qwakuk
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Post by qwakuk on Mar 31, 2020 10:50:51 GMT
Be warned, Ablrate are still charging the £100 ISA transfer out fee. I was going to move the repaid cash from last week and they have received the form and responded with the following;
We have received your request to transfer out from your Ablrate IFISA, thank you for sending this to us.
In accordance with the terms of our agreement, a fee of £100 will be applied to any transfers. This will be deducted from the cash balance prior to the transfer.
Goji – Client Relations
(IFISA - Administrators for Ablrate.com)
isa@ablrate.com
They have blocked the request for now while I reconsider my options.
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withnell
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Post by withnell on Mar 31, 2020 11:06:32 GMT
Goji are charging the fee, which ABLRate are passing on - I do question why there is as much as £100 of admin to forward a proforma with a few added details on to the new ISA provider though, but that's the price of "free" banking and having no fees for the ISA during its life!
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Post by ablrate on Mar 31, 2020 11:22:33 GMT
We charge no fees for the IFISA although we are charged a monthly fee for management, transfer in fees etc. We do this in the anticipation that we will make money from the loans you invest in. We are a commercial operation so it is only fair, that when that commercial relationship ends, i.e you want to take money off the platform, that we charge an admin fee to recoup some of the costs.
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qwakuk
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Post by qwakuk on Mar 31, 2020 11:38:42 GMT
We charge no fees for the IFISA although we are charged a monthly fee for management, transfer in fees etc. We do this in the anticipation that we will make money from the loans you invest in. We are a commercial operation so it is only fair, that when that commercial relationship ends, i.e you want to take money off the platform, that we charge an admin fee to recoup some of the costs. I understand your point of view, I thought you had cancelled them, but looking back through my notes it was Archover who initially were going to charge and then removed them
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Post by ladywhitenap on Apr 3, 2020 9:33:23 GMT
Are cash withdrawals from an IFISA charged this fee also? ablratethanks LW |
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Balder
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Post by Balder on Apr 3, 2020 9:35:10 GMT
Are cash withdrawals from an IFISA charged this fee also? ablrate thanks LW I took some cash out and wasn't charged.
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IFISAcava
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Post by IFISAcava on Apr 3, 2020 9:35:52 GMT
Are cash withdrawals from an IFISA charged this fee also? ablrate thanks LW No Just transfers
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qwakuk
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Post by qwakuk on Apr 3, 2020 13:01:47 GMT
Are cash withdrawals from an IFISA charged this fee also? ablrate thanks LW I took some cash out and wasn't charged. and presumably you then lost the tax free protection on the money ?
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victors
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Post by victors on Apr 3, 2020 13:15:44 GMT
I took some cash out and wasn't charged. and presumably you then lost the tax free protection on the money ? I'm putting some money back into my Abl ISA that I withdrew in December, to preserve it's ISA status. I'l withdraw it again on April 6th.
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Balder
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Post by Balder on Apr 3, 2020 14:44:29 GMT
I took some cash out and wasn't charged. and presumably you then lost the tax free protection on the money ? For a few hours before I spent it!!!
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Post by Ace on Apr 6, 2020 12:59:50 GMT
I'm putting some money back into my Abl ISA that I withdrew in December, to preserve it's ISA status. I'l withdraw it again on April 6th. Then it'll lose the tax free status on the withdrawal - ISAs aren't flexible across tax years! It would only lose its tax free status if it remained outside ABL's ISA across the following tax year boundary (April 2021 in this case). E.g. it can be put back in ABLs ISA and either invested there or transferred elsewhere this tax year.
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Post by ladywhitenap on Apr 6, 2020 13:12:54 GMT
I don't know if all IFISA providers work as simply as ABL but this morning ABL website said my IFISA allowance =£20000 and I then requested to withdraw £10k of the money put in the other day ("last year") and it put my IFISA allowance up to £30000.
So that means I can put in up to £30k this tax year and it does not matter which year the allowance relates to and I dont have to keep a note of anything.
Simples!
LW
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Post by Badly Drawn Stickman on Apr 6, 2020 13:24:38 GMT
Then it'll lose the tax free status on the withdrawal - ISAs aren't flexible across tax years! It would only lose its tax free status if it remained outside ABL's ISA across the following tax year boundary (April 2021 in this case). E.g. it can be put back in ABLs ISA and either invested there or transferred elsewhere this tax year. Just in general and not related to this thread as such I am amazed how often ISA's cause confusion and problems, seems to be an unnecessarily complex system. I wonder how many people as a percentage of the population actually could save £20000 year on year, or even more so £40000 as a couple. I hope that when the Chancellor is slightly less busy he takes it outside and gives it a good slapping. Exactly the same result could be achieved by simply giving people over the age of 16 a £20000 a year accumulating amount they could invest tax free in approved ways.
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alanh
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Post by alanh on Apr 6, 2020 13:48:29 GMT
I'm putting some money back into my Abl ISA that I withdrew in December, to preserve it's ISA status. I'l withdraw it again on April 6th. Then it'll lose the tax free status on the withdrawal - ISAs aren't flexible across tax years! No it won't, the ABL IFISA is flexible meaning you can withdraw all of it and then redeposit across the tax year end to maintain its status (as victors said)
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Apr 27, 2020 17:55:00 GMT
I don't know if all IFISA providers work as simply as ABL but this morning ABL website said my IFISA allowance =£20000 and I then requested to withdraw £10k of the money put in the other day ("last year") and it put my IFISA allowance up to £30000. So that means I can put in up to £30k this tax year and it does not matter which year the allowance relates to and I dont have to keep a note of anything. Simples! LW Not really. You can put in £20k new money and replace £10k prior year's money. You may not have to keep a note but Abl, or rather Goji, have to maintain a ledger of new deposits, withdrawals, replacements etc which can get quite complicated for a flexible ISA hence the £100 fee.
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