jonah
Member of DD Central
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IFISA
Dec 19, 2017 19:57:19 GMT
Post by jonah on Dec 19, 2017 19:57:19 GMT
Probably not the right place but 2x feedback comments on the ISA transfer form. Firstly it asks for details of the existing provider. A slightly neater alternative is allow customers to select from a list (auto complete or similar). The official ISA list is here www.gov.uk/government/publications/list-of-authorised-isa-managers/isas-authorised-managers so populating the various fields could be pre-programmed. Secondly I want to transfer in a previous year's ISA. This is therefore one which I haven't subscribed to this year as there is none of this years money involved. At no point was I asked if I had subscribed to this account. However there is a 'yes / no' question on the output PDF which is ticked for 'yes' to say that I've subscribed to this account this year, which isn't correct. The PDF also has "Do you want to include the subscription from the current tax year, plus interest?" which again is ticked, but is more irrelevant than just incorrect. Beyond that, looks positive! Edit: just realised that littleoldlady has the same point as my 2nd feedback... and a solution! A little untidy but it works! |
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mikes1531
Member of DD Central
Posts: 6,453
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IFISA
Dec 20, 2017 3:55:13 GMT
Post by mikes1531 on Dec 20, 2017 3:55:13 GMT
Also put £500 in Property Secured Account, so far today £437 invested but only across 7 loans and two of them are over £100 each so not very diversified. I tried a similar experiment, but with just £100. The £100 was fully invested within nine hours of my deposit. That's the good news. The bad news is that 84% of the funds went into four loans. The largest holding is 23% of the account, and was invested via three separate transactions within seconds of each other. I'm looking forward to the arrival of the new diversification and rebalancing system in February. Other than that, the system seems to be working well. The only niggle I've noticed is that it can get confused if I have multiple tabs open to the website and some are looking at my main account while others are watching my ISA.
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n
Member of DD Central
Yet another Nick
Posts: 881 
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IFISA
Dec 20, 2017 9:07:26 GMT
Post by n on Dec 20, 2017 9:07:26 GMT
Wonders rough timescale of a transfer in. Guessing about 10-14 days (not counting the crimble factor). Taps fingers... day 1 and counting. AIUI, the procedure is... - Investor completes AC online form and submits it
- AC post out a form for investor to sign
- Investor posts form back to AC
- AC sends instructions to investor's old ISA provider
- Old ISA provider sends money to AC
- AC put cash into investor's IFISA.
Step 1 is quick. Step 2 ought to be quick because it's probably automated. AC have said Step 4 could take up to five days. Hopefully Step 6 will be quick.
That leaves Step 3, which is under the investor's control, and Step 5 which is out of investors' hands. But the guidelines ISA providers are following might specify a target time.
And depending on the level of demand, and how many people AC have trained up and ready to deal with Step 4, the 5-day target might or might not be achievable.
Step 5 might have to include 5 working days for the cheque to clear if the old provider insists on doing it that way (which I think most do).
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IFISA
Dec 20, 2017 9:11:00 GMT
via mobile
Post by stuartassetzcapital on Dec 20, 2017 9:11:00 GMT
Investment account not savings account... Surely a no notice access account cannot be an investment account? The 30 day access account could be so construed. I take your point though It is not a no notice or 30 day notice bank account. This is investment in loans and access is provided and indeed managed to provide these access times in normal market conditions only whereas with a bank it is a promise. I hope this helps.
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Post by stuartassetzcapital on Dec 20, 2017 9:12:12 GMT
I don't see this in the Blog post. Is it possible to do transfer of part of a previous years Cash ISA into the AC IFISA, or does that depend on the source ISA manager supporting it as well? If partial isn't available could I transfer the whole lot into AC and then transfer some of it out to another provider? I already have an IFISA this year so can't put anything into the AC IFISA until at least April, but would like to get old ISA money in there asap once the old fixed rate Cash ISA matures in February. I believe that is part of the functionality and ISA rules yes.
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hantsowl
Member of DD Central
Posts: 672
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IFISA
Dec 20, 2017 9:38:39 GMT
Post by hantsowl on Dec 20, 2017 9:38:39 GMT
Hi. I have a question re "Transfers Out" (looking ahead  ). The terms state: 7.2 You may transfer all (but not part only) of the money in your account in the current tax year, together with all or parts of any funds (together with interest) in your account from previous tax years to another ISA Provider in accordance with the ISA Regulations and these conditions. You will need to contact your other ISA Provider in order to arrange a transfer and you can choose the date funds are transferred subject to us being allowed a reasonable period to implement that transfer. That reasonable period shall not exceed 30 days and shall be consistent with the requirements of the ISA Regulations. However you should note that funds in loans may take longer than this 30-day period to sell, if they can be sold at all, and could cause the transfer to happen outside of the 30 day period as part transfers are not possible.So, if I invest in the GBBA and at some stage in the future decide that I want to transfer the ISA to another provider, I need all loans to be sold so that I can transfer cash. What if I have a small percentage in a defaulted loan that cannot be sold? Does this mean that a transfer out is not possible? |
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IFISAcava
Member of DD Central
Posts: 3,692
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Post by IFISAcava on Dec 20, 2017 9:44:55 GMT
Hi. I have a question re "Transfers Out" (looking ahead ). The terms state: 7.2 You may transfer all (but not part only) of the money in your account in the current tax year, together with all or parts of any funds (together with interest) in your account from previous tax years to another ISA Provider in accordance with the ISA Regulations and these conditions. You will need to contact your other ISA Provider in order to arrange a transfer and you can choose the date funds are transferred subject to us being allowed a reasonable period to implement that transfer. That reasonable period shall not exceed 30 days and shall be consistent with the requirements of the ISA Regulations. However you should note that funds in loans may take longer than this 30-day period to sell, if they can be sold at all, and could cause the transfer to happen outside of the 30 day period as part transfers are not possible.So, if I invest in the GBBA and at some stage in the future decide that I want to transfer the ISA to another provider, I need all loans to be sold so that I can transfer cash. What if I have a small percentage in a defaulted loan that cannot be sold? Does this mean that a transfer out is not possible? You can do a partial transfer but only for previous tax years subscriptions. So if you can't sell even a fraction you are tied in for current tax year.
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IFISA
Dec 20, 2017 10:11:40 GMT
Post by investor1925 on Dec 20, 2017 10:11:40 GMT
Also put £500 in Property Secured Account, so far today £437 invested but only across 7 loans and two of them are over £100 each so not very diversified. I tried a similar experiment, but with just £100. The £100 was fully invested within nine hours of my deposit. That's the good news. The bad news is that 84% of the funds went into four loans. The largest holding is 23% of the account, and was invested via three separate transactions within seconds of each other. I'm looking forward to the arrival of the new diversification and rebalancing system in February. Other than that, the system seems to be working well. The only niggle I've noticed is that it can get confused if I have multiple tabs open to the website and some are looking at my main account while others are watching my ISA. I decided to sell off £500 chunks in the main account & transfer across. In the 1st day, it invested £140 in the 5.5% property account, spread over 9 loans, 75% of which is over 4 loans I imagine that at the moment, there is a LOT of selling/transferring/re-investing going on, which is going to mess it up big time. I think when it's settled down, I'll look t what I've landed with & sell off the loans where I have too much & re-invest it again.
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IFISAcava
Member of DD Central
Posts: 3,692
Likes: 3,018
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IFISA
Dec 20, 2017 10:42:54 GMT
via mobile
Post by IFISAcava on Dec 20, 2017 10:42:54 GMT
I tried a similar experiment, but with just £100. The £100 was fully invested within nine hours of my deposit. That's the good news. The bad news is that 84% of the funds went into four loans. The largest holding is 23% of the account, and was invested via three separate transactions within seconds of each other. I'm looking forward to the arrival of the new diversification and rebalancing system in February. Other than that, the system seems to be working well. The only niggle I've noticed is that it can get confused if I have multiple tabs open to the website and some are looking at my main account while others are watching my ISA. I decided to sell off £500 chunks in the main account & transfer across. In the 1st day, it invested £140 in the 5.5% property account, spread over 9 loans, 75% of which is over 4 loans I imagine that at the moment, there is a LOT of selling/transferring/re-investing going on, which is going to mess it up big time. I think when it's settled down, I'll look t what I've landed with & sell off the loans where I have too much & re-invest it again. But you can't sell individual loans in the auto accounts, can you?
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IFISA
Dec 20, 2017 10:45:00 GMT
Post by adspence on Dec 20, 2017 10:45:00 GMT
I don't see this in the Blog post. Is it possible to do transfer of part of a previous years Cash ISA into the AC IFISA, or does that depend on the source ISA manager supporting it as well? If partial isn't available could I transfer the whole lot into AC and then transfer some of it out to another provider? I already have an IFISA this year so can't put anything into the AC IFISA until at least April, but would like to get old ISA money in there asap once the old fixed rate Cash ISA matures in February. I believe that is part of the functionality and ISA rules yes. Thanks. I guess I'll find out in February when I can access my cash ISA and get some real return for that money instead
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littonowl
Member of DD Central
Posts: 398
Likes: 355
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IFISA
Dec 20, 2017 10:58:55 GMT
Post by littonowl on Dec 20, 2017 10:58:55 GMT
chris Can you please advise if it’s possible to do a transfer of a proportion of my cash balance from a S&S ISA (cash is from previous years contributions). I would like to move across c.50% of my S&S cash balance. Many thanks.
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Post by chris on Dec 20, 2017 11:01:12 GMT
chris Can you please advise if it’s possible to do a transfer of a proportion of my cash balance from a S&S ISA (cash is from previous years contributions). I would like to move across c.50% of my S&S cash balance. Many thanks. I believe so but best speak to our customer service team who will be able to offer proper guidance.
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Post by stuartassetzcapital on Dec 20, 2017 11:14:46 GMT
I decided to sell off £500 chunks in the main account & transfer across. In the 1st day, it invested £140 in the 5.5% property account, spread over 9 loans, 75% of which is over 4 loans I imagine that at the moment, there is a LOT of selling/transferring/re-investing going on, which is going to mess it up big time. I think when it's settled down, I'll look t what I've landed with & sell off the loans where I have too much & re-invest it again. But you can't sell individual loans in the auto accounts, can you? No but the new diversification algorithm in February (not end of January, sorry chris !) will fix this on existing accounts.
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littonowl
Member of DD Central
Posts: 398
Likes: 355
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IFISA
Dec 20, 2017 12:05:37 GMT
Post by littonowl on Dec 20, 2017 12:05:37 GMT
chris Can you please advise if it’s possible to do a transfer of a proportion of my cash balance from a S&S ISA (cash is from previous years contributions). I would like to move across c.50% of my S&S cash balance. Many thanks. I believe so but best speak to our customer service team who will be able to offer proper guidance. Thanks chris , just checked with Ben now and you can...
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Mikeme
Member of DD Central
Posts: 428
Likes: 331
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Post by Mikeme on Dec 20, 2017 13:22:46 GMT
To be clear can you confirm that the new algorithm will automatically increase diversification on already invested funds in all accounts? Also what is the planned maximum holding %age? I am not wanting to be caught with 20% again.
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). The terms state: