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Post by Ace on Oct 1, 2020 11:57:55 GMT
For all Isa transfers you need to complete the receiving organisation's ISA transfer form. Not all accept transfers from IFISAs, but many that don't seem to go through OK if you lie and tick the box that says it's coming from a cash ISA. The worse that can happen is that they'll refuse the transfer. In my experience hardly any mainstream ISA providers have ever heard of IFISAs and only ask which of cash or S&S it is on their transfer in form. However I have always said that it is a S&S ISA and have never had one fail. IMO an IFISA is more similar to S&S than cash because typically there will be investments which cannot be transferred, as well as cash which can. I take your point, but I've always ticked the Cash ISA box as I only ever attempt to transfer funds that are already in a holding account in cash. I think the only difference is that, if you tick the S&S box you are presented with further questions about whether you wish to have any holdings liquidated as part of the transfer. I suspect things would get a bit messy if you answered yes to that.
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bt
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Post by bt on Oct 1, 2020 12:16:36 GMT
In my experience hardly any mainstream ISA providers have ever heard of IFISAs and only ask which of cash or S&S it is on their transfer in form. However I have always said that it is a S&S ISA and have never had one fail. IMO an IFISA is more similar to S&S than cash because typically there will be investments which cannot be transferred, as well as cash which can. I take your point, but I've always ticked the Cash ISA box as I only ever attempt to transfer funds that are already in a holding account in cash. I think the only difference is that, if you tick the S&S box you are presented with further questions about whether you wish to have any holdings liquidated as part of the transfer. I suspect things would get a bit messy if you answered yes to that. And once the transfer is requested, I assume you cross your fingers in case the cash in the holding account gets automatically reinvested in the mean time.
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slippery
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Post by slippery on Oct 1, 2020 12:24:17 GMT
"I also intend to eventually spend more on entertainment and experiences, in order to support both an economic recovery and the industries so badly hit by the pandemic. Live music, theatre, etc. Boring I know." coogaruk Your plan sounds far from boring to me!
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Post by Ace on Oct 1, 2020 12:39:47 GMT
I take your point, but I've always ticked the Cash ISA box as I only ever attempt to transfer funds that are already in a holding account in cash. I think the only difference is that, if you tick the S&S box you are presented with further questions about whether you wish to have any holdings liquidated as part of the transfer. I suspect things would get a bit messy if you answered yes to that. And once the transfer is requested, I assume you cross your fingers in case the cash in the holding account gets automatically reinvested in the mean time. Sorry bt, I was answering your transfer question from a generic standpoint. I've never invested in RS's ISA. I tried the platform as so many were fans of it on here, but I never really took to it. However, I believe that once you've removed your cash from being "on market" there's no danger of it being relent. I'm sure that some kind person will correct me PDQ if that's not strictly correct.
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qwakuk
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Post by qwakuk on Oct 1, 2020 12:44:50 GMT
And once the transfer is requested, I assume you cross your fingers in case the cash in the holding account gets automatically reinvested in the mean time. Sorry bt , I was answering your transfer question from a generic standpoint. I've never invested in RS's ISA. I tried the platform as so many were fans of it on here, but I never really took to it. However, I believe that once you've removed your cash from being "on market" there's no danger of it being relent. I'm sure that some kind person will correct me PDQ if that's not strictly correct. That is my experience, cancel the orders and then lives in holding until you move it elsewhere
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mogish
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Post by mogish on Oct 1, 2020 13:15:38 GMT
I instigated the transfer via recieving isa provider. The form , available on their website , in this case Shawbrook, was completed , i simply marked partial , to cover monies in holding account initialed it and sent it off. I marked p2p , whether any admin bods cared or understood was irrelevant, all reuests went smoothly. I have done this several times now once i have a reasonable amount built in my holding account. Communications from RS have been good , confirming reciept of transfer request , completion of request and final amout transferred.
On the other hand , AC for example would not transfer ISA holding account monies until all loand were sold....would have been there for years.
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littleoldlady
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Post by littleoldlady on Oct 1, 2020 18:14:08 GMT
And once the transfer is requested, I assume you cross your fingers in case the cash in the holding account gets automatically reinvested in the mean time. Sorry bt , I was answering your transfer question from a generic standpoint. I've never invested in RS's ISA. I tried the platform as so many were fans of it on here, but I never really took to it. However, I believe that once you've removed your cash from being "on market" there's no danger of it being relent. I'm sure that some kind person will correct me PDQ if that's not strictly correct. There is a danger of it being relent when it arrives from a borrower onto the platform as it is automatically put back on the market. That danger is greatly but not entirely reduced if you have set your required rate to the max. Once you have spotted the cash and manually transferred it to holding under current procedures it will be safe, but under their T&C RS can change almost anything so most people seem to be withdrawing it as soon as it's available or at least when it is big enough to be worth the time it takes.
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Post by df on Oct 1, 2020 18:52:46 GMT
I've been thinking about this again since NS&I's bolt from the blue last week.
Personally I feel chasing higher rates is pretty futile right now. They are likely to have long disappeared by the time NS&I's cuts kick in and there will no doubt come a point some time in the future when one might wish they hadn't locked in for quite so long as rates begin to rise again (if ever!). I still have some good fixes (>2%) both at NS&I and elsewhere to see me through for another few months.
I continue to put spare cash into NS&I's Direct Saver and will do so at least up to the point their cuts take effect and even thereafter will probably keep my 'rainy day' money in there. My RateSetter withdrawals continue to go into Premium Bonds. I see no reason to change course and that is also where my NS&I Income Bonds investment will probably end up.
It is likely that I will miss out on my one and only RYI (5y) which I inititiated (as a hedge really) on 15th September but am comfortable with run-off as I still expect it to outperform the low rates available on cash.
I also intend to eventually spend more on entertainment and experiences, in order to support both an economic recovery and the industries so badly hit by the pandemic. Live music, theatre, etc.
Boring I know.
Badly hit indeed. Catastrophe for those who relied on income from live gigs. That's very nice of you to support this industry.
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Post by drphil on Oct 1, 2020 20:13:46 GMT
I instigated the transfer via recieving isa provider. The form , available on their website , in this case Shawbrook, was completed , i simply marked partial , to cover monies in holding account initialed it and sent it off. I marked p2p , whether any admin bods cared or understood was irrelevant, all reuests went smoothly. I have done this several times now once i have a reasonable amount built in my holding account. Communications from RS have been good , confirming reciept of transfer request , completion of request and final amout transferred. On the other hand , AC for example would not transfer ISA holding account monies until all loand were sold....would have been there for years.That doesn't sound right. Did AC to Shawbrook last week (my 2nd post-Covid). Took 4 days but I put a clear note on the Shawbrook form: " Special Instructions for IFISA - Please transfer funds from holding account only"
By the way, my RS transfer also went smoothly, though they did suspend activity on my ISA account while the transfer took place (about 10 days)
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mogish
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Post by mogish on Oct 1, 2020 20:56:54 GMT
I instigated the transfer via recieving isa provider. The form , available on their website , in this case Shawbrook, was completed , i simply marked partial , to cover monies in holding account initialed it and sent it off. I marked p2p , whether any admin bods cared or understood was irrelevant, all reuests went smoothly. I have done this several times now once i have a reasonable amount built in my holding account. Communications from RS have been good , confirming reciept of transfer request , completion of request and final amout transferred. On the other hand , AC for example would not transfer ISA holding account monies until all loand were sold....would have been there for years.That doesn't sound right. Did AC to Shawbrook last week (my 2nd post-Covid). Took 4 days but I put a clear note on the Shawbrook form: " Special Instructions for IFISA - Please transfer funds from holding account only"
By the way, my RS transfer also went smoothly, though they did suspend activity on my ISA account while the transfer took place (about 10 days)
Hmmm that's interesting, I might try the AC transfer again. Admittedly I didnt mark any special instructions on the Shawbrook to AC form so that could be why they responded negatively.
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Post by drphil on Oct 15, 2020 11:54:13 GMT
That doesn't sound right. Did AC to Shawbrook last week (my 2nd post-Covid). Took 4 days but I put a clear note on the Shawbrook form: " Special Instructions for IFISA - Please transfer funds from holding account only"
By the way, my RS transfer also went smoothly, though they did suspend activity on my ISA account while the transfer took place (about 10 days)
Hmmm that's interesting, I might try the AC transfer again. Admittedly I didnt mark any special instructions on the Shawbrook to AC form so that could be why they responded negatively. Just a note of caution with Shawbrook. They seem to record IFISA transfers-in as new cash receipts in statements/documents. Not a big deal, but it could cause some hassle with HMRC if you try to put new money into another cash isa this tax year.
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