Post by Michal on Jan 24, 2019 15:35:45 GMT
But....I don't think I want to withdraw it - can't remember if it's a flex ISA or not but as I've not been able to find anything on your site saying it is, I have to assume not (please confirm), and so if I did it'd be lost to my ISA wrapper. (well actually this time around I guess I could as its only £2 - assuming there isn't a minimum withdrawal anyway - but I have to assume at some point in the future there could well be larger amounts affected).
I can't top it up, because that would require new ISA funds and I've already made a subscription elsewhere this year and don't currently have any I could transfer in.
I can't transfer it out because in this case there's not enough to cover the transfer fees...and there'd have to be a LOT repaid in this manner for that to ever be worth it anyway.
So I probably need to leave it there for 6 months until my reinvested bond matures and then either reinvest it alongside the maturing funds (assuming you'll offer this as an option and not just rollover the matured funds? I certainly wouldn't want to have a growing balance of uninvested cash each year) or transfer the whole lot out (except I wonder how much of this years will be awaiting recovery?). Currently I expect I'll want to re-invest, but we're still 6 months away.
So I really think you need to be clearly presenting options, either somewhere in the FAQ or as part of the "you have recovered funds" mail - sure I've contacted customer support although no response yet other than a "we'll investigate" rather suggesting to me no-ones really considered it yet. Which is fine, maybe this is the first time theres been recoveries - but please make it a priority!!
I can't top it up, because that would require new ISA funds and I've already made a subscription elsewhere this year and don't currently have any I could transfer in.
I can't transfer it out because in this case there's not enough to cover the transfer fees...and there'd have to be a LOT repaid in this manner for that to ever be worth it anyway.
So I probably need to leave it there for 6 months until my reinvested bond matures and then either reinvest it alongside the maturing funds (assuming you'll offer this as an option and not just rollover the matured funds? I certainly wouldn't want to have a growing balance of uninvested cash each year) or transfer the whole lot out (except I wonder how much of this years will be awaiting recovery?). Currently I expect I'll want to re-invest, but we're still 6 months away.
So I really think you need to be clearly presenting options, either somewhere in the FAQ or as part of the "you have recovered funds" mail - sure I've contacted customer support although no response yet other than a "we'll investigate" rather suggesting to me no-ones really considered it yet. Which is fine, maybe this is the first time theres been recoveries - but please make it a priority!!
I've answered the other points you've raised below.
- The Goji ISA is flexible. So any amount withdrawn can be replaced, as long as it's replaced back to Goji and before the end of the tax year.
- It's unlikely, though of course cannot be discounted, that the residual amounts would be more than a fraction of a percentage. In all cases so far, the matured funds that were available and distributed at the point of maturity exceeded our 5% target return.
- There's no minimum withdrawal amount.
- Any residual income available can be rolled up with any future matured funds. The same scenario of residual income could of course happen with any matured bond, but in this case the problem would only occur within a single bond cycle.
Again, we're really grateful for the feedback and have already applied amendments that are currently being reviewed by our compliance team to the residual income email communication. The FAQs pages will also include further details on this in the next update cycle.
I hope this helps offer more clarity but, as ever, please do let us know if there's anything else we can help with.
Many thanks
Michal