P2P ISA to Cash ISA

PushMoney

Hi, I want to transfer my Funding Circle ISA (IF ISA) to a Cash ISA, but am struggling to find a provider that will accept the transfer. Does anyone know any Cash ISA providers that will accept Innovative Finance ISA transfers?

xylophone

Have you tried Triodos?

Alexland

Assuming you have sold down your loans and the IFISA is only holding cash I am suprised this is a problem for you.

Have you actually tried asking a Cash ISA provider to initiate the transfer and been told it is not possible? Or is it just that your new provider transfer form has a dropdown list of limited known providers?

Alex

PushMoney

The funds are sold down and in cash, the few Cash ISA providers that I've spoken to (not initiated a transfer yet) have said they won't accept it. Maybe I just need to speak to more. I'll try Triodos, thanks.

Joe_Bloggs

Which Cash ISA providers have been unwilling to accept IFISA money. If there was a list then others could save time and effort in trying. Also which ISA providers have been obstructive in transferring out ?



I took a month to eventually transfer funds from a Nationwide Cash ISA to Vanguard S&S ISA



This is a bureaucratic process that requires co-operation between parties. It is crucial to the success of IFISAs that money can be transferred between ISA accounts.


J_B.

Alexland

PushMoney wrote: »

The funds are sold down and in cash, the few Cash ISA providers that I've spoken to (not initiated a transfer yet) have said they won't accept it.

You might find that they don't often get asked the question (so gave you a default 'no' answer) but might accept the transfer if attempted. There is no harm in opening a Cash ISA (not making a deposit) and just attempting to initiate the transfer to see what happens. If it doesn't work then you can close the unused Cash ISA and try elsewhere. There is no limit to how many Cash ISAs you can open/close provided you don't make a contribution.

Alex

PushMoney

I've asked Virgin, Aldermore and Paragon, who all 'checked' and came back to me to confirm they couldn't accept it. I was looking for a list somewhere but guess there hasn't been enough demand to transfer back out yet to produce one.

firestone

PushMoney wrote: »

I've asked Virgin, Aldermore and Paragon, who all 'checked' and came back to me to confirm they couldn't accept it. I was looking for a list somewhere but guess there hasn't been enough demand to transfer back out yet to produce one.

Seems really daft when both parties can transfer cash to the p2p but not in reverse but knowing some customer services you do wonder if they think you're trying to transfer the loans and not the cash also you would think FC may know of Bs/Banks already used by them as surely somebody has done it.
Maybe worth searching the p2pindependent forum as they may have covered it in their IFISA threads or asking a new question

Malthusian

Is it possible that the providers are worried about the statutory deadline for ISA transfers, given that P2P ISAs might contain unsaleable crap and be impossible to transfer within the deadline?

This isn't a very good explanation as the onus should be on the old provider rather than the new, but possibly it still reflects badly on the new provider's stats if the transfer doesn't take place within 15 working days due to the old ISA being illiquid.

Also, this article in Which says that some cash ISA managers start paying interest as soon as they receive the ISA transfer form, before they've got the money. Clearly they won't want to be paying interest on money they might not get for months.

firestone

the IFISA would need to be liquid to transfer as even in reverse p2p companies need you to sell your loans in a normal account before transfering into an ISA ( i believe you just cant swap the same loan from One account to the other)

firestone

PushMoney wrote: »

I've asked Virgin, Aldermore and Paragon, who all 'checked' and came back to me to confirm they couldn't accept it. I was looking for a list somewhere but guess there hasn't been enough demand to transfer back out yet to produce one.

Had a quick look on the p2pindependent forum and this question has come up on there with the same sort of problem but it looks like Santander worked for changing into a cash ISA and iweb to s & s ISA for a couple of people last summer