IFISAcava
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Post by IFISAcava on Mar 5, 2019 20:45:37 GMT
Great news is confirmation that there is no charge for ISA transfers out. Just planning my transfers in now... Are you planning to drip feed? I assume transfer in requires a paper form? I have the choice between accepting a lot of cash drag or eating away most of my 1st year interest with the cost of postage stamps requested a medium 5 figure transfer in initially - well, 2 transfers in. the initial cash drag is worth it IMHO for the diversification within my overall ISA P2P makeup.
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IFISAcava
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Post by IFISAcava on Mar 5, 2019 20:50:51 GMT
As they are different accounts to the main one, I would suspect you can get double loan helpings if that is your desire. But I haven't conformed that. Agree that drip feeding in will be the most sensible strategy, either via the main allowance or via transfers in from previous years' ISAs elsewhere. Am also trying to get confirmation of what the transfer out fee will be. IFISAcava - I checked - yes you can have two accounts and they will be unique. I assume most investors will operate the ISA account as they do now for their ordinary account and use the ordinary account to double up on protected loans (subject to autolend setting and cash availability). What do you think? Also will be interesting to see the impact (if you can tell) on the future loan share on protected loans - can only go down surely? Cheers P I think that it wont really make much difference as you could get virtually the same effect by doubling the autobid limits in one account and having the additional cash in that account. You will get a doubled chance of getting one the randomly allocated £5 loans in one or other of the accounts though, and could get 2. Overall effect will depend on whether people add more money overall, or just redirect from non-ISA to ISA. I've been drawing down my non-ISA personal account for tax reasons, so I will have just the ISA.
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IFISAcava
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Post by IFISAcava on Mar 5, 2019 20:55:26 GMT
Are you planning to drip feed? I assume transfer in requires a paper form? I have the choice between accepting a lot of cash drag or eating away most of my 1st year interest with the cost of postage stamps As the ISA is flexible you could transfer in what you ultimately want to invest from a previous year, then withdraw most and drip feed the rest back in as needed. Yep, though you'll lose tax benefits in the withdrawn money. You could avoid losing the ta benefit though: If you already have money in an IFISA for this year, which doesn't charge transfer out fees, put the new allowance in there after April 6 and transfer across the old ISA money intermittently. AC QAA/30-day might be a good one to use.
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Post by df on Mar 5, 2019 21:43:17 GMT
This crossed my mind as soon as received e-mail. I'd happily double the helpings. I have very limited knowledge of IFISA, so apologies if the question sounds daft. I have IFISA with FS for two tax years now, I don't really need it to be there... Can I just open another one with UB in April or do I have to sell all FS IFISA loans first (which will mean I'm stuck with FS IFISA forever)? df - suggest you read the guidance on the revenue and customs website. My understanding (NOT ADVICE) is that you can open as many IFISA's as you wish, but you can only invest in one of them in any tax year using your allowance for that year, (inherent weakness in my opinion) and then you can transfer any funds from other ISA's into any of the others you set up if you can/wish. I already have an IFISA this year which I have paid into, so whilst I can set one up with UB, I can only fund it if I transfer in from another ISA, which given the time lag it takes, will be too late for this year. What I will do is set one up with UB and use my next years allowance from 6 April to start funding it. I will also set one up with MT, but will fund that from an ISA transfer. It depends which platform suits you best. AGAIN, THIS IS HOW i UNDERSTAND IT BUT IT IS NOT ADVICE AND YOU SHOULD CHECK FOR YOURSELF. Hope this is of some help? Cheers P Thank you for this. Yes, this is helpful. So it looks like I can just let my FS IFISA account run its cause and start new one with UB. If I do this from 5th Apr this year, would I have to stop renewing loans in my FS IFISA (I'm guessing renewal means paying into this product)?
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IFISAcava
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Post by IFISAcava on Mar 5, 2019 22:14:54 GMT
df - suggest you read the guidance on the revenue and customs website. My understanding (NOT ADVICE) is that you can open as many IFISA's as you wish, but you can only invest in one of them in any tax year using your allowance for that year, (inherent weakness in my opinion) and then you can transfer any funds from other ISA's into any of the others you set up if you can/wish. I already have an IFISA this year which I have paid into, so whilst I can set one up with UB, I can only fund it if I transfer in from another ISA, which given the time lag it takes, will be too late for this year. What I will do is set one up with UB and use my next years allowance from 6 April to start funding it. I will also set one up with MT, but will fund that from an ISA transfer. It depends which platform suits you best. AGAIN, THIS IS HOW i UNDERSTAND IT BUT IT IS NOT ADVICE AND YOU SHOULD CHECK FOR YOURSELF. Hope this is of some help? Cheers P Thank you for this. Yes, this is helpful. So it looks like I can just let my FS IFISA account run its cause and start new one with UB. If I do this from 5th Apr this year, would I have to stop renewing loans in my FS IFISA (I'm guessing renewal means paying into this product)? no, you can keep renewing and investing the money in the FS ISA. You couldn't add new money.
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Post by df on Mar 5, 2019 23:07:30 GMT
Thank you for this. Yes, this is helpful. So it looks like I can just let my FS IFISA account run its cause and start new one with UB. If I do this from 5th Apr this year, would I have to stop renewing loans in my FS IFISA (I'm guessing renewal means paying into this product)? no, you can keep renewing and investing the money in the FS ISA. You couldn't add new money. Thank you. Sounds good, I don't need to add new money to FS ISA. I'm only interested in keeping pawn on FS and if any new bling comes along I can use MAIN account.
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Post by sannytwist on Mar 7, 2019 17:58:03 GMT
Hi all, l've opened a IFISA with UB.
-So now l can deposit to a maximum of £20k until april and any interest l receive will be tax free - What happens if my account goes over 20k ? do interest gained over 20k start to be charged interest.
If l decide to carry on with the UB IFISA next year, l will have 40k allowance to invest on UB loans to gain tax free interest rite?
Just want to be sure.
Sannytwist.
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IFISAcava
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Post by IFISAcava on Mar 7, 2019 18:23:45 GMT
Hi all, l've opened a IFISA with UB. -So now l can deposit to a maximum of £20k until april and any interest l receive will be tax free - What happens if my account goes over 20k ? do interest gained over 20k start to be charged interest. If l decide to carry on with the UB IFISA next year, l will have 40k allowance to invest on UB loans to gain tax free interest rite? Just want to be sure. Sannytwist. any interest over the £20K can be kept in the account tax free to accrue. If you contribute after April 6 you can add another £20K yes.
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Post by df on Mar 7, 2019 18:31:34 GMT
Hi all, l've opened a IFISA with UB. -So now l can deposit to a maximum of £20k until april and any interest l receive will be tax free - What happens if my account goes over 20k ? do interest gained over 20k start to be charged interest. If l decide to carry on with the UB IFISA next year, l will have 40k allowance to invest on UB loans to gain tax free interest rite? Just want to be sure. Sannytwist. l doubt you would be able to invest 20k before next tax year kicks in as loan distribution is rather limited on UB . l don't really know, but l guess you won't be able to deposit more than 20k a year (unless it's a transfer). Yes, you can deposit 20k per year. How fast you'll be able to get it lent is another question. You can take a full advantage of unprotected loans and overexpose to them if you don't mind more risk.
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starfished
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Post by starfished on Apr 7, 2019 9:17:43 GMT
Apologies if I have missed this in the thread but is there anyway way to see easily how much of your flexible balance you have left on Unbolted?
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Post by Ace on Apr 7, 2019 9:33:14 GMT
Apologies if I have missed this in the thread but is there anyway way to see easily how much of your flexible balance you have left on Unbolted? No, I don't think there is. At least I couldn't find it. Would be a case of trawling through your transaction statement to find payments in and out.
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n
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Post by n on Apr 11, 2019 15:30:57 GMT
I am letting my standard account run down and subscribing to the new ISA at the same rate. It's a pity we can't just transfer from one account to the other directly as that would save lots of banking.
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picnicman
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Post by picnicman on Apr 11, 2019 15:58:09 GMT
I am letting my standard account run down and subscribing to the new ISA at the same rate. It's a pity we can't just transfer from one account to the other directly as that would save lots of banking. n - any particular reason you are not happy to have two bites at protected loans? Cheers P
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n
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Post by n on Apr 12, 2019 8:12:27 GMT
I am letting my standard account run down and subscribing to the new ISA at the same rate. It's a pity we can't just transfer from one account to the other directly as that would save lots of banking. n - any particular reason you are not happy to have two bites at protected loans? Cheers P It's just that having been with unb for nearly 3 years my balance has reached the level I am happy with. If I decide to increase my platform limit then I would be happy to go for 2 bites, even though it means doubling up the cash drag.
Edit: This is my current year subscription, so if all 20K gets used within the year I will re-evaluate.
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qwakuk
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Post by qwakuk on Jun 19, 2020 20:05:14 GMT
New member of UB and have setup a standard and IFISA account, 2 email addresses. No way to switch between two without logging out and then logging again ?
With Ablrate, you have to use a different email address, but can switch between the 2 from either login.
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