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Post by bluehorseshoe on Aug 12, 2018 10:03:39 GMT
I have a loan (loan ...00059) in my standard account and I want to transfer it to ISA.
I'm guessing but I don't think there's any way to do this directly and I'd have to sell in the standard a/c and buy in the ISA a/c?
Easy enough I thought but I can't seem to get it to work. I put an offer in standard a/c for £10 at 100.2% and then a bid to buy of £10 at 100.2% in the ISA a/c. But they're both just sitting there still as an offer and a bd. Why aren't they bought/sold/matched off immediately?
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treeman
Member of DD Central
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Post by treeman on Aug 12, 2018 10:21:11 GMT
I have a loan (loan ...00059) in my standard account and I want to transfer it to ISA. I'm guessing but I don't think there's any way to do this directly and I'd have to sell in the standard a/c and buy in the ISA a/c? Easy enough I thought but I can't seem to get it to work. I put an offer in standard a/c for £10 at 100.2% and then a bid to buy of £10 at 100.2% in the ISA a/c. But they're both just sitting there still as an offer and a bd. Why aren't they bought/sold/matched off immediately? There's no auto matching (yet). Place your offer in std account and buy (not bid) in the ISA manually.
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Post by bluehorseshoe on Aug 12, 2018 10:37:00 GMT
Buy not bid  . Off course. Thanks. |
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johnfleet
Member of DD Central
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Post by johnfleet on Aug 13, 2018 21:00:35 GMT
I was in exactly this position. Looking to move 2 x £20K into IFISAs for self and spouse. At first I really struggled. But it's quite straightforward once you understand how the system works. The trick is to to offer the amount which you wish to sell from your regular account at a premium percentage higher than any other offers - i.e. ensure that it's a) a unique offer in premium terms and b) that its at a higher rate than the best bid. That ensures that no-one's auto bid will purchase it. Then on the buying side identify 'your' selling offer and bid to buy that precise amount at that precise rate. Of course you need to 'seed' you IFISA with some initial funds to start the process, but once it's underway you simply transfer the proceeds of the sale from your regular a/c to your IFISA a/c and repeat the process. Took me a couple of weeks to transfer everything across but at the end of the process all that I have left in my 'standard' a/c is the defaulted container loan which can't be traded. I was fortunate in that I just happened to have a total in my regular account of just shy of £40K so it was possible to clean out the a/c without exceeding the annual ISA allowance.
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. Off course. Thanks.