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Post by barnsleybiker on Apr 11, 2024 13:56:48 GMT
anyone wanting to move money from their standard account to their Loanpad tax free ISA can do so over the next few days without paying a penalty.
it needs to be done on the phone though, so drop them a line via the apps "contact us" link and they will arrange to phone back to talk you through the procedure.
lets say you transfer £20k for full tax saving, the money will appear in your "cash" account less the loanpad withdrawal charge, next day the charge will be refunded and you can transfer the whole 20k into your ISA. it appeared approx 10am for me.
2 things to note -
*i got a popup to agree to new ISA terms etc when i started to transfer.
*also doing any of this will set your "auto lend" settings to off on both accounts so you'll need to manually switch them to on again if you wanna re-invest any interest.
i think that's it? (ish!)
hope that helps Loanpad chums.
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rscal
Posts: 985
Likes: 537
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Post by rscal on Apr 11, 2024 14:07:23 GMT
I did a 60 notice back in Feb for the lump I wanted to come out the traditional way - '9th April', b/c I was a bit slow witted.
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Post by barnsleybiker on Apr 11, 2024 15:00:45 GMT
logical thinking though rscal
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Post by gramsky on Apr 15, 2024 13:07:47 GMT
Why would you invest in P2P lending at 5.5% or 6.5% interest when you can get 5% in a cash ISA with zero risk?
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Post by Ace on Apr 15, 2024 13:35:36 GMT
Why would you invest in P2P lending at 5.5% or 6.5% interest when you can get 5% in a cash ISA with zero risk? You would only do so if you considered that the extra interest outweighed the likelihood that losses at loanpad would drop your return below the FSCS rate. You might also take the likelihood that you would need to repeatedly move the funds between FSCS protected accounts to maintain a high rate into account. On that basis, I prefer Loanpad's offering. Though I do accept that it's a close call for me at the moment. I expect the gap to widen as BoE baserates reduce, which further plays on my laziness not to have to bother moving the funds now just to have to move them back again later.
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Post by barnsleybiker on Apr 15, 2024 16:25:48 GMT
yes, IFISA’s are not covered by the Financial Services Compensation Scheme (FSCS) because they are peer-to-peer investments.
unfortunately not all "normal" ISA providers let you to transfer an IFISA into their ISA scheme, well that's what they told me when i last tried chasing a decent ISA rate, since then i just cant be ar$ed to chase them so they can make profit from my money....
or to summarize, i'm too lazy to chase the banks pleading to be accepted.
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firedog
Member of DD Central
Posts: 367
Likes: 461
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Post by firedog on Apr 15, 2024 16:45:25 GMT
I like Loanpad. I accept my money is unprotected but I like how they're run and I trust them. Whenever I've called them I've spoken to a human.
They don't have the majority of my cash, but every savings account I've invested in over the last couple of years has either seen their rates become less competitive (hi, Atom, nice to see you Marcus!) or has lowered their rates (hello, Metro!) My options are either to chase around trying to open accounts with hopeless banks (oh it's you again, Metro!) or keep earning 1-2% above what any bank is offering with Loanpad. I don't lose sleep at night with my choice.
Everyone has their own risk/reward considerations. Loanpad fits mine.
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Post by Harland Kearney on Apr 15, 2024 16:46:28 GMT
Why would you invest in P2P lending at 5.5% or 6.5% interest when you can get 5% in a cash ISA with zero risk? If you can afford to take in the risk, an investor may choose to do so as 1.5% is still a significant return on interest. I have a small perma allocation of ISA subscription with Loanpad, but over 95% of my ISA allowances for every tax year remain in stocks & shares wrappers.
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Post by gramsky on Apr 15, 2024 16:48:51 GMT
Why would you invest in P2P lending at 5.5% or 6.5% interest when you can get 5% in a cash ISA with zero risk? If you can afford to take in the risk, an investor may choose to do so as 1.5% is still a significant return on interest. I have a small perma allocation of ISA subscription with Loanpad, but over 95% of my ISA allowances for every tax year remain in stocks & shares wrappers. I believe shocks & shares to be higher risk than well managed P2P lending. I have been in P2P lending since 2015 and have had losses (luckily minor comparatively), but overall have had a steady profit overall. I have dabbled in shares for about 20 years and apart from a couple of occasions have only ever lost money.
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Post by Harland Kearney on Apr 15, 2024 16:51:50 GMT
I like Loanpad. I accept my money is unprotected but I like how they're run and I trust them. Whenever I've called them I've spoken to a human. They don't have the majority of my cash, but every savings account I've invested in over the last couple of years has either seen their rates become less competitive (hi, Atom, nice to see you Marcus!) or has lowered their rates (hello, Metro!) My options are either to chase around trying to open accounts with hopeless banks (oh it's you again, Metro!) or keep earning 1-2% above what any bank is offering with Loanpad. I don't lose sleep at night with my choice. Everyone has their own risk/reward considerations. Loanpad fits mine. I feel quite similar to this about rate chasing in the banking sector in the UK. I think some people underestimate the time taken to open all these accounts & more so if you run into any compliance issues which seem to be a ever-increasing theme with banking. If you deposit large sums of money into new savings accounts, you will often require documentation to backup the funding source. This costs time; invaluable time & there is always the possibility you could end up having your account frozen due to incompetence (having XP this prior, it can happen to anybody, doesn't matter if you did anything wrong or not) There is also the problem of having these zombie accounts open, they can be a headache in the future when it comes to closing them or again compliance checks for useless accounts. My time is valuable, it isn't worth chasing the 0.2% more interest time of valuable either. Loanpad ticks all the boxes & offers a competitive rate for the risk profile; as of current at least. Once rates start dropping, that will be another debate as other asset classes become the preferred avenue (stocks ect)
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Post by Harland Kearney on Apr 15, 2024 16:53:46 GMT
If you can afford to take in the risk, an investor may choose to do so as 1.5% is still a significant return on interest. I have a small perma allocation of ISA subscription with Loanpad, but over 95% of my ISA allowances for every tax year remain in stocks & shares wrappers. I believe shocks & shares to be higher risk than well managed P2P lending. I would disagree personally but there is no right or wrong answer based ones time frame requirements. The key really is the time frame & intention. The problem P2P generates is platform risk & the platform risk is completely outweighs any stock risk IMO. If you are investing in say HSBC American Index or Legal & General Global Indexes, these are sure winners over 10-20 year periods, I couldn't say the same for any P2P platform, though I certainly hope Loanpad maybe operating then!
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mogish
Member of DD Central
Posts: 1,105
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Post by mogish on Apr 16, 2024 17:08:08 GMT
I only moved from premier account to isa LP after adding a couple of grand . Still used up a chunk of isa allowance but I could add the balance to a fscs protected account.
Fairly seamless move . Phonecard and quick instruction on how to do it. Fee charged and reimbursed.
How all businesses should operate. Polite staff, stress free, 5 mins of my day and job done.
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benaj
Member of DD Central
N/A
Posts: 5,591 
Likes: 1,735
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Post by benaj on May 9, 2024 12:00:53 GMT
Can someone explain what are the biggest changes in the new T and C for ISA?
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Post by Ace on May 9, 2024 12:24:24 GMT
Can someone explain what are the biggest changes in the new T and C for ISA? Just that you can't do a partial transfer out of current year ISA subscriptions.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315
Likes: 11,523
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Post by ilmoro on May 11, 2024 11:19:25 GMT
Can someone explain what are the biggest changes in the new T and C for ISA? Just that you can't do a partial transfer out of current year ISA subscriptions. Not surprising as its unnecessary with a flexible ISA ... you can just withdraw money and place it in another current year ISA. The only bit that has to be transferred would be any income/gains
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