Monetus
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Post by Monetus on Mar 18, 2016 17:05:41 GMT
Back in October I took out a 5.25% paying 5 year ISA with Wellesley (before I had really taken the time to investigate any other options).
With the incoming advent of P2P ISAs from this year that could potentially pay a much higher % and offer more flexibility, I am interested in finding out what it would cost/how much beaucracy I would have to go through to potentially transfer this 15k into a different ISA product later in the year.
I vaguely remember someone posting about this a few months back including how much work it would be and the rough cancellation costs but I searched the forum and can't for the life of me seem to track it down. I have also looked on the Wellesley site and not found much on this subject or even if it's possible...
Can anyone shed some light on this at all? Do you think it would be worth it or should I just stick with what I have and ride this ISA out for the 5 year period?
Thanks!
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ben
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Post by ben on Mar 18, 2016 22:50:40 GMT
I suppose it be best to wait to see what the new offers are but I would not expect it to be much better especially not with Wellesley you might get better if SS or MT do an ISA.
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bugs4me
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Post by bugs4me on Mar 18, 2016 22:56:03 GMT
Back in October I took out a 5.25% paying 5 year ISA with Wellesley (before I had really taken the time to investigate any other options). With the incoming advent of P2P ISAs from this year that could potentially pay a much higher % and offer more flexibility, I am interested in finding out what it would cost/how much beaucracy I would have to go through to potentially transfer this 15k into a different ISA product later in the year. I vaguely remember someone posting about this a few months back including how much work it would be and the rough cancellation costs but I searched the forum and can't for the life of me seem to track it down. I have also looked on the Wellesley site and not found much on this subject or even if it's possible... Can anyone shed some light on this at all? Do you think it w ould be worth it or should I just stick with what I have and ride this ISA out for the 5 year period? Thanks! Not sure exactly how this works but IIRC the 5 year lender rate automatically reverts to the rate prevailing for the shorter term. As it's only October I assume they would apply the 30 day deposit rate which is currently 3.35%. Further details are available here but that applies to normal lending. As you mention the ISA route I think it's probably best to simply pick up the phone to them and discuss.
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