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Post by SophieThing on Apr 27, 2018 7:22:36 GMT
Yay, just got my IFISA invitation! I like that we can initiate transfers from other ISAs via the electronic form. All my other IFISAs seemed to require me to print out a form, sign and post it. Electronic only is far less hassle! Aww, foiled! It seems the Building Society that I want to transfer from still want to see wet ink... MoneyThing I did have one question regarding the T&Cs at: www.moneything.com/isaterms/Does that mean that if I neither add £1,000 of new money nor transfer in that amount during any tax year then my IFISA account gets closed? I am more used to ISAs that remain open but just let me manage funds from previous tax years (as hinted at in another of the terms): Almost certainly this is treating each tax years subscription separately, such that at the end of each tax year, the amount subscribed must be either £0 or at least £1000. This is in keeping with the HMRC use of ISA to mean one tax year's worth of subscriptions in some of its literature. In any case, the inconsistency in the MT terms could do with being addressed. There is an implication that a subscription of between £0.01 and £999.99 during a tax year could result in the whole thing being closed - I'm not sure how that would be dealt with in practice. Hi @mason and toast, Thanks- the wording could do with sorting out which I will do for the next T&C's release. We don't operate a continuous subscription model, so lenders need to agree to the T&C's and Declaration in each tax year that they want to subscribe. For each year that they subscribe, the annual minimum is £1,000. You're signing up to subscribe to the minimum and if you don't subscribe the minimum then yes we can close the IFISA. This is to avoid having to administer a large number of low value accounts. In practice, it wouldn't be great customer service to just close someone's account if they have a balance of £999.99. In any case we'd call the lender and ask what they want to do- it is just sensible having a minimum to set expectations and make sure lenders are aware that we don't plan to support IFISA's of less than that in general as the administrative overhead will become a burden. If you decide not to subscribe in any given year, that's fine. Your previous year's subscriptions will still continue to operate and you can manage them in any way you see fit. Kind regards Sophie
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IFISA
Apr 27, 2018 21:33:35 GMT
Post by nomnom on Apr 27, 2018 21:33:35 GMT
Afternoon, Just updated the platform to now allow lenders to move funds (under 'Move Funds'), between their standard & ISA accounts. Regards, Ed Great news, saves the banking fees as well .
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sapphire
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IFISA
Apr 29, 2018 16:48:11 GMT
Post by sapphire on Apr 29, 2018 16:48:11 GMT
Any info on the following would be appreciated: 1. Will an IFISA Transfer in facility be permitted from 'Day 1', once those pre-registered are able to open the IFISA account? 2. Will there be any fees or charges for the IFISA product? (for IFISA transfers - out or in, for flexible withdrawals or for any other reason) 3. Approx. expected waiting time for the current IFISA pre-registration list to clear? (i.e. how long someone pre-registering today can be expected to wait). 1. Yes 2. Administration charges for transfers out but not in and administration cost fees for extraordinary life events etc. 3. We will know that soon. Re 2. How much are : -the administration charges for transfers out? -the administration cost fees for extraordinary life events? -any other fees or charges payable for the IFISA product?
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toast
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IFISA
Apr 29, 2018 17:51:58 GMT
Post by toast on Apr 29, 2018 17:51:58 GMT
Re 2. How much are : -the administration charges for transfers out? -the administration cost fees for extraordinary life events? -any other fees or charges payable for the IFISA product? Fees are clearly laid out at the foot of this document: www.moneything.com/isaterms/
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Jeepers
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IFISA
Apr 29, 2018 21:08:13 GMT
via mobile
Post by Jeepers on Apr 29, 2018 21:08:13 GMT
I'm surprised by the fees. I've always viewed MT as fair and decent but the fees are extortionate. £50 to transfer out is pushing it but £200 admin charge upon death is absurd.
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IFISAcava
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IFISA
Apr 29, 2018 21:36:57 GMT
Post by IFISAcava on Apr 29, 2018 21:36:57 GMT
I'm surprised by the fees. I've always viewed MT as fair and decent but the fees are extortionate. £50 to transfer out is pushing it but £200 admin charge upon death is absurd. It's £100 to transfer out from ABL AC best deal at the moment - no transfer in or out fees - and not entirely coincidentally my largest ISA platform (followed by HNWL, ABL and Proplend, since you ask).
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archie
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IFISA
Apr 30, 2018 5:57:32 GMT
Post by archie on Apr 30, 2018 5:57:32 GMT
Re 2. How much are : -the administration charges for transfers out? -the administration cost fees for extraordinary life events? -any other fees or charges payable for the IFISA product? Fees are clearly laid out at the foot of this document: www.moneything.com/isaterms/Question : I believe MT are treating each tax year separately rather than a rolling subscription. If you have an account with subscriptions over more than one tax year and decided to transfer all of them out in one go, would the fee be charged only once or for each year of subscription? I assume the death fee would be once regardless of the number of subscription years.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Apr 30, 2018 6:59:28 GMT
I assume the death fee would be once regardless of the number of subscription years. Unless your name is Lazarus.
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archie
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IFISA
Apr 30, 2018 7:06:42 GMT
Post by archie on Apr 30, 2018 7:06:42 GMT
I assume the death fee would be once regardless of the number of subscription years. Unless your name is Lazarus. You aren't allowed to identify lenders.
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marka
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IFISA
May 19, 2018 9:30:49 GMT
Post by marka on May 19, 2018 9:30:49 GMT
Hi MoneyThing, SophieThingThe only confirmation I have seen that your IFISA is flexible is a single comment on here (plus a comment from one of your beta testers prior to rollout). I cannot find anything on your site to confirm this. Can I suggest that this is explicitly stated on your site (if indeed it is the case!). Thanks
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sapphire
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Post by sapphire on May 19, 2018 9:57:58 GMT
Hi MoneyThing , SophieThing The only confirmation I have seen that your IFISA is flexible is a single comment on here (plus a comment from one of your beta testers prior to rollout). I cannot find anything on your site to confirm this. Can I suggest that this is explicitly stated on your site (if indeed it is the case!). Thanks www.moneything.com/isaterms/11.3 states: "We operate a flexible IFISA,..." Its in the 'small print'. I think it should be more explicit.
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marka
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IFISA
May 19, 2018 10:31:27 GMT
Post by marka on May 19, 2018 10:31:27 GMT
Hi MoneyThing , SophieThing The only confirmation I have seen that your IFISA is flexible is a single comment on here (plus a comment from one of your beta testers prior to rollout). I cannot find anything on your site to confirm this. Can I suggest that this is explicitly stated on your site (if indeed it is the case!). Thanks www.moneything.com/isaterms/11.3 states: "We operate a flexible IFISA,..." Its in the 'small print'. I think it should be more explicit. Ah thanks sapphire. Didn't see that. In my defence though I can't see a link to that page anywhere on the site (I looked in the standard lender T&Cs) and searching google for ... ... doesn't reveal anything.
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sapphire
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IFISA
May 19, 2018 11:36:25 GMT
Post by sapphire on May 19, 2018 11:36:25 GMT
In my defence though I can't see a link to that page anywhere on the site (I looked in the standard lender T&Cs) and searching google for ... ... doesn't reveal anything. Indeed. I too only became aware of it earlier in this thread when I asked a question on the IFISA fees.
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IFISA
May 21, 2018 13:01:58 GMT
Post by ladywhitenap on May 21, 2018 13:01:58 GMT
MoneyThingMy son is considering opening a moneything account but only if there is a working IFISA available. Please can we have a clear statement from ISAThing as to where we are on IFISAs? Thanks LW
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IFISA
May 21, 2018 14:13:36 GMT
Post by MoneyThing on May 21, 2018 14:13:36 GMT
MoneyThing My son is considering opening a moneything account but only if there is a working IFISA available. Please can we have a clear statement from ISAThing as to where we are on IFISAs? Thanks LW Afternoon LW. All pre-registered users who applied for an ISA have now been invited and we are just working through the last few of these now. As such, we should be nearly in a position to open this up to everyone. Let me discuss with the others and then I will come back to you. Regards, Ed.
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