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Post by Matthew on Aug 24, 2018 16:08:26 GMT
You should now be able to move money from your Classic account to your ISA account - if you have available funds (more than £1 I think) you should see a button on your Wallet card when you log in. Please let me know if you have any issues doing so.
Later this year we hope to release an update allowing you to automatically reinvest repayments from your Classic account into your ISA account. Will keep you posted.
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Post by tony46 on Nov 3, 2018 18:42:36 GMT
"You can only contribute new funds to one IFISA each tax year, but you may hold multiple IFISAs from previous tax years. You can move historic funds (balances in ISAs from previous tax years) into any of the IFISAs you hold at any time without affecting your annual allowance."
Please correct me if I'm wrong, but doesn't the above ISA rule mean that if one transfers any interest from a Classic (ie. non-ISA) account into an ISA account, this is "new money" this tax year. So if intending to continue only contributing to your LW IFISA with new money this tax year that's OK, but not if you wish to diversify by opening a new IFISA with a different platform, as that is not allowed.
Maybe there ought to be a warning about this on the LW website.
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Post by Matthew on Nov 5, 2018 9:27:13 GMT
"You can only contribute new funds to one IFISA each tax year, but you may hold multiple IFISAs from previous tax years. You can move historic funds (balances in ISAs from previous tax years) into any of the IFISAs you hold at any time without affecting your annual allowance." Please correct me if I'm wrong, but doesn't the above ISA rule mean that if one transfers any interest from a Classic (ie. non-ISA) account into an ISA account, this is "new money" this tax year. So if intending to continue only contributing to your LW IFISA with new money this tax year that's OK, but not if you wish to diversify by opening a new IFISA with a different platform, as that is not allowed. Maybe there ought to be a warning about this on the LW website. Thanks tony46You are correct in saying that these transfers represent a new subscription to your ISA. I'm fairly sure there is a warning (or at least a confirmation) before you submit the transfer that this is an ISA subscription, with a confirmation of your remaining ISA allowance (with LW at least). Please let me know if you're not seeing this and we can take a look. Thanks
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Post by Duane Dibley on Jan 10, 2019 21:10:55 GMT
Is there any reason why current transfers from Classic account to ISA account are showing as counting towards the 2019/20 ISA subscription?
Does Lending Works ISA year not run from April to April the same as other ISA providers?
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Post by Matthew on Jan 10, 2019 21:18:53 GMT
Is there any reason why current transfers from Classic account to ISA account are showing as counting towards the 2019/20 ISA subscription? Does Lending Works ISA year not run from April to April the same as other ISA providers? Hi Duane DibleyAlways 6 April to 5 April. Where have you seen 2019/20 being stated? This must be an error. Thanks
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Post by Duane Dibley on Jan 10, 2019 21:43:13 GMT
Is there any reason why current transfers from Classic account to ISA account are showing as counting towards the 2019/20 ISA subscription? Does Lending Works ISA year not run from April to April the same as other ISA providers? Hi Duane DibleyAlways 6 April to 5 April. Where have you seen 2019/20 being stated? This must be an error. Thanks Ok thanks Matthew, I just wanted to check. It's the Transfer from Classic account to ISA account page that is showing the subscriptions so far as 2019/20 and the check box confirming that the transfer will count towards the 2019/20 ISA subscription.
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Post by Matthew on Jan 12, 2019 12:06:19 GMT
Hi Duane Dibley Always 6 April to 5 April. Where have you seen 2019/20 being stated? This must be an error. Thanks Ok thanks Matthew, I just wanted to check. It's the Transfer from Classic account to ISA account page that is showing the subscriptions so far as 2019/20 and the check box confirming that the transfer will count towards the 2019/20 ISA subscription. Thanks for the detail - I've raised a maintenance ticket to have this corrected. Rest assured this is simply incorrect logic being applied to the copy on this popup (I can only assume it's using a calendar year rather than a tax year as the starting year). The subscription will indeed be towards your 2018/19 allowance and the subscriptions so far shown also relate to the current tax year 2018/19. Thanks and have a great weekend.
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Post by Matthew on Feb 4, 2019 9:26:19 GMT
Ok thanks Matthew, I just wanted to check. It's the Transfer from Classic account to ISA account page that is showing the subscriptions so far as 2019/20 and the check box confirming that the transfer will count towards the 2019/20 ISA subscription. Thanks for the detail - I've raised a maintenance ticket to have this corrected. Rest assured this is simply incorrect logic being applied to the copy on this popup (I can only assume it's using a calendar year rather than a tax year as the starting year). The subscription will indeed be towards your 2018/19 allowance and the subscriptions so far shown also relate to the current tax year 2018/19. Thanks and have a great weekend. FYI - This has now been fixed. Thanks
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savernake
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Post by savernake on Mar 8, 2019 9:04:27 GMT
Matthew Will it be possible to 'sweep' capital and interest repayments from Classic account automatically into the ISA from the start of the new tax year?
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macq
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Post by macq on Mar 8, 2019 10:44:48 GMT
the ability to transfer funds from general to ISA without paying a fee would be a great idea.The funds do not leave the platform unlike a normal early withdrawal and if you then try to remove early from the ISA you would then be hit with the fee at that point which makes more sense
And lets be fair if you withdraw at the moment and pay the fee you will then be stuck in the queue as well when reinvesting so a double penalty
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Post by Matthew on Mar 27, 2019 18:39:29 GMT
Matthew Will it be possible to 'sweep' capital and interest repayments from Classic account automatically into the ISA from the start of the new tax year? Hi savernakeApologies I missed this one. Unfortunately it won't be available for the start of the new tax year - we've actually seen requests for this facility almost disappear, and presumably it will be less necessary going forward (the main requests were from people who had built up their Classic accounts before we offered an ISA). We may be better off looking into some form of fee reimbursement for the few that still want to do this, rather than build out functionality very few require. Thoughts? We're currently working on our new lender products (mentioned on another thread) which will hopefully be released in May. Thanks
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macq
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Post by macq on Mar 28, 2019 12:07:53 GMT
Matthew Will it be possible to 'sweep' capital and interest repayments from Classic account automatically into the ISA from the start of the new tax year? Hi savernake Apologies I missed this one. Unfortunately it won't be available for the start of the new tax year - we've actually seen requests for this facility almost disappear, and presumably it will be less necessary going forward (the main requests were from people who had built up their Classic accounts before we offered an ISA). We may be better off looking into some form of fee reimbursement for the few that still want to do this, rather than build out functionality very few require. Thoughts? We're currently working on our new lender products (mentioned on another thread) which will hopefully be released in May. Thanks think a fee reimbursement would be a good idea for classic to ISA - but was wondering why is there a fee for selling anyway when there is a buyer? (but understand there may be a need to make good a rate difference) Is it purely to balance the loan book or does it really cost that much to process? if cost is not an issue maybe One free withdrawal in say a 30 day period might work?
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savernake
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Post by savernake on Apr 7, 2019 21:37:52 GMT
I would like to see a fee waiver for transferring funds from Classic to ISA. It would be nice if this offer was clearly displayed on the website instead of being at the discretion of a customer service agent and only available upon request.
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savernake
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Post by savernake on Nov 8, 2019 14:08:16 GMT
Hi MatthewYou mentioned earlier that LW may be willing to waive any withdrawal fee if funds are withdrawn from the Classic account and re-invested directly into the ISA account without leaving your platform. Is this offer still valid? |
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Post by Matthew on Nov 15, 2019 19:51:20 GMT
Hi Matthew You mentioned earlier that LW may be willing to waive any withdrawal fee if funds are withdrawn from the Classic account and re-invested directly into the ISA account without leaving your platform. Is this offer still valid? Hi savernakeApologies I missed this. I think we'd have to do this for all customers for it to be fair, rather than on an ad-hoc basis. We don't receive too many requests to do this these days so it might be difficult to gain support for implementing something - we'd have to set up rules around what constitutes 'not leaving the platform' etc. It might have to be the slow way for now i.e. allowing loans to repay and migrating repayments over...
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