Transfer out of IFISA

samtuk

So I have an IFISA (not this year's), which I wanted to move in its entirety out of the IFISA and into a stocks and shares ISA.

At the moment my stocks and shares ISA is with HSBC but surprisingly they don't allow the transfer of IFISAs into either their cash ISAs or stocks and share ISAs.

This leaves me a bit stuck as I need to move out of the IFISA but have no other active ISA.

I was thinking that the best solution would be to open a cash ISA with another provider who do support the transfer in of IFISAs and then transfer into HSBC afterwards. Finding a provider who does support this is proving very difficult as no-one seems to advertise online and people in branch don't even seem to know what an IFISA is.

Does anyone know an ISA that supports transfer in of IFISAs?

soulsaver

You're not looking to transfer IFISA loan debt?

For IFISA-in-cash I looked a few months ago:

Virgin Money, for sure, and once in there it's a cash isa & can be transferred accordingly.

And IIRC Ford Money.

I didn't check with S&S platforms.

soulsaver

Further to that - I've read claims that both AJ Bell and II accepted P2P IFISA transfers.

One person said they did the transfer on line without discussion and filled out the AJB application as a cash isa transfer.

Both were saying transfers in cash.

masonic

TSB had no problem accepting a transfer from an IF ISA for me a couple of years back. It was the fastest ISA transfer I'd ever experienced.

I suspect HSBC would process the transfer without issue if you treat it as a cash ISA and you specify a cash amount to transfer (if the IF iSA still contains unsold loan parts)

samtuk

HSBC refused to transfer from an IFISA in any form. Couldn't seem to get their heads around the lack of sort codes....

Thanks for the recommendations, I looked at all of them before I opened a Lloyds cash ISA who will allow me to transfer in from the IFISA. I'll then I'll transfer again into my current stocks and shares ISA. Couldn't find anyone that would do it online, all had to be in branch.

Mr.Saver

I've recently made a transfer from an IFISA to another ISA provider who doesn't support transferring in from an IFISA.

In short, I sold the P2P loans in the IFISA first, then told the destination ISA provider I was transferring from a cash ISA, and the cash ISA has a reference number but doesn't have a sort code and account number. They happily accepted my ISA transfer request, and the IFISA had no problem with it either.