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Post by glocal on Apr 9, 2018 19:05:47 GMT
Any idea when FC will start accepting old ISA transfers-in? I am planning to turn an ISA into a IFISA, and I am an existing FC customer, but unless I missed something they are vague when it comes to ISA transfers. Otherwise, I will have to consider Zopa despite their 1% sale fee.
Thanks.
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markr
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Post by markr on Apr 11, 2018 12:50:32 GMT
I don't know when FC will allow transfers in, but if you want an alternative IFISA that does, have a look at Assetz. AC allow transfers in and out without fees (currently), so the instant access or 30 day accounts may be a good place to lodge your funds while waiting for FC to get their act together.
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Post by glocal on Apr 11, 2018 13:32:47 GMT
Thanks markr. I have a Zopa IFISA from last year and opened a FC FISA for this year. I may be wrong but I think I can't create another FISA before April 2019, which leaves me with Zopa and FC -- ie Zopa until FC starts accepting transfers in. Although the cash ISA I want to move contains old funds, when I created the FC FISA in 2018-19 I was asked to declare I hadn't opened another one for this year. I thought we were not allowed to 'subscribe' (ie save new funds) to more than IFISA in a given year. |
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Post by skint4achange on Apr 11, 2018 13:50:43 GMT
Thanks markr . I have a Zopa IFISA from last year and opened a FC FISA for this year. I may be wrong but I think I can't create another FISA before April 2019, which leaves me with Zopa and FC -- ie Zopa until FC starts accepting transfers in. Although the cash ISA I want to move contains old funds, when I created the FC FISA in 2018-19 I was asked to declare I hadn't opened another one for this year. I thought we were not allowed to 'subscribe' (ie save new funds) to more than IFISA in a given year. You are not allowed to open 2 of the SAME type of ISA in the same year. You may open 1 x Cash ISA, 1 x IFISA and 1 x S&S ISA but not more than 1 of each.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 11, 2018 13:54:50 GMT
I think you mean "Deposit into", you can Open as many as you like, of all sorts, and until the cows come home, but you can only Deposit monies into one of each type in the same tax year, totalling up to the Allowance of course.  |
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markr
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Post by markr on Apr 11, 2018 14:10:50 GMT
You can open another one (or more), but you can only add new money to one each tax year.
As it happens, I have opened both an FC and an AC IFISA this year, the FC one for new money and the AC one to transfer in last year's Funding Secure IFISA once I've sold out of as many loans as I can.
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Post by skint4achange on Apr 11, 2018 14:25:06 GMT
Apologies, corrected. I did mean that you can only deposit into one in any one year.
That's about as much as I would want to do to be honest, too much messing about for my liking! 
I lose track of the ISA's me and the wife have now!
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Post by glocal on Apr 11, 2018 14:51:13 GMT
You can open another one (or more), but you can only add new money to one each tax year. As it happens, I have opened both an FC and an AC IFISA this year, the FC one for new money and the AC one to transfer in last year's Funding Secure IFISA once I've sold out of as many loans as I can. Your case is almost identical to mine. Out of interest, considering AC is a temporary solution, which AC product did you choose? In my experience with P2Ps so far, access to funds is very fast indeed in normal secondary market conditions. Too bad transferring in a cash ISA will miss the 15 April bonus deadline though. EDIT: Answering my own question, I did a bit more research and I can see why AC's Quick Access and 30-Day Access accounts would be good for temporarily parking an IFISA, thanks to no exit fees and 100% guaranteed funds recovery, immune to suspended loans. The 30-day Access account looks more appropriate here. Thanks for the pointers.
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markr
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Post by markr on Apr 11, 2018 22:25:53 GMT
Your case is almost identical to mine. Out of interest, considering AC is a temporary solution, which AC product did you choose? In my experience with P2Ps so far, access to funds is very fast indeed in normal secondary market conditions. Too bad transferring in a cash ISA will miss the 15 April bonus deadline though. EDIT: Answering my own question, I did a bit more research and I can see why AC's Quick Access and 30-Day Access accounts would be good for temporarily parking an IFISA, thanks to no exit fees and 100% guaranteed funds recovery, immune to suspended loans. The 30-day Access account looks more appropriate here. Thanks for the pointers. Yep, I agree with your research; if you don't intend to stay with AC, the 30 day account works well, it's free to get in and out and you'll have a very good chance (as always, nothing is certain with P2P) of being able to get everything out. Nearly half the funds in my FS ISA are now in unsaleable loans, which is a big part of the reason I'm getting out! I'm an AC investor anyway, but of course I won't be able to move any of my existing investments into the ISA because it would count as new money, so I'll probably put the ISA funds into one of their hands-off products so I can forget about it and carry on manually investing outside the ISA.
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cb25
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Post by cb25 on May 2, 2018 15:35:41 GMT
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