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Is it safe to move money / have money in the "ether" at the moment?

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Maureen43
Maureen43 Posts: 518 Forumite
Part of the Furniture 100 Posts
in Savings & investments
As the title says really. I want to move some money from an ISA with one provider to another ISA with another provider, but am wondering if now is a safe time to do so?
I just don't know whether financial transactions are being affected by the current Covid crisis. I don't want to lose money!
Can anyone comment on whether they have had issues with transfers at the moment?
Thank you!
Maureen

Comments

  • Growingold
    Growingold Posts: 464 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    Maureen43 said:
    As the title says really. I want to move some money from an ISA with one provider to another ISA with another provider, but am wondering if now is a safe time to do so?
    I just don't know whether financial transactions are being affected by the current Covid crisis. I don't want to lose money!
    Can anyone comment on whether they have had issues with transfers at the moment?
    Thank you!
    Maureen
    No problem at all .  I transferred an ISA all within 3 days online.
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    ISA and other transfers are no more risky than they ever were, i.e. not at all if you are operating within the FSCS limits and if you are dealing with accounts covered by FSCS. They might just take longer at present due to staff shortages.
  • Albermarle
    Albermarle Posts: 27,871 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    I just don't know whether financial transactions are being affected by the current Covid crisis.

    UK is having a crisis but we have not turned into some lawless rogue state , so no there are no problems with financial transactions. 

  • dunstonh
    dunstonh Posts: 119,678 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I just don't know whether financial transactions are being affected by the current Covid crisis. I don't want to lose money!

    It is mainly logistical issues that financial firms are suffering. In every financial crisis (which occur on average every 7 years) the sectors and people affected varies each time.     So, banks are not going to fail each time there is a financial crisis.

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • badger09
    badger09 Posts: 11,577 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I requested an ISA transfer on 18th March which appeared in new account on 19th. I requested another on 10th April which appeared on 21st. Could be indicative of taking slighter longer, but still well within the 15 working day guideline.
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