 2 year Halifax ISA, I will now be getting 2% PA with STB.
Not quite keeping up with present inflation rate, but I'm content with my investment.

Fixed ISA maturing.

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