Fully online Cash ISAs

sheffieldeagle

Hi

Can anyone suggest any table topping Cash ISA providers who's process is fully online? I'm thinking mainly of the transfer process here. I want to avoid sending a postal transfer request. I've had problems in the past with these.

Many thanks

masonic

Whether a transfer is "fully online" (i.e. electronic payment sent rather than cheque) depends on the systems of both the sending and receiving ISA manager. So you will need to disclose where your current cash ISA is held if you are to receive any useful responses.

Alexland

It also requires the old provider to accept the request electronically as many still want to see signed paper transfer forms. Either way the target both providers should aim for is within 15 working days for transfers between Cash ISAs.

roddydogs

Just click the "banking and savings "tab at the top.

sheffieldeagle

Hi

Thanks for the help. My current provider is Tesco and they don't even allow electronic transfers internally. I know ISAs are are more complicated than general savings accounts but you would have thought an electronic system would be in place by now, bearing in mind how long ISAs have been around.

Cheers

xylophone

https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html
There's not much in it interest wise if you are looking for instant access. I found the Coventry very efficient in arranging an ISA transfer - barely a few days before the money had disappeared from Santander and appeared in Coventry.

masonic

sheffieldeagle said:

Hi

Thanks for the help. My current provider is Tesco and they don't even allow electronic transfers internally. I know ISAs are are more complicated than general savings accounts but you would have thought an electronic system would be in place by now, bearing in mind how long ISAs have been around.

Cheers

An electronic system is in place, or more correctly, several electronic systems are in place. The problem is that there are over 500 ISA managers many of whom offer cash ISAs, so the number of combinations of two cash ISA managers runs into the hundreds of thousands. There is no real demand for a single unified transfer system (such as a system built upon the existing faster payment system) as this would cost a substantial amount of money to develop and would need to also need to account for the transfer forms and history documents needed by HMRC. At the moment, if you hold an ISA with a major clearing bank, or a new entrant to the ISA market, and wish to transfer to another ISA manager in the same category, there is a chance the funds will be transferred electronically. But many ISA providers still transfer by post, and some pay interest from the date the transfer was started. It is unlikely that a transfer by post will be significantly slower than one performed electronically, and some will be faster.