sd2
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Post by sd2 on Apr 19, 2019 11:05:43 GMT
I have no interest in an ISA as I can't save on tax that I am unlikely to need to pay BUT assetz are paying an extra 1% if I do take one out.
Do they charge you?
How long is the extra 1% for?
Can I remove my money in exactly the same ways without any difficulty's?
Any problem anyone can think of?
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Post by geoffrey on Apr 19, 2019 11:27:50 GMT
Only downside I can think of is that you can't contribute to more than one IFISA in a year. It's too easy to make a mistake on this if you have opened IFISAs with more than one P2P/B company. IMHO, the rules should be more flexible, and should allow total contributions up to the annual limit to more than one IFISA.
But, to answer at least one of your questions, there is no charge. You can also withdraw money with no penalty (so long as you observe the specific account conditions, like 30 or 90 days' notice) other than losing the offer bonus if you withdraw before the end of the period specified in the offer.
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sd2
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Post by sd2 on Apr 19, 2019 20:53:38 GMT
Only downside I can think of is that you can't contribute to more than one IFISA in a year. It's too easy to make a mistake on this if you have opened IFISAs with more than one P2P/B company. IMHO, the rules should be more flexible, and should allow total contributions up to the annual limit to more than one IFISA. But, to answer at least one of your questions, there is no charge. You can also withdraw money with no penalty (so long as you observe the specific account conditions, like 30 or 90 days' notice) other than losing the offer bonus if you withdraw before the end of the period specified in the offer. Thanks I was struggling to find a downside. I assume they think I will be less likely to take my business elsewhere. I assume the extra 1% is for one year.
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agent69
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Post by agent69 on Apr 19, 2019 21:15:11 GMT
Only downside I can think of is that you can't contribute to more than one IFISA in a year. I assume IFISA's are the same as conventional ISA's.
You can only contribute new money to one IFSA in a tax year, but old ISA money can be spread around into as many new accounts as you like
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Post by Ace on Apr 19, 2019 21:32:51 GMT
Only downside I can think of is that you can't contribute to more than one IFISA in a year. It's too easy to make a mistake on this if you have opened IFISAs with more than one P2P/B company. IMHO, the rules should be more flexible, and should allow total contributions up to the annual limit to more than one IFISA. But, to answer at least one of your questions, there is no charge. You can also withdraw money with no penalty (so long as you observe the specific account conditions, like 30 or 90 days' notice) other than losing the offer bonus if you withdraw before the end of the period specified in the offer. Thanks I was struggling to find a downside. I assume they think I will be less likely to take my business elsewhere. I assume the extra 1% is for one year.Not quite. The first bonus is paid as a flat 1% after 6 months (so an XIRR of 2% for 6 months). The second bonus is paid as another flat 1% after a further 6 months as long as the qualifying funds are in the IFISA (so a total XIRR of 2% for 12 months).
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Post by Ace on Apr 19, 2019 21:33:38 GMT
Only downside I can think of is that you can't contribute to more than one IFISA in a year. I assume IFISA's are the same as conventional ISA's.
You can only contribute new money to one IFSA in a tax year, but old ISA money can be spread around into as many new accounts as you like
Yep
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Post by df on Apr 19, 2019 22:03:59 GMT
Only downside I can think of is that you can't contribute to more than one IFISA in a year. It's too easy to make a mistake on this if you have opened IFISAs with more than one P2P/B company. IMHO, the rules should be more flexible, and should allow total contributions up to the annual limit to more than one IFISA. But, to answer at least one of your questions, there is no charge. You can also withdraw money with no penalty (so long as you observe the specific account conditions, like 30 or 90 days' notice) other than losing the offer bonus if you withdraw before the end of the period specified in the offer. Thanks I was struggling to find a downside. I assume they think I will be less likely to take my business elsewhere. I assume the extra 1% is for one year. It's 2% if you "invest funds through an IFISA-wrapped account and keep them invested until 6th April 2020". If you put it in 90-day account and keep it for a year you should earn 7.75%. I think it's a very good offer. Apart from standard p2p risk I can't see any downsides. You can access your money earlier with interest paid to date, all you loose is your 2% bonus.
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sd2
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Post by sd2 on Apr 19, 2019 23:12:24 GMT
 ! Just opened it thought all the money in my account would go in it. Pointless. Should have been able to work that out myself!
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agent69
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Post by agent69 on Apr 20, 2019 7:50:34 GMT
Thanks I was struggling to find a downside. I assume they think I will be less likely to take my business elsewhere. I assume the extra 1% is for one year. I think it's a very good offer. Apart from standard p2p risk I can't see any downsides. I took advantage of this offer to open my first IFISA.
Being naturally cautious I am in the instant access fund. My concerns are that money in the 30 / 90 day accounts earns a bit more, but if the sticky brown stuff was to hit the fan the QAA withdrawls would be such a drain there would be no liquid assets left for the rest.
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sd2
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Post by sd2 on Apr 20, 2019 11:32:05 GMT
I have just put £4200 into the isa BUT it hasn't arrived yet and the dashboard for the isa says "Don’t drop below your starting balance of: £3,632.97" even though there is no Money in it? Is the standard and isa accounts linked? Is this an attempt at stopping me moving money from the standard accounts into the isa? If I move money from my qaa to my bank and then to isa. I assume I will lose on the first 1% offer which is till 12 December (I put £2000 in) but get the 1% cash back on the 16 of October offer and 1% isa offer. Am I seeing this right??
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sd2
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Post by sd2 on Apr 20, 2019 11:44:36 GMT
I think it's a very good offer. Apart from standard p2p risk I can't see any downsides. I took advantage of this offer to open my first IFISA.
Being naturally cautious I am in the instant access fund. My concerns are that money in the 30 / 90 day accounts earns a bit more, but if the sticky brown stuff was to hit the fan the QAA withdrawls would be such a drain there would be no liquid assets left for the rest.
I put it into the 30 day account because I am naturally greedy.
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sd2
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Post by sd2 on Apr 20, 2019 12:14:18 GMT
Okay I think I am getting their (feel free to tell me I am not)
I put £1000 in for the first 1% deal which is paid on the 12th December and £2000 for the second deal paid on the 16th October.
The first deal is I think 1% extra pro rata
The second deal is cash back of 1% on the 16th of October.
If I have got it right them it would make no difference to the second deal if I just moved the £2000 from my instant access access (all I have in it) to the isa account.
I have £3000 in the 30 day account and will put £2000 of that into the QAA account. IF (highly unlikely) the second deal is still available when it arrives in QAA I could move it to the isa. Loosing out on the first deal but gaining on the second deal (a better one by far)
Help!
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agent69
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Post by agent69 on Apr 20, 2019 12:20:16 GMT
Okay I think I am getting their (feel free to tell me I am not) I put £1000 in for the first 1% deal which is paid on the 12th December and £2000 for the second deal paid on the 16th October. The first deal is I think 1% extra pro rata The second deal is cash back of 1% on the 16th of October. If I have got it right them it would make no difference to the second deal if I just moved the £2000 from my instant access access (all I have in it) to the isa account. I have £3000 in the 30 day account and will put £2000 of that into the QAA account. IF (highly unlikely) the second deal is still available when it arrives in QAA I could move it to the isa. Loosing out on the first deal but gaining on the second deal (a better one by far) Help! I believe the qualifying amount for the ISA bonus (1% in October and another 1% in April) is based on the increase in your total platform funds. Taking from one pot and putting into another doesn't count. It has to be new money over and above the stated starting figure
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ilmoro
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Post by ilmoro on Apr 20, 2019 12:32:03 GMT
I have just put £4200 into the isa BUT it hasn't arrived yet and the dashboard for the isa says "Don’t drop below your starting balance of: £3,632.97" even though there is no Money in it? Is the standard and isa accounts linked? Is this an attempt at stopping me moving money from the standard accounts into the isa? If I move money from my qaa to my bank and then to isa. I assume I will lose on the first 1% offer which is till 12 December (I put £2000 in) but get the 1% cash back on the 16 of October offer and 1% isa offer. Am I seeing this right?? You know that you cant send money direct to your IFISA it all goes through your standard account (except ISA transfers)? The starting balance is the total balance on the platform in both ISA & standard accounts, its the total elligible funds balance that relates to the qualifying funds in each individual account ie funds over & above starting balance.
You cant move money from QAA to bank to ISA, it has to go from QAA to cash to ISA cash to whichever ISA pot. Yes the accounts are linked and no it isnt an attempt to stop yoou moving money as thats the only way you can do it.
Difficult to answer your last point. Any money has left the platform at the daily polling point will permanently impact on the amount that can qualify for the bonus. (eg if you have 1k qualifying and remove £1k then it will reset the qualifying balance to zero at the next polling point and even if replaced those funds will not qualify.) You could move funds off and on the platform as long as it done between two polling points so there is no difference in funds at each polling point. Im not sure why you would want to remove funds form the platform unless you need them elsewhere and if you have sweep all turned on then shifting funds between standard & ISA and between accounts will not affected elligible funds as they are never not invested at a polling point.
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ilmoro
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Post by ilmoro on Apr 20, 2019 13:03:14 GMT
Okay I think I am getting their (feel free to tell me I am not) I put £1000 in for the first 1% deal which is paid on the 12th December and £2000 for the second deal paid on the 16th October. The first deal is I think 1% extra pro rata The second deal is cash back of 1% on the 16th of October. If I have got it right them it would make no difference to the second deal if I just moved the £2000 from my instant access access (all I have in it) to the isa account. I have £3000 in the 30 day account and will put £2000 of that into the QAA account. IF (highly unlikely) the second deal is still available when it arrives in QAA I could move it to the isa. Loosing out on the first deal but gaining on the second deal (a better one by far) Help! Are any funds actually leaving the platform? Struggling to get my head round exactly what you are doing here.
Just moving funds between accounts will have no effect on eligibility for any promotion, neither negative or positive. Taking funds off platform and not replacing them before midnight will reduce eligibility for the current promotion certainly (not sure about the other one as I cant see details). Only adding additional funds above the level recorded at 6/4 (& whatever the date for the other promotion id still active) will have a positive impact.
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! Just opened it thought all the money in my account would go in it. Pointless. Should have been able to work that out myself!