stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Dec 19, 2017 13:24:18 GMT
I wonder how long it will take to get £20K into a GBBA IFISA, bearing in mind the current rate of investment, and that there will probably be a large increase in demand once the IFISA is open. I'm presuming the IFISA is just another investment account in your own name, which invests where you direct it to e.g. GBBA, QAA sweep, MLIA (when it goes live) etc, in terms of the current GBBA I'm guessing with so few loans qualifying (rates too low) that £20k right now must take an age to invest. To qualify for current GBBA a loan has to pay 7%+ with the + being the contribution to the PF, think back in the day someone might have stated what the + needs to be as a minimum. Your comments raise a question in my mind trouble. How would sweeping work I wonder? Is the was, 30 daa and cash account outside the IFISA? If so and the ifisa is flexible then all is ok as one should be able to see how much of current year allowance is unused. If the ifisa is not flexible or carries withdrawal fees then how will sweeping transactions be viewed by HMRC. Interesting times.
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ianj
Member of DD Central
Posts: 656
Likes: 520
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IFISA
Dec 19, 2017 13:27:38 GMT
Post by ianj on Dec 19, 2017 13:27:38 GMT
Judging by an initial reading of the T&Cs, I'm well and truly stymied. I had intended to fund this new toy from 'previous' year's contributiuons to a S&S ISA, but........
.......implies that opening is not possible with a transfer-in, only by funding with the 'current' year's allowance, which I'm not permitted to do now, and loathe to do next April.
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rick24
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Post by rick24 on Dec 19, 2017 13:36:57 GMT
Judging by an initial reading of the T&Cs, I'm well and truly stymied. I had intended to fund this new toy from 'previous' year's contributiuons to a S&S ISA, but........ .......implies that opening is not possible with a transfer-in, only by funding with the 'current' year's allowance, which I'm not permitted to do now, and loathe to do next April. I didn't see a minimum amount specified and there was no demand for a deposit before the account was set up, so maybe just give it a try.
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ianj
Member of DD Central
Posts: 656
Likes: 520
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IFISA
Dec 19, 2017 13:51:00 GMT
Post by ianj on Dec 19, 2017 13:51:00 GMT
Judging by an initial reading of the T&Cs, I'm well and truly stymied. I had intended to fund this new toy from 'previous' year's contributiuons to a S&S ISA, but........ .......implies that opening is not possible with a transfer-in, only by funding with the 'current' year's allowance, which I'm not permitted to do now, and loathe to do next April. I didn't see a minimum amount specified and there was no demand for a deposit before the account was set up, so maybe just give it a try. Thanks for the tip. Fancy believing what one's told! Edit: Seems the system can't cope....... There was an error creating your IFISA account, please try again later
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happy
Member of DD Central
Posts: 397
Likes: 497
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IFISA
Dec 19, 2017 13:58:34 GMT
Post by happy on Dec 19, 2017 13:58:34 GMT
Even the online chat was showing busy for a long while earlier, I think there will be a lot of very tired AC bunnies by the end of the day  EDIT: and tired AC hampsters... |
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n
Member of DD Central
Yet another Nick
Posts: 881
Likes: 461
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IFISA
Dec 19, 2017 14:22:48 GMT
Post by n on Dec 19, 2017 14:22:48 GMT
I opened mine as soon as I saw the email. I read through the T&C during the sign up process. I wanted to refer back to it because there is nothing on the site to kick off a transfer-in procedure (eg download a form) and I couldn't remember exactly what the T&C said about that. Now I can find no way to see the T&C again unless I am missing something (not the general terms from the link at the very bottom of each page). So, if someone has not registered for their IFISA yet please could they copy & past the terms into notepad then post it here, or PM me please. (And save a copy for yourself!) edit: I sent them an email but no reply yet. They might be a bit busy for some reason.  |
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Post by chris on Dec 19, 2017 14:24:27 GMT
I'm presuming the IFISA is just another investment account in your own name, which invests where you direct it to e.g. GBBA, QAA sweep, MLIA (when it goes live) etc, in terms of the current GBBA I'm guessing with so few loans qualifying (rates too low) that £20k right now must take an age to invest. To qualify for current GBBA a loan has to pay 7%+ with the + being the contribution to the PF, think back in the day someone might have stated what the + needs to be as a minimum. Your comments raise a question in my mind trouble . How would sweeping work I wonder? Is the was, 30 daa and cash account outside the IFISA? If so and the ifisa is flexible then all is ok as one should be able to see how much of current year allowance is unused. If the ifisa is not flexible or carries withdrawal fees then how will sweeping transactions be viewed by HMRC. Interesting times. In effect the IFISA is it's own "lender" or user account within the system, with the user interface hiding that from you. Money is accepted into that user account as an ISA deposit, and all movements within the account are treated as being within the ISA so don't have fees associated with them. If you transferred funds into the account but left them in the IFISA cash account then you would in effect be using up your allowance but not earning any interest. There are dashboard changes coming in mid-Q1 to improve how that segregation of accounts works but the concept will remain broadly the same, in that funds are accepted into the ISA wrapper and then invested rather than each individual investment moving funds into and out of the ISA wrapper.
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littonowl
Member of DD Central
Posts: 398
Likes: 355
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IFISA
Dec 19, 2017 14:28:12 GMT
n likes this
Post by littonowl on Dec 19, 2017 14:28:12 GMT
I opened mine as soon as I saw the email. I read through the T&C during the sign up process. I wanted to refer back to it because there is nothing on the site to kick off a transfer-in procedure (eg download a form) and I couldn't remember exactly what the T&C said about that. Now I can find no way to see the T&C again unless I am missing something (not the general terms from the link at the very bottom of each page). So, if someone has not registered for their IFISA yet please could they copy & past the terms into notepad then post it here, or PM me please. (And save a copy for yourself!) edit: I sent them an email but no reply yet. They might be a bit busy for some reason. There's a 'Manage Funds' Tab in the top right hand corner of the IFISA part of the site, with drop down options including a 'Transfer ISA' tab. Pressing this brings up an online form to fill out.
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IFISA
Dec 19, 2017 14:29:20 GMT
Post by carol167 on Dec 19, 2017 14:29:20 GMT
Judging by an initial reading of the T&Cs, I'm well and truly stymied. I had intended to fund this new toy from 'previous' year's contributiuons to a S&S ISA, but........ .......implies that opening is not possible with a transfer-in, only by funding with the 'current' year's allowance, which I'm not permitted to do now, and loathe to do next April. I didn't see a minimum amount specified and there was no demand for a deposit before the account was set up, so maybe just give it a try. Well according to this page... www.assetzcapital.co.uk/about-us/blog/the-new-innovative-finance-isa-is-here-at-last"What is the minimum investment into an IF ISA? The minimum investment into an IF ISA varies from one platform to another, but is a mere £1 for all Assetz Capital accounts. As an added bonus, Assetz Capital doesn't charge its P2P lenders any fees at all." So it would seem to be just £1.
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treeman
Member of DD Central
Posts: 1,026
Likes: 557
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IFISA
Dec 19, 2017 14:30:06 GMT
n likes this
Post by treeman on Dec 19, 2017 14:30:06 GMT
I opened mine as soon as I saw the email. I read through the T&C during the sign up process. I wanted to refer back to it because there is nothing on the site to kick off a transfer-in procedure (eg download a form) and I couldn't remember exactly what the T&C said about that. Now I can find no way to see the T&C again unless I am missing something (not the general terms from the link at the very bottom of each page). So, if someone has not registered for their IFISA yet please could they copy & past the terms into notepad then post it here, or PM me please. (And save a copy for yourself!) edit: I sent them an email but no reply yet. They might be a bit busy for some reason. I've taken a copy - PM sent
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n
Member of DD Central
Yet another Nick
Posts: 881
Likes: 461
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Post by n on Dec 19, 2017 14:32:18 GMT
I opened mine as soon as I saw the email. I read through the T&C during the sign up process. I wanted to refer back to it because there is nothing on the site to kick off a transfer-in procedure (eg download a form) and I couldn't remember exactly what the T&C said about that. Now I can find no way to see the T&C again unless I am missing something (not the general terms from the link at the very bottom of each page). So, if someone has not registered for their IFISA yet please could they copy & past the terms into notepad then post it here, or PM me please. (And save a copy for yourself!) edit: I sent them an email but no reply yet. They might be a bit busy for some reason. There's a 'Manage Funds' Tab in the top right hand corner of the IFISA part of the site, with drop down options including a 'Transfer ISA' tab. Pressing this brings up an online form to fill out. Thanks littonowl I couldn't see it for looking. (Of course, I am sure it wasn't there earlier  )
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rick24
Member of DD Central
Posts: 244
Likes: 138
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IFISA
Dec 19, 2017 14:41:29 GMT
Post by rick24 on Dec 19, 2017 14:41:29 GMT
I didn't see a minimum amount specified and there was no demand for a deposit before the account was set up, so maybe just give it a try. Well according to this page... www.assetzcapital.co.uk/about-us/blog/the-new-innovative-finance-isa-is-here-at-last"What is the minimum investment into an IF ISA? The minimum investment into an IF ISA varies from one platform to another, but is a mere £1 for all Assetz Capital accounts. As an added bonus, Assetz Capital doesn't charge its P2P lenders any fees at all." So it would seem to be just £1. I opened one: there was no request for a deposit. I then withdrew money from my ordinary Quick Asset Account and invested it in my ISA Quick Access Account. It worked.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
Likes: 945
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Post by stub8535 on Dec 19, 2017 14:46:02 GMT
Your comments raise a question in my mind trouble . How would sweeping work I wonder? Is the was, 30 daa and cash account outside the IFISA? If so and the ifisa is flexible then all is ok as one should be able to see how much of current year allowance is unused. If the ifisa is not flexible or carries withdrawal fees then how will sweeping transactions be viewed by HMRC. Interesting times. In effect the IFISA is it's own "lender" or user account within the system, with the user interface hiding that from you. Money is accepted into that user account as an ISA deposit, and all movements within the account are treated as being within the ISA so don't have fees associated with them. If you transferred funds into the account but left them in the IFISA cash account then you would in effect be using up your allowance but not earning any interest. There are dashboard changes coming in mid-Q1 to improve how that segregation of accounts works but the concept will remain broadly the same, in that funds are accepted into the ISA wrapper and then invested rather than each individual investment moving funds into and out of the ISA wrapper. Ah! So it not, as originally stated, managed funds gonna etc but includes 30daa, cash account and qaa? Strange wording. Makes the as a very attractive as a savings account!
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Post by chris on Dec 19, 2017 14:53:42 GMT
In effect the IFISA is it's own "lender" or user account within the system, with the user interface hiding that from you. Money is accepted into that user account as an ISA deposit, and all movements within the account are treated as being within the ISA so don't have fees associated with them. If you transferred funds into the account but left them in the IFISA cash account then you would in effect be using up your allowance but not earning any interest. There are dashboard changes coming in mid-Q1 to improve how that segregation of accounts works but the concept will remain broadly the same, in that funds are accepted into the ISA wrapper and then invested rather than each individual investment moving funds into and out of the ISA wrapper. Ah! So it not, as originally stated, managed funds gonna etc but includes 30daa, cash account and qaa? Strange wording. Makes the as a very attractive as a savings account! Includes all investment accounts, the only reason the MLA isn't included is that the existing site doesn't have a clear interface for managing buy / sell orders across multiple pots of cash. The Q1 refresh addresses that.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
Likes: 945
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Post by stub8535 on Dec 19, 2017 14:58:02 GMT
Ah! So it not, as originally stated, managed funds gonna etc but includes 30daa, cash account and qaa? Strange wording. Makes the as a very attractive as a savings account! Includes all investment accounts, the only reason the MLA isn't included is that the existing site doesn't have a clear interface for managing buy / sell orders across multiple pots of cash. The Q1 refresh addresses that. Might check it out as a safe haven savings account in that case, after reading the terms and conditions really carefully though.
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