corto
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Post by corto on May 21, 2019 13:03:16 GMT
Unfortunately you are unlikely to get the sign up bonus from a transfer in as the funds have to be credited within 14 days of opening. I don't think I have ever had a transfer go that quickly. Had several transfers from AC in April that were faster or close: 2 at 11 days (MT,Abl), 1 at 12 (PL), 1 at 14 (RS). A few others needed much longer. The loans in AC were already sold and liquid (obviously). You could also call GS and ask if they make a deal? After all they want your money.
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r00lish67
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Post by r00lish67 on May 21, 2019 15:07:56 GMT
I've had confirmation from GS that the ISA is permissible alongside the refer a friend bonus:
I don't think they'll mind me copy-pasting an excerpt:
"When considering bonus eligibility we include both ISA and Classic account balances and so your referred friend will be able to invest through the ISA and qualify for the bonus (as long as they abide by the terms and conditions of the bonus)"
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littleoldlady
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Post by littleoldlady on May 21, 2019 21:35:22 GMT
Unfortunately you are unlikely to get the sign up bonus from a transfer in as the funds have to be credited within 14 days of opening. I don't think I have ever had a transfer go that quickly. Had several transfers from AC in April that were faster or close: 2 at 11 days (MT,Abl), 1 at 12 (PL), 1 at 14 (RS). A few others needed much longer. The loans in AC were already sold and liquid (obviously). You could also call GS and ask if they make a deal? After all they want your money. I already did. They did not budge and even agreed with me that it was unlikely that a transfer would be in time. I said that meant they would probably not get my cash but that did not seem to perturb them.
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Post by Ace on May 21, 2019 22:00:28 GMT
Had several transfers from AC in April that were faster or close: 2 at 11 days (MT,Abl), 1 at 12 (PL), 1 at 14 (RS). A few others needed much longer. The loans in AC were already sold and liquid (obviously). You could also call GS and ask if they make a deal? After all they want your money. I already did. They did not budge and even agreed with me that it was unlikely that a transfer would be in time. I said that meant they would probably not get my cash but that did not seem to perturb them. One way to achieve the bonus on an ISA transfer (assuming you had an extra £2000 you could tie up for a month or two) would be: - Open a GS classic account and invest £2000 and turn auto reinvest on.
- Open a GS IFISA and start a £2000 transfer to it from your external ISA source.
- Wait for the transfer to complete (hopefully less than 1 month, but should be within 2 months worst case) and invest in GS IFISA.
- Switch off auto reinvest in GS classic and withdraw £2000 + interest when the current 30 day loan completes.
It will give you a fractionally lower XIRR then the full 15.8%, but should be pretty close.
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zlb
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Post by zlb on May 22, 2019 11:38:44 GMT
I am in process of taking up the bonus, it says after opening the account that I have to fund it within 14 days - if same applies to the ISA then I'm not sure transfer-in would work, if I understand correctly... The two accounts appear to be treated very differently to each other - I needed to create a new password for the ISA, even though I was already logged in.
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Post by gravitykillz on May 22, 2019 11:52:24 GMT
Hmmm. So after 1 year you can withdraw for free and all funds are covered by the pf ?
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zlb
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Post by zlb on May 22, 2019 11:55:56 GMT
I think the other key difference is that it is a bond - you are lending to and are secured against the company itself rather than the underlying loans. In other words somewhat less secure if it goes mammaries up. I was going to put some in for platform diversification purposes but now I am not so sure. Is there info about it being secured against the company itself? This sounds a bit like a dodge without them being clear about it, and they don't appear to be the kind of platform that would want to be unclear.
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zlb
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Post by zlb on May 22, 2019 11:57:15 GMT
I think the other key difference is that it is a bond - you are lending to and are secured against the company itself rather than the underlying loans. In other words somewhat less secure if it goes mammaries up. I was going to put some in for platform diversification purposes but now I am not so sure. Is there info about it being secured against the company itself? This sounds a bit like a dodge without them being clear about it, and they don't appear to be the kind of platform that would want to be unclear.
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Post by Ace on May 22, 2019 12:39:23 GMT
I think the other key difference is that it is a bond - you are lending to and are secured against the company itself rather than the underlying loans. In other words somewhat less secure if it goes mammaries up. I was going to put some in for platform diversification purposes but now I am not so sure. Is there info about it being secured against the company itself? This sounds a bit like a dodge without them being clear about it, and they don't appear to be the kind of platform that would want to be unclear. It's covered by the faqs "What is the difference between Growth Street Classic and Growth Street ISA accounts?" And "What is an unlisted bond?".
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zlb
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Post by zlb on May 22, 2019 12:57:33 GMT
Is there info about it being secured against the company itself? This sounds a bit like a dodge without them being clear about it, and they don't appear to be the kind of platform that would want to be unclear. It's covered by the faqs "What is the difference between Growth Street Classic and Growth Street ISA accounts?" And "What is an unlisted bond?". Thanks! even so, they aren't clearly stating what the security is.
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zlb
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Post by zlb on May 22, 2019 13:14:08 GMT
I already did. They did not budge and even agreed with me that it was unlikely that a transfer would be in time. I said that meant they would probably not get my cash but that did not seem to perturb them. One way to achieve the bonus on an ISA transfer (assuming you had an extra £2000 you could tie up for a month or two) would be: - Open a GS classic account and invest £2000 and turn auto reinvest on.
- Open a GS IFISA and start a £2000 transfer to it from your external ISA source.
- Wait for the transfer to complete (hopefully less than 1 month, but should be within 2 months worst case) and invest in GS IFISA.
- Switch off auto reinvest in GS classic and withdraw £2000 + interest when the current 30 day loan completes.
It will give you a fractionally lower XIRR then the full 15.8%, but should be pretty close.
if I understand correctly, one can still retain the bonus help.growthstreet.co.uk/investing-through-an-isa/operating-your-isa-account/will-i-keep-my-bonus-if-i-move-funds-from-my-growth-street-classic-account-to-an-isa"If you are eligible for a bonus on your Growth Street Classic account and wish to move funds to your Growth Street ISA, you may do so without affecting your bonus eligibility. You will remain eligible for the bonus if you withdraw funds from the Classic account and re-deposit them into the ISA within 48hrs from when the withdrawal is processed."
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littleoldlady
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Post by littleoldlady on Jul 22, 2019 11:57:48 GMT
Has anyone succeeded in getting an ISA transfer into GS? If so what happened afterwards? Mine is just sitting in cash and I can't see any way to get it invested. Autolend is turned on.
(I have also posted this query on another thread)
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Post by Ace on Jul 22, 2019 12:08:57 GMT
Has anyone succeeded in getting an ISA transfer into GS? If so what happened afterwards? Mine is just sitting in cash and I can't see any way to get it invested. Autolend is turned on. (I have also posted this query on another thread) Yes, but I'm a little confused by your question. The GS ISA doesn't seem to have an AutoInvest setting. I had to log in to my GS ISA account and manually invest my ISA transfer cash. The non-ISA account does have auto invest settings that seem to work as expected for me. Are you somehow confusing the two different accounts?
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littleoldlady
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Post by littleoldlady on Jul 22, 2019 16:56:37 GMT
Has anyone succeeded in getting an ISA transfer into GS? If so what happened afterwards? Mine is just sitting in cash and I can't see any way to get it invested. Autolend is turned on. (I have also posted this query on another thread) Yes, but I'm a little confused by your question. The GS ISA doesn't seem to have an AutoInvest setting. I had to log in to my GS ISA account and manually invest my ISA transfer cash. The non-ISA account does have auto invest settings that seem to work as expected for me. Are you somehow confusing the two different accounts? I am definitely on my ISA account. From the Portfolio page, which shows only the cash I transferred in, I click on "Invest now" and get an Invest page saying autolend is on.
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littleoldlady
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Post by littleoldlady on Jul 22, 2019 16:57:08 GMT
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