Santander cash ISA

colsten

I have never heard of a "push" ISA transfer, and there is nothing about it in the Guidance to ISA Managers that I can see.

I think it would be asking for trouble to ask the old provider to initiate a transfer (with the exception of internal transfers, naturally). As in: the money might take an eternity to arrive with the new provider, or it might never arrive as there is unlikely to be any process for it. Whilst if you stick to the proper ISA transfer process, it should all be a breeze, whether it is cash to cash or cash to S&S. S&S to cash might not be as swift, but we aren't talking about that in this thread.


enthusiasticsaver, the Santander ISA transfer form is for transferring an ISA from another provider into a Santander ISA.Which doesn't sound as if it's what you want to to. If you want to transfer your Santander cash ISA to Cavendish, you need the Cavendish form, and you give it to Cavendish, not to Santander. You don't even need to tell Santander that you have done so or plan to do so, and you need to leave it all to Cavendish to complete. http://www.cavendishonline.co.uk/investments/move-your-investment/cashisa/

masonic

colsten wrote: »

I have never heard of a "push" ISA transfer, and there is nothing about it in the Guidance to ISA Managers that I can see.

Yes, this process used to be around, for example in the 2008 document, there is:

Appendix B ISA transfers – suggested ‘best practice’
We recommend that managers adopt the procedures below, but they are recommendations only and are not prescriptive.

Scenario 1 - Where investor approaches potential new manager with request to arrange a transfer:
....

Scenario 2 - Where investor approaches old manager with request to arrange a transfer (less common):
....

However, it seems Scenario 2 has been dropped from the most recent IGN:

We recommend that ISA providers adopt the procedures below, devised by representatives of the industry. However, they are recommendations only and not prescriptive.

The process below is based on the assumption that the customer approaches the new ISA provider to effect the transfer. On the rare occasion that the customer contacts his/her existing provider, s/he should be asked to go direct to the new ISA provider.