upperdeane
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Post by upperdeane on Nov 9, 2019 16:17:43 GMT
Hi
As lots of us are selling up, i'm curious to find out if any of you have transferred your IFISA cash out to either a Cash ISA provider or a Stocks and Shares ISA provider. The reason I ask is that i'm struggling to actually find companies (apart from other IFISA providers) that accept transfers IN from IFISA providers. Any input appreciated, and if anybody knows for definite of any companies that accept these types of ISA transfers IN i'd like to know.
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Post by Ace on Nov 9, 2019 17:32:28 GMT
I don't have any direct experience of transferring out from IFISA's to other ISA's, but there are several mentions of this across the forum. The trick seems to be to say that the funds are coming from a cash-ISA. Although this isn't strictly true it is practically the same as the funds will be coming from a cash pot in an IFISA (I'm assuming that you've liquidated your loans first).
It seems that lots of cash-ISA and S&S-ISA providers just haven't bothered to update their forms to include an IFISA option. There's really no difference from the receivers point of view from accepting funds from a cash ISA and accepting liquidated funds from an IFISA.
There aren't many things I would compliment FC on, but, for me, their transfer out process has been second to none. I've had a transfer from FC to Unbolted complete in one week.
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upperdeane
Member of DD Central
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Post by upperdeane on Nov 9, 2019 18:14:28 GMT
I don't have any direct experience of transferring out from IFISA's to other ISA's, but there are several mentions of this across the forum. The trick seems to be to say that the funds are coming from a cash-ISA. Although this isn't strictly true it is practically the same as the funds will be coming from a cash pot in an IFISA (I'm assuming that you've liquidated your loans first). It seems that lots of cash-ISA and S&S-ISA providers just haven't bothered to update their forms to include an IFISA option. There's really no difference from the receivers point of view from accepting funds from a cash ISA and accepting liquidated funds from an IFISA. There aren't many things I would compliment FC on, but, for me, their transfer out process has been second to none. I've had a transfer from FC to Unbolted complete in one week. Thanks for the info Ace
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Post by kowalski on Nov 9, 2019 20:10:52 GMT
I had the same problem and got round it by moving funds from an IFISA to a S&S ISA via a cash isa that was only open a few days to complete the transfer.
I guess you might not be able to do this if you have already opened a cash ISA this tax year and doesnt allow partial transfers.
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Post by Ace on Nov 9, 2019 20:15:42 GMT
I had the same problem and got round it by moving funds from an IFISA to a S&S ISA via a cash isa that was only open a few days to complete the transfer. I guess you might not be able to do this if you have already opened a cash ISA this tax year and doesnt allow partial transfers. You can open as many cash ISAs you like in one year as long as you only pay new money in to one of them. You can transfer previous year's ISA funds into as many as you like.
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upperdeane
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Post by upperdeane on Nov 9, 2019 23:08:14 GMT
I had the same problem and got round it by moving funds from an IFISA to a S&S ISA via a cash isa that was only open a few days to complete the transfer. I guess you might not be able to do this if you have already opened a cash ISA this tax year and doesnt allow partial transfers. Which company for the temporary cash isa?
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Post by indexwrangler on Nov 10, 2019 19:00:31 GMT
Just transfer stating that funding circle is a cash ISA. They're treated the same from a transfer perspective so shouldn't be a problem. I've personally transferred to vanguard and HL using this method with no issues.
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easylender
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Post by easylender on Nov 10, 2019 20:38:43 GMT
I had no problems transferring out from FC to my cash ISA with Paragon. Paragon told me to us their form for transferring from a cash ISA.
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upperdeane
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Post by upperdeane on Nov 11, 2019 8:43:22 GMT
I had no problems transferring out from FC to my cash ISA with Paragon. Paragon told me to us their form for transferring from a cash ISA. OK cheers. Saying its a cash ISA seems to be the way I must go then.
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upperdeane
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Post by upperdeane on Nov 11, 2019 8:44:41 GMT
Just transfer stating that funding circle is a cash ISA. They're treated the same from a transfer perspective so shouldn't be a problem. I've personally transferred to vanguard and HL using this method with no issues. Good to know. Thanks.
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ceejay
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Post by ceejay on Nov 11, 2019 10:00:02 GMT
Sainsbury's Bank ISA Transfer form actually has an IFISA box for you to tick. I did an IFISA transfer to their Cash ISA a while back, and they were very efficient.
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upperdeane
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Post by upperdeane on Nov 11, 2019 14:54:01 GMT
Sainsbury's Bank ISA Transfer form actually has an IFISA box for you to tick. I did an IFISA transfer to their Cash ISA a while back, and they were very efficient. Good to know. Thanks.
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Post by kowalski on Nov 13, 2019 15:55:53 GMT
I had the same problem and got round it by moving funds from an IFISA to a S&S ISA via a cash isa that was only open a few days to complete the transfer. I guess you might not be able to do this if you have already opened a cash ISA this tax year and doesnt allow partial transfers. Which company for the temporary cash isa? Sorry, havent visited here for a few days... I used Santander.
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upperdeane
Member of DD Central
Posts: 493
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Post by upperdeane on Nov 13, 2019 19:25:51 GMT
Which company for the temporary cash isa? Sorry, havent visited here for a few days... I used Santander. Thanks for the info.
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