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Post by steveng on Sept 13, 2023 17:06:40 GMT
I second that, it's working for me now.
Thanks for raising it.
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Post by frank121 on Apr 23, 2024 20:49:35 GMT
Hi All, I have recently opened a new Kuflink ISA since we are now allowed more than one IFISA per tax year. It was my understanding from this thread that the minimum amount of £500 only applied to current year ISA's for the select product. (i.e the funds in the previous ISA wallet had no minimum) I have actually invested £500 into one select ISA loan and I am pretty sure it did say that it had to be £500. (but I am no longer so sure, as i see the investment page is shared with non-ISA funds where definitely the £500 minimum applies) I ask because when I checked the FAQ's after I invested - it implies there is no minimum for any select loans! (after the initial 1K of course - which didn't apply to me as I already had invested in non ISA select loans)
So my question - is the FAQ correct and indeed there is no minimum for ISA select loans? Perhaps this was changed at some point...silently. Thoughts and/or direct experience? I no longer have any current year ISA funds to test this. Thanks, Frank
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Post by Ace on Apr 23, 2024 21:54:53 GMT
Hi All, I have recently opened a new Kuflink ISA since we are now allowed more than one IFISA per tax year. It was my understanding from this thread that the minimum amount of £500 only applied to current year ISA's for the select product. (i.e the funds in the previous ISA wallet had no minimum) I have actually invested £500 into one select ISA loan and I am pretty sure it did say that it had to be £500. (but I am no longer so sure, as i see the investment page is shared with non-ISA funds where definitely the £500 minimum applies) I ask because when I checked the FAQ's after I invested - it implies there is no minimum for any select loans! (after the initial 1K of course - which didn't apply to me as I already had invested in non ISA select loans)
So my question - is the FAQ correct and indeed there is no minimum for ISA select loans? Perhaps this was changed at some point...silently. Thoughts and/or direct experience? I no longer have any current year ISA funds to test this. Thanks, Frank The FAQ is wrong. The minimum for Standard account and current year ISA Self-select investments is £500 per investment. The minimum for previous year ISA investments is the amount that would earn 1p interest in the remainder of the current month.
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Post by gramsky on Apr 24, 2024 7:08:08 GMT
Hi All, I have recently opened a new Kuflink ISA since we are now allowed more than one IFISA per tax year. It was my understanding from this thread that the minimum amount of £500 only applied to current year ISA's for the select product. (i.e the funds in the previous ISA wallet had no minimum) I have actually invested £500 into one select ISA loan and I am pretty sure it did say that it had to be £500. (but I am no longer so sure, as i see the investment page is shared with non-ISA funds where definitely the £500 minimum applies) I ask because when I checked the FAQ's after I invested - it implies there is no minimum for any select loans! (after the initial 1K of course - which didn't apply to me as I already had invested in non ISA select loans)
So my question - is the FAQ correct and indeed there is no minimum for ISA select loans? Perhaps this was changed at some point...silently. Thoughts and/or direct experience? I no longer have any current year ISA funds to test this. Thanks, Frank The FAQ is wrong. The minimum for Standard account and current year ISA Self-select investments is £500 per investment. The minimum for previous year ISA investments is the amount that would earn 1p interest in the remainder of the current month. The minimum for current year ISA is £500 and £100 for previous year ISA. If you are buying a loan in a previous year ISA it still states "You may invest a minimum amount of: £500.00" just below where it says "Enter amount" which is confusing. Ignore it and just enter £100 in the box and it will accept it.
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Post by Ace on Apr 24, 2024 7:26:38 GMT
The FAQ is wrong. The minimum for Standard account and current year ISA Self-select investments is £500 per investment. The minimum for previous year ISA investments is the amount that would earn 1p interest in the remainder of the current month. The minimum for current year ISA is £500 and £100 for previous year ISA. If you are buying a loan in a previous year ISA it still states "You may invest a minimum amount of: £500.00" just below where it says "Enter amount" which is confusing. Ignore it and just enter £100 in the box and it will accept it. I'm not sure where you're getting the £100 limit from, but it isn't true, at least not for me. For example, if I select the current 50 B******l S****t loan and select my previous year ISA wallet to invest from it shows £6.19 (the amount that would earn 1p interest over the remaining days of this month. The amount changes daily. It increases as we get nearer the end of the month.
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firedog
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Post by firedog on Apr 24, 2024 7:54:29 GMT
Yes, you can invest very small amounts from previous years' ISAs wallets. I've done that quite a bit over the past 12 months, with lots of £50-£100 investments. (As Ace says, you can test it: for the DA17 loan, as soon as you click the 'Previous Year's ISA' from the wallet drop-down, the warning that 'You must invest £500 or more' disappears and under the investment amount, it says 'You may invest a minimum amount of: £5.59")
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Post by gramsky on Apr 24, 2024 8:43:27 GMT
The minimum for current year ISA is £500 and £100 for previous year ISA. If you are buying a loan in a previous year ISA it still states "You may invest a minimum amount of: £500.00" just below where it says "Enter amount" which is confusing. Ignore it and just enter £100 in the box and it will accept it. I'm not sure where you're getting the £100 limit from, but it isn't true, at least not for me. For example, if I select the current 50 B******l S****t loan and select my previous year ISA wallet to invest from it shows £6.19 (the amount that would earn 1p interest over the remaining days of this month. The amount changes daily. It increases as we get nearer the end of the month. Well I don't wish to get into an argument, but every loan I buy in my ISA I buy in lots of £100 as explained.
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Post by frank121 on Apr 24, 2024 8:51:55 GMT
Hi All, I have recently opened a new Kuflink ISA since we are now allowed more than one IFISA per tax year. It was my understanding from this thread that the minimum amount of £500 only applied to current year ISA's for the select product. (i.e the funds in the previous ISA wallet had no minimum) I have actually invested £500 into one select ISA loan and I am pretty sure it did say that it had to be £500. (but I am no longer so sure, as i see the investment page is shared with non-ISA funds where definitely the £500 minimum applies) I ask because when I checked the FAQ's after I invested - it implies there is no minimum for any select loans! (after the initial 1K of course - which didn't apply to me as I already had invested in non ISA select loans)
So my question - is the FAQ correct and indeed there is no minimum for ISA select loans? Perhaps this was changed at some point...silently. Thoughts and/or direct experience? I no longer have any current year ISA funds to test this. Thanks, Frank The FAQ is wrong. The minimum for Standard account and current year ISA Self-select investments is £500 per investment. The minimum for previous year ISA investments is the amount that would earn 1p interest in the remainder of the current month.
Many Thanks Ace, that's disappointing. I'll email Kuflink asking them to update the FAQ. What are your thoughts in allowing no minimums for previous years ISA? Is it because current years can be transferred out on a flexible basis and then paid back once the £500 minimum is reached. (so not trapped and can earn interest elsewhere – at least for the current tax year) Whereas the only option for previous years is either to wait until £500 has been accumulated or transfer out. (which understand used to cost £35 but no longer does) Oh, I i guess another option is finding a deal in the secondary market for a lower amount. (but i think this is getting harder and harder)
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Post by frank121 on Apr 24, 2024 8:53:47 GMT
I'm not sure where you're getting the £100 limit from, but it isn't true, at least not for me. For example, if I select the current 50 B******l S****t loan and select my previous year ISA wallet to invest from it shows £6.19 (the amount that would earn 1p interest over the remaining days of this month. The amount changes daily. It increases as we get nearer the end of the month. Well I don't wish to get into an argument, but every loan I buy in my ISA I buy in lots of £100 as explained.
Hello Gramsky. Well this is curious! Have you actually tried to buy less than £100 in previous years ISA? If so, does it fail?
Kuff does appear to love confusion!
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Post by gramsky on Apr 24, 2024 9:10:34 GMT
Well I don't wish to get into an argument, but every loan I buy in my ISA I buy in lots of £100 as explained.
Hello Gramsky. Well this is curious! Have you actually tried to buy less than £100 in previous years ISA? If so, does it fail?
Kuff does appear to love confusion!
I used to buy less than £100, but now I invest either £100, £500 or £1000 in Tier 1 loans less than 50% LTV in lots of £100 (ie 1x£100, 5x£100 & 10x£100) for ease of selling on the exchange. So I only ever buy £100 at a time. I have reserved £100 in P****** S***** DA17 Tier-1 at present, so I know it works.
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Post by frank121 on Apr 24, 2024 13:54:53 GMT
Hello Gramsky. Well this is curious! Have you actually tried to buy less than £100 in previous years ISA? If so, does it fail?
Kuff does appear to love confusion!
I used to buy less than £100, but now I invest either £100, £500 or £1000 in Tier 1 loans less than 50% LTV in lots of £100 (ie 1x£100, 5x£100 & 10x£100) for ease of selling on the exchange. So I only ever buy £100 at a time. I have reserved £100 in P****** S***** DA17 Tier-1 at present, so I know it works.
Fair enough; in theory you should find that less than £100 still works if you try it. (for previous years) Just for everyone’s reference; I wrote to Kuflink earlier today and received the following response below so yes it does appear that the FAQ is wrong. (I provided the link so perhaps will be corrected) In addition, I asked whenever the current year ISA was a flexible ISA and they have confirmed that to be the case.
Cheers, Frank --------------------------------------------------------------------------------------------------------------------------------------------------------
"Thank you for getting in touch.
Can you please provide the link to the FAQ you have mentioned regarding the minimum investment for ISA. I can confirm that the minimum investment per time is £500.00 however, any funds in your IF-ISA previous wallet are exempt from this minimum criteria. You can also purchase any loans on the Secondary Market that are below £500.00 if available.
I can also confirm that our current year ISA is flexible so you can withdraw and top back up within the same tax year if required."
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Post by frank121 on Apr 27, 2024 9:44:24 GMT
Looks like the FAQ's have now been updated.
kb.kuflink.com/knowledge/is-there-a-minimum-or-maximum-that-i-am-allowed-to-invest-in-an-ifisa
This however was not without a small fight. Their first representative told me that the FAQ was correct but when I pointed out that I couldn't see anything stating that the minimum criteria is for previous IF-ISA wallets only - they agreed to change it. This may have been just luck because my 2nd reply was picked up by another member of their staff who understood my query straight away. Anyway, at least it's now updated.
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