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Post by Ace on Aug 11, 2023 19:57:59 GMT
Just so I can understand this. If I had a £20,000 (AC) IFISA which has earned £1,000 interest, total value is £21,000. The IFISA currently contains 41 different loan parts of £500 each and £500 uninvested cash (repaid or from interest), total £21,000. I could initially only do a partial transfer of £500 to a new providers cash ISA and would then have the same years ISA held across two different providers, AC and the new provider. As further loans repay I can transfer the repaid amounts and interest to the new providers ISA, this process will be ongoing for several years, there is no shortcut. By comparison a Loanpad 90 day IFISA could be transferred out in 90 days. I didn't find a question in there, but yes, that all seems to be correct. Your point about having the ISA split over 2 (or more) providers isn't an issue. ISAs are either current year or previous years. Since AC closed before this ISA year started, all funds with them must be previous year ISAs. So, there's no problem doing partial transfers out (which there is for current year ISAs). EDIT: Oh, by the way, Loanpad's Premium account is 60 day notice.
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