tarq
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Post by tarq on Feb 3, 2023 14:26:46 GMT
Has anyone any 'safe' ISA account idea's, to transfer cash from IFIsa's into?
Most seem to only allow deposits within 14days. Not helpful as some of these failed P2P co's are slow at transfers.
I have quite a bit of cash, that I would like to move, but not to another P2P or similar.
The cash ISA's I look at either don't accept a previous years contribution or small amounts, or I can't set it them up without using this years allowance (which I already have).
Any thoughts for me to ponder?
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a0010402
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Post by a0010402 on Feb 4, 2023 11:35:18 GMT
I could point you to Paragon Bank. They run ISA 'portfolios', much like Nationwide do, and so far they haven't let me down.
I once sought to transfer in from Zopa, and Paragon accepted the transfer and wasn't timing it out; they were patiently waiting.
In the end it was me who ran out of patience with Zopa and asked Paragon to cancel the transfer and I just took out the cash.
But Paragon would have completed the operation had I given it time.
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zlb
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Post by zlb on Feb 4, 2023 11:53:03 GMT
TBH I've taken the hit and withdrawn from IFISAs in the past, rather than transferred, in order to get the money out, realising ISA was too slow a vehicle for P2P risks. I'd just hunt around for an ISA which will take your transfer and then transfer out after that for a better rate. This is what I've done to get money out of an awkward bank to accounts which are 2 day electronic switch.
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dh1
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Post by dh1 on Feb 4, 2023 16:11:22 GMT
zlb I've been having fun with transfers out of IFISAs too. My problem hasn't been with the IFISA providers; it's been with mainstream providers - Alde****, K**S and Vir*** M*n*y, for example. I have submitted in time, correctly completed, transfer in forms for cash balances of IFISA accounts. In both recent cases, neither provider has even processed the forms; a complete failure of whatever procedure they were supposed to be following. Complaints in; results awaited.
I've now resorted to a much smaller and in my experience intelligent and reliable provider - S**pt**. Things started well as I physically handed to transfer in forms to a branch and they were scanned in. Great. Sadly, the forms weren't allocated and they sat there for 2 weeks until I prompted - somewhat enthusiastically - them; things then moved apace and I expect the transfers to be successful.
My take from all this is that what you want is a reliable provider of a restriction free cash ISA account account to transfer into. You can then (assuming the IFISA transfers actually take place) transfer away from that account into pretty much any other cash ISA, reliably. I plan to use my "reliable" cash ISA account as a gateway to higher paying ISA's elsewhere.
My experience shuffling cash ISA's around has been largely trouble free and quick...
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Post by c64 on Feb 4, 2023 16:24:05 GMT
I've been using iWeb for this, mainly because the various p2p lenders exist in a dropdown list on their online form, so I can be relatively sure they won't decide after sitting on it for a while that dealing with IFISAs is not for them, or that they have never heard of such a thing and I must have been having two Cash ISAs in a year. The form is generated online then you print it or they post it to you. Recently I have been doing similar with InvestEngine, whose process is entirely online and seems faster for it. Both will take any combination of partial, full, previous, current year funds. From there to your favourite cash ISA is straightforward but an extra step of course, so maybe too much bother if you don't use S&S ISAs already.
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Post by davidspindle on Feb 4, 2023 16:29:39 GMT
I have had problems with delays transferring from IFISAs to Cash ISAs, similar to those experienced by dh 1. I chased progress just before the 14 day entry windows closed and was assured that the funds would be deposited regardless of the length of the delay. There is no specified time limit for IFISA transfers but you are entitled to claim compensation for loss of interest if it takes more than 15 days. Pointing out that the current holders were paying zero interest and that they would have to pay the full interest whether they had the cash or not worked for me. Nevertheless It took V***** M**** nearly 3 months.
In two cases a subsequent formal complaint about sloppy administration also got me additional compensation of 30 and 50 quid.
Good Luck!
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dh1
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Post by dh1 on Feb 4, 2023 19:12:30 GMT
Another thought... Lots of smaller (and some of the bigger) ISA lot demand that you fill in a physical form with all your details, etc to transfer ISA's. My handwriting is a bit poor and I hate repeating information, so I download the un-editable .pdf transfer form - and edit it electronically. Yes you can do that - I use Sejda - free to use but read the instructions and have a play first. |
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hubert
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Post by hubert on Feb 14, 2023 18:44:30 GMT
I invested £20k in a 2022/2023 with an IFISA provider.
To date I have received some capital repayments & interest, all of which I have withdrawn.
I understand IFISA transfers for the current tax year cannot be transferred to another IFISA provider, unless all of it is transferred, which I do not intend to do.
Can I repatriate the capital repayments & interest I have received & withdrawn from 2022/2023 investments-from the first IFISA provider & transfer only that amount to second IFISA provider, before 5/4/23, without breaking the rules. Or are the capital repayments & interest received, still classed as part of the original 2022/2023 £20k investment.
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Post by Ace on Feb 14, 2023 18:55:19 GMT
I invested £20k in a 2022/2023 with an IFISA provider. To date I have received some capital repayments & interest, all of which I have withdrawn. I understand IFISA transfers for the current tax year cannot be transferred to another IFISA provider, unless all of it is transferred, which I do not intend to do. Can I repatriate the capital repayments & interest I have received & withdrawn from 2022/2023 investments-from the first IFISA provider & transfer only that amount to second IFISA provider, before 5/4/23, without breaking the rules. Or are the capital repayments & interest received, still classed as part of the original 2022/2023 £20k investment. No, you can't. You could repatriate before 5/4/23 (assuming it's a Flexible ISA) and transfer any amount to any number of ISAs after 6/4/23.
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nick
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Post by nick on Feb 14, 2023 20:51:02 GMT
I invested £20k in a 2022/2023 with an IFISA provider. To date I have received some capital repayments & interest, all of which I have withdrawn. I understand IFISA transfers for the current tax year cannot be transferred to another IFISA provider, unless all of it is transferred, which I do not intend to do. Can I repatriate the capital repayments & interest I have received & withdrawn from 2022/2023 investments-from the first IFISA provider & transfer only that amount to second IFISA provider, before 5/4/23, without breaking the rules. Or are the capital repayments & interest received, still classed as part of the original 2022/2023 £20k investment. No. You are only allowed to subscribe (ie open and fund with new money) to one of each type of ISA (eg cash, IFISA, stocks & share etc) each tax year. As you have already subscribed to one new IFISA provider in 2022/23, you are prohibited from subscribing to another new IFISA in 2022/23. However, you could open and subscribe to a new cash or stock & share ISA to fully preserve and utilise your 2022/23 allowance. You could then transfer these to a new IFISA opened in 2023/24. Alternatively, as suggested by Ace , you could put the funds back into your original IFISA and subsequent transfer to a new IFISA in the 2023/24 tax year, assuming the original IFISA is flexiable.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 14, 2023 21:38:06 GMT
I invested £20k in a 2022/2023 with an IFISA provider. To date I have received some capital repayments & interest, all of which I have withdrawn. I understand IFISA transfers for the current tax year cannot be transferred to another IFISA provider, unless all of it is transferred, which I do not intend to do. Can I repatriate the capital repayments & interest I have received & withdrawn from 2022/2023 investments-from the first IFISA provider & transfer only that amount to second IFISA provider, before 5/4/23, without breaking the rules. Or are the capital repayments & interest received, still classed as part of the original 2022/2023 £20k investment. No. You are only allowed to subscribe (ie open and fund with new money) to one of each type of ISA (eg cash, IFISA, stocks & share etc) each tax year. As you have already subscribed to one new IFISA provider in 2022/23, you are prohibited from subscribing to another new IFISA in 2022/23. However, you could open and subscribe to a new cash or stock & share ISA ( or place the withdrawn funds into an existing ISA from previous years) to fully preserve and utilise your 2022/23 allowance. You could then transfer these to a new IFISA opened in 2023/24. Alternatively, as suggested by Ace , you could put the funds back into your original IFISA and subsequent transfer to a new IFISA in the 2023/24 tax year. You cant place the withdrawn funds into an existing ISA from a previous year, you can only place current year funds withdrawn under flexibility rules into the same ISA or a current year ISA of a different type.
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hubert
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Post by hubert on Feb 14, 2023 22:26:17 GMT
I invested £20k in a 2022/2023 with an IFISA provider. To date I have received some capital repayments & interest, all of which I have withdrawn. I understand IFISA transfers for the current tax year cannot be transferred to another IFISA provider, unless all of it is transferred, which I do not intend to do. Can I repatriate the capital repayments & interest I have received & withdrawn from 2022/2023 investments-from the first IFISA provider & transfer only that amount to second IFISA provider, before 5/4/23, without breaking the rules. Or are the capital repayments & interest received, still classed as part of the original 2022/2023 £20k investment. Thanks for replies. Just to clarify, in both the first & second IFISA providers accounts, I hold previous years investments. So they are not new IFISA providers. In the first IFISA I have investments made in the same loans for both the current year & previous years. So while it is easy to establish this years capital repayments, I need to proportion the interest paid for the current year. While I can understand capital repayments are not transferable, is everyone sure the interest for 2022/2023 is not transferable. After all, the actual total for 2022/2023 investments now exceed £20k with the interest paid.
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Post by Ace on Feb 14, 2023 23:18:22 GMT
I invested £20k in a 2022/2023 with an IFISA provider. To date I have received some capital repayments & interest, all of which I have withdrawn. I understand IFISA transfers for the current tax year cannot be transferred to another IFISA provider, unless all of it is transferred, which I do not intend to do. Can I repatriate the capital repayments & interest I have received & withdrawn from 2022/2023 investments-from the first IFISA provider & transfer only that amount to second IFISA provider, before 5/4/23, without breaking the rules. Or are the capital repayments & interest received, still classed as part of the original 2022/2023 £20k investment. Thanks for replies. Just to clarify, in both the first & second IFISA providers accounts, I hold previous years investments. So they are not new IFISA providers. In the first IFISA I have investments made in the same loans for both the current year & previous years. So while it is easy to establish this years capital repayments, I need to proportion the interest paid for the current year. While I can understand capital repayments are not transferable, is everyone sure the interest for 2022/2023 is not transferable. After all, the actual total for 2022/2023 investments now exceed £20k with the interest paid. Yes I'm sure. From the ISA manager's manual: EDIT: See here
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Post by davidspindle on Apr 14, 2023 15:12:40 GMT
I noticed a few days ago that a new message on the website implied that the flexibility to restore cash withrawals from AC ISAs within the same tax year had been removed. I sent an e-mail pointing out that was inconvenient and would result in frequent small ISA transfers-out or cash accumulating without earning interest. I suggested they restore the feature, and was pleasantly surprised to receive an e-mail from 'Ben' the following day, saying that the feature would be restored 'in the coming weeks'.
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Post by drphil on Apr 16, 2023 20:30:39 GMT
No. You are only allowed to subscribe (ie open and fund with new money) to one of each type of ISA (eg cash, IFISA, stocks & share etc) each tax year.
though see here:
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