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Cash ISAs: The Best Currently Available List
Comments
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Indeed, i just checked and that is not included in the t&c's at all. In the app itself where there is a referral tab that confirms i've beeb referred it does stat 48hrs but everywhere else it does state 3 working days to be fair. The issue really is that everyone else get's paid first thing the next morning so something clearly isn't going right with my referral. I'm taking a guess it's that the person referred too many people, as the t&c's do state there is a limit. I guess I'll give them their full time to pay and if not then transfer out. I'd hoped to have done that already, so not ideal.
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I did wonder whether they'd end up "doing a Monmouth" 😯
On a positive, they might think twice about making big rate cuts in the future that trigger a massive outflow. Not only would that be administratively challening (and costly), it would create a big funding gap that they would need to fill.
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The reason I'd made the presumption that providers could transfer ISA funds electronically without necessarily using the official process was that I was informed by my local building society (who definitely don't use the electronic ISA transfer service) that, while I would need to send paper forms to the new provider to request a transfer-out, they could potentially transfer the money electronically rather than via cheque (IIRC, I was approaching the new provider's funding deadline so had popped into the BS branch to check that the transfer was progressing). I can't recall what the outcome was as it was a few years ago, but it's entirely possible that the member of staff I spoke to wasn't correct and it did end up being sent by cheque after all.
RE: Tandem's list - yes, it does seem possible that the reason why the likes of Plum and Trading212 often aren't listed as accepted providers to transfer from is due to the systems/forms used by the receiving bank not being compatible rather than those providers not actually using the service, but you can see where the confusion might arise when Cynergy (for example) state that 'You can transfer in ISAs from other providers who are signed up to the BACS electronic transfer service. Check that your existing provider is on the list below' - the presumption being that if the provider isn't on the list then they don't use the service. At least that's my excuse !
It's all good info though and I'll be careful how I phrase things in future. I guess the underlying message should be that, even if the majority of ISA providers do transfer ISA funds electronically, there are definitely certain providers between which transfers are not possible.
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Yes, that statement does appear to mean that you can open two Santander cash ISAs, transfer £10k+ from a different provider into each and receive two vouchers. Just make sure they are full transfers from two different ISAs as partial transfers don't qualify.
If you intend on also adding any new subscriptions, then you may be limited to only being able to add to one of them in any one tax year with Santander, IIRC.
As far as rates are concerned, I usually fix for longer periods when rates are static or falling but I'm holding off doing so with the uncertainty at the moment. For that reason, I may favour the 1 or 2 year fixed rates this time, but will probably probably limit any transfers to £10k because the £50 voucher takes the equivalent interest rate from 4.5% to 5% on £10k which would give a pretty big buffer against rates rising in the near future. It's a gamble whatever you do, though.
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The referral bonus is now £30 until the end of the month. Double check you get credited the right amount!
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I would just like to add my experience with Monument, applied Tuesday morning and request a transfer from Chip at the same time. Chip locked my ISA Tuesday afternoon and the transfer was completed by yesterday (Wednesday) afternoon.
Nice £50 referral money in my bank account this morning, very impressed so far.
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Not quite. The 15 days isn't all of Saffron's to squander. I think it's 5v working days to send the request to the other provider, 5 for the other provider to process it, and 5 for it to end up back in your new account.
After 1 week, saffron should have got the form to your old provider.
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I doubt I will get cedited with anything, which is definitely not the right amount 😂
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Full terms of the Chip Smart ISA boost.
https://www.getchip.uk/promo-terms/smart-isa-tax-year-26-27
It's not for me but might be useful for some.
Going to stick with my boosted Chip Cash ISA (4.48%) until the bonus runs out at the end of May and see what's available…
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Is it possible to open more than one type of each ISA? For instance open two x 1yr fix or two x 2yr fix and then transfer £10K to each of them to get a voucher for each one or will they only allow one of each type?
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