adrianc
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Post by adrianc on Jun 4, 2019 20:37:08 GMT
Any suggestions on the best way to do this?
I'm presuming it must be possible to keep it within the ISA protection, but to move to another ISA provider.
Does it have to be an IFISA? (If so, any suggestions?)
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toast
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Post by toast on Jun 4, 2019 20:53:21 GMT
Any suggestions on the best way to do this? I'm presuming it must be possible to keep it within the ISA protection, but to move to another ISA provider. Does it have to be an IFISA? (If so, any suggestions?) You can transfer from an IFISA to an IFISA elsewhere or another type of ISA completely. You need to get a transfer form from your new provider. You will enter your AC IFISA details on the transfer form and your new provider will do the rest for you. Your AC holdings need to be in cash for the move to occur (you can't take your loan-parts off the AC platform). It can take a little while for the transfer to complete, so allow 3-4 weeks at least.
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adrianc
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Post by adrianc on Jun 4, 2019 20:54:11 GMT
Cheers, toast. I thought it'd probably be fairly straightforward...
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toast
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Post by toast on Jun 4, 2019 20:56:38 GMT
I should also mention that you cannot split your current year's contributions to AC at the time you move (so you will need to move all or nothing - you can't keep half of the current year's contributions on AC and transfer the rest). However, if you have made contributions to your AC IFISA in previous tax years then you are allowed to split those funds however you wish at the time of transfer.
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nick
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Post by nick on Jun 7, 2019 9:32:34 GMT
Any suggestions on the best way to do this? I'm presuming it must be possible to keep it within the ISA protection, but to move to another ISA provider. Does it have to be an IFISA? (If so, any suggestions?) You can transfer from an IFISA to an IFISA elsewhere or another type of ISA completely. You need to get a transfer form from your new provider. You will enter your AC IFISA details on the transfer form and your new provider will do the rest for you. Your AC holdings need to be in cash for the move to occur (you can't take your loan-parts off the AC platform). It can take a little while for the transfer to complete, so allow 3-4 weeks at least. I also thought that you could transfer from an IFISA to a ISA. However, I have yet to find any ISA (stock & shares) provider/platform that will accept transfers in from a IFISA. On further research, I haven't seen any guidance regarding the transfer from IFISA to ISA, only the other way. Does anyone know of a Stock & Share ISA provider/platform that accepts transfers from IFISAs?
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IFISAcava
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Post by IFISAcava on Jun 7, 2019 10:16:35 GMT
You can transfer from an IFISA to an IFISA elsewhere or another type of ISA completely. You need to get a transfer form from your new provider. You will enter your AC IFISA details on the transfer form and your new provider will do the rest for you. Your AC holdings need to be in cash for the move to occur (you can't take your loan-parts off the AC platform). It can take a little while for the transfer to complete, so allow 3-4 weeks at least. I also thought that you could transfer from an IFISA to a ISA. However, I have yet to find any ISA (stock & shares) provider/platform that will accept transfers in from a IFISA. On further research, I haven't seen any guidance regarding the transfer from IFISA to ISA, only the other way. Does anyone know of a Stock & Share ISA provider/platform that accepts transfers from IFISAs? Neither Fidelity nor Vanguard would when I asked. Of course they could accept it if they chose to, so seems odd that they don't want that pot of ISA money.
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toast
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Post by toast on Jun 7, 2019 10:33:25 GMT
You can transfer from an IFISA to an IFISA elsewhere or another type of ISA completely. You need to get a transfer form from your new provider. You will enter your AC IFISA details on the transfer form and your new provider will do the rest for you. Your AC holdings need to be in cash for the move to occur (you can't take your loan-parts off the AC platform). It can take a little while for the transfer to complete, so allow 3-4 weeks at least. I also thought that you could transfer from an IFISA to a ISA. However, I have yet to find any ISA (stock & shares) provider/platform that will accept transfers in from a IFISA. On further research, I haven't seen any guidance regarding the transfer from IFISA to ISA, only the other way. Does anyone know of a Stock & Share ISA provider/platform that accepts transfers from IFISAs? I've never transferred from IFISA to a stocks and shares ISA, but I have transferred from IFISA to cash ISA. Coventry Building Society and Santander will accept transfers from an IFISA.
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alanh
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Post by alanh on Jun 7, 2019 11:28:57 GMT
Hargreaves Lansdown accept partial or full transfers from IFISAs - I recently did one. Vanguard will only accept transfers of the entire IFISA which is not really any use when you still have loans outstanding. In order to transfer my IFISA to Vanguard I am currently in the process of doing a partial transfer to the Coventry Building Society followed by the complete transfer of that to Vanguard. Oh the joys of filling in all the forms......
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walktall7
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Post by walktall7 on Jun 7, 2019 14:52:48 GMT
I transferred my AC IFISA loans in the various accounts into the cash IFISA account in AC. You then transfer this to cash Isa or as I did to AJBell shares ISA last Sept . I still have the last £107 to transfer as I have just got the last of GBB2 loans sold.
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sarahcount
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Post by sarahcount on Jun 7, 2019 20:00:07 GMT
As it happens I've recently applied to transfer an IFISA to a S&S ISA. The application form made me choose between the incoming funds being a cash ISA or a S&S ISA. I selected the cash ISA option because that seems to essentially be what I'm looking to transfer - the excess cash that I have on the platform not the loans I'm invested in.
I'll report back on whether this has worked or if it gets rejected.
Won't be particularly happy if it turns out that you can put money into IFISAs but not move them out.
Although having said all that new tax years seem to come round quicker than I can find the available money to invest in new ISAs.
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Post by glocal on Jun 22, 2019 14:24:58 GMT
It can take a little while for the transfer to complete, so allow 3-4 weeks at least. Can anyone suggest a way to reduce the time funds will be sitting in the Cash Account earning no interest? With the Quick Access Account option these days there is no excuse for AC and the destination cash ISA provider to demand that funds don't earn interest for weeks until they sort it out.
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toast
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Post by toast on Jun 22, 2019 16:27:08 GMT
It can take a little while for the transfer to complete, so allow 3-4 weeks at least. Can anyone suggest a way to reduce the time funds will be sitting in the Cash Account earning no interest? With the Quick Access Account option these days there is no excuse for AC and the destination cash ISA provider to demand that funds don't earn interest for weeks until they sort it out. I suspect that's going to need the regulator to mandate 7 day transfers. If it can be done for current accounts, you'd think it was possible for ISAs.
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Post by glocal on Jun 22, 2019 17:02:22 GMT
Can anyone suggest a way to reduce the time funds will be sitting in the Cash Account earning no interest? With the Quick Access Account option these days there is no excuse for AC and the destination cash ISA provider to demand that funds don't earn interest for weeks until they sort it out. I suspect that's going to need the regulator to mandate 7 day transfers. If it can be done for current accounts, you'd think it was possible for ISAs. I may be wrong but from what I just read in older threads, apparently the IFISA cash funds can be swept away into the QAA as idle funds and earn interest while waiting for the GBBA sale to complete and the new cash ISA provider to come along. I am not sure what happens with unsold loans though.
But I have been looking for the sort code/account number details of my Assetz IFISA to pass on to the new cash ISA provider and I can't find them anywhere. Can anyone help?
I have been going round and round. And there is no obvious FAQ or other guide for IFISA transfers out. I can't believe all p2p platforms make it so easy to transfer funds in but so obviously difficult to transfer out. Even the chat guy couldn't give me clear written instructions. How is that good for their image?
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toast
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Post by toast on Jun 22, 2019 17:47:30 GMT
I may be wrong but from what I just read in older threads, apparently the IFISA cash funds can be swept away into the QAA as idle funds and earn interest while waiting for the GBBA sale to complete and the new cash ISA provider to come along. I am not sure what happens with unsold loans though.
Ah, yes, I too remember someone else reporting that funds swept into QAA from the cash account could be transferred out just fine. In "unusual market conditions" AC could decide to block all withdrawals from QAA and that could block your transfer (never happened to date). The number I've supplied in the past for the AC account number is the reference number used for transfers into my IFISA cash account. To find this, click the Manage Funds button in the top-right corner and choose Deposit Funds -> IFISA -> Cash Account -> Reference.
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Post by glocal on Jun 22, 2019 17:57:34 GMT
The number I've supplied in the past for the AC account number is the reference number used for transfers into my IFISA cash account. To find this, click the Manage Funds button in the top-right corner and choose Deposit Funds -> IFISA -> Cash Account -> Reference. OK, I found it there. Thanks. Now I am trying to find a way to fill in Coventry BS's application form which doesn't accept Assetz's sort code and doesn't have space for the reference number either. I'll get there in the end!
I must say all this effort required to get funds out of a p2p platform is in itself one reason not to bother in the first place.
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