morris
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Post by morris on Aug 2, 2018 17:11:23 GMT
I had a fixed rate ISA Bond with Nationwide mature earlier this year and transferred the proceeds out to several P2P providers.
I have now decided to withdraw the money from one of them back to Nationwide as funds become available, but Nationwide have told me they only accept ISA transfers from banks and building societies. Has anyone else experienced this. Is this a common problem the P2P IFISA funds?
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Post by mrclondon on Aug 2, 2018 20:58:09 GMT
I suspect it's a fairly common issue - I am aware that HL only accept transfers of cash and s&s ISA's as another example.
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toast
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Post by toast on Aug 2, 2018 21:16:00 GMT
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littleoldlady
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Post by littleoldlady on Aug 2, 2018 21:49:27 GMT
I wanted to do one to Coventry BS but their on-line system only gave options of Cash and S&S, so I messaged them and they replied that I could, but they then told me how to download a transfer form which I did but it turned out to be a cash Isa form. Frankly I don't think that most of the workers in Banks and BSs have ever heard of a IFISA.
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toast
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Post by toast on Aug 2, 2018 22:29:34 GMT
I wanted to do one to Coventry BS but their on-line system only gave options of Cash and S&S, so I messaged them and they replied that I could, but they then told me how to download a transfer form which I did but it turned out to be a cash Isa form. Frankly I don't think that most of the workers in Banks and BSs have ever heard of a IFISA. Were you able to use that cash ISA transfer form to initiate the IFISA transfer or did you give up at that point?
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morris
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Post by morris on Aug 3, 2018 6:49:29 GMT
In view of the difficulty with IFISA to cash ISA, and IFISA to S&S ISA transfers, I trust that all authorised P2P lenders accept IFISA to IFISA transfers.
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littleoldlady
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Post by littleoldlady on Aug 3, 2018 7:11:13 GMT
I wanted to do one to Coventry BS but their on-line system only gave options of Cash and S&S, so I messaged them and they replied that I could, but they then told me how to download a transfer form which I did but it turned out to be a cash Isa form. Frankly I don't think that most of the workers in Banks and BSs have ever heard of a IFISA. Were you able to use that cash ISA transfer form to initiate the IFISA transfer or did you give up at that point? I gave up and sent it to a low risk, quick access (normally) IFISA instead. I know have too much in p2p so fingers crossed!
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gareot
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Post by gareot on Aug 3, 2018 9:19:41 GMT
I had a bond mature with my Property Crowd Ifsa last year which I transferred into my Coventry easy access cash Isa with no problem. Although I seem to recall it took a while to arrive there. Am I wrong in thinking that all ifas's are cash when you transfer them? I'm pretty sure that I used a cash Isa form which I downloaded for Coventry.
Eg If I ( God forbid ) had a Lendy ifisa & was able to sell it on the secondary market ( don't laugh please ) then the funds would be transferred as cash to wherever I decided to put it as I did with my PC ifisa above.
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toast
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Post by toast on Aug 3, 2018 9:30:51 GMT
Am I wrong in thinking that all ifas's are cash when you transfer them? Yeah, that's correct. There will be no other platform that has the same loans for you to invest in. There's no possibility to do an in-specie transfer as for S&S ISAs.
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littleoldlady
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Post by littleoldlady on Aug 3, 2018 9:34:45 GMT
I had a bond mature with my Property Crowd Ifsa last year which I transferred into my Coventry easy access cash Isa with no problem. Although I seem to recall it took a while to arrive there. Am I wrong in thinking that all ifas's are cash when you transfer them? I'm pretty sure that I used a cash Isa form which I downloaded for Coventry.
Eg If I ( God forbid ) had a Lendy ifisa & was able to sell it on the secondary market ( don't laugh please ) then the funds would be transferred as cash to wherever I decided to put it as I did with my PC ifisa above. Do you happen to remember if it said 'Cash ISA Transfer' in large letters at the top?
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aj
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Post by aj on Aug 3, 2018 10:13:14 GMT
I suspect it's a fairly common issue - I am aware that HL only accept transfers of cash and s&s ISA's as another example.
I suspect that’s just old documentation. AJ Bell accept IFISA transfers in even though the transfer in form only shows Cash or S&S. I suspect if you just specify “Cash ISA”, it’ll be fine. I did exactly this transferring from FS to iWeb, all went through without a hitch. For transferring, P2P is basically the same as in a cash ISA. The S&S ISA transfer option is more complicated as holdings can be transferred without having to liquidate them.
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gareot
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Post by gareot on Aug 3, 2018 11:22:52 GMT
I had a bond mature with my Property Crowd Ifsa last year which I transferred into my Coventry easy access cash Isa with no problem. Although I seem to recall it took a while to arrive there. Am I wrong in thinking that all ifas's are cash when you transfer them? I'm pretty sure that I used a cash Isa form which I downloaded for Coventry.
Eg If I ( God forbid ) had a Lendy ifisa & was able to sell it on the secondary market ( don't laugh please ) then the funds would be transferred as cash to wherever I decided to put it as I did with my PC ifisa above. Do you happen to remember if it said 'Cash ISA Transfer' in large letters at the top? Sorry I can't remember. It was only last Aug too! I've dug out a letter from Coventry basically saying Request to transfer to a Coventry cash isa Account no:xxxxxxxxx Further to your request to transfer ISA savings to the above Coventry cash ISA, we're pleased to enclose an ISA Transfer Request form.Simply check and complete this form, sign it and return it to us in the reply-paid envelope enclosed. Blah blah blah Thank you for choosing the Coventry. It was an existing isa account at the time of transfer I don't know if that makes a difference. I've logged in this this morning & there doesn't appear to be any changes to the site so it must have been the cash transfer. The only other option was stocks and shares. Hope this helps.
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stevio
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Post by stevio on Aug 10, 2018 7:43:01 GMT
I suspect that’s just old documentation. AJ Bell accept IFISA transfers in even though the transfer in form only shows Cash or S&S. I suspect if you just specify “Cash ISA”, it’ll be fine. I did exactly this transferring from FS to iWeb, all went through without a hitch. For transferring, P2P is basically the same as in a cash ISA. The S&S ISA transfer option is more complicated as holdings can be transferred without having to liquidate them. From IWeb chat support You: Can I transfer a IFISA to IWeb in cash?
Ellen: you can transfer ISA to us. in cash you will need to fill in the ISA manager transfer form and send it to us.
Ellen: this can bee found in the transfers section of the menu on the right side of the page.
You: I am specifically asking if an Innovative Finance ISA (IFISA) can be transferred to IWeb, this is NOT a transfer of a Cash ISA or Stocks and Shares ISA. Can you check this is possible?
Ellen: i will check with my transfers team
You: Thank you. I have looked at the transfer form and it only gives the options for Cash or Stocks and Shares ISA transfer
Ellen: My colleagues in the transfers team have said it does not really matter what you list it as at that point on the form, you as it will be coming over in cash anyway i have been told you can tick either box.
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stevio
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Post by stevio on Aug 10, 2018 7:45:05 GMT
I suspect that’s just old documentation. AJ Bell accept IFISA transfers in even though the transfer in form only shows Cash or S&S. I suspect if you just specify “Cash ISA”, it’ll be fine. I did exactly this transferring from FS to iWeb, all went through without a hitch. For transferring, P2P is basically the same as in a cash ISA. The S&S ISA transfer option is more complicated as holdings can be transferred without having to liquidate them. Roughly how long did this take please?
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littleoldlady
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Post by littleoldlady on Aug 10, 2018 10:05:32 GMT
I did exactly this transferring from FS to iWeb, all went through without a hitch. For transferring, P2P is basically the same as in a cash ISA. The S&S ISA transfer option is more complicated as holdings can be transferred without having to liquidate them. From IWeb chat support You: Can I transfer a IFISA to IWeb in cash?
Ellen: you can transfer ISA to us. in cash you will need to fill in the ISA manager transfer form and send it to us.
Ellen: this can bee found in the transfers section of the menu on the right side of the page.
You: I am specifically asking if an Innovative Finance ISA (IFISA) can be transferred to IWeb, this is NOT a transfer of a Cash ISA or Stocks and Shares ISA. Can you check this is possible?
Ellen: i will check with my transfers team
You: Thank you. I have looked at the transfer form and it only gives the options for Cash or Stocks and Shares ISA transfer
Ellen: My colleagues in the transfers team have said it does not really matter what you list it as at that point on the form, you as it will be coming over in cash anyway i have been told you can tick either box.
Very shoddy IMO. A cash ISA is a completely different animal to the cash from an IFISA or a S&S ISA, even though it results in a cheque just the same. By this logic firms could use the same transfer form for a cash ISA and a S&S ISA but I don't know of any that do.
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