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Do all providers accepts Transfers
MollyMoo_100
Posts: 3 Newbie
Hi im looking to switch providers, but my new provider is asking me to transfer the money from my existing ISA to my current account then to my new ISA? Isthis OK? Are then any issues with doing this?
Thanks
Thanks
0
Comments
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No, that isn't a transfer in the generally accepted sense of the term and would result in the money losing its ISA status while in transit, and potentially prevent you from being able to redeposit it all, depending on scale - how much money are you talking about, and how much more would you look to be putting into ISAs during the rest of the tax year?MollyMoo_100 said:Hi im looking to switch providers, but my new provider is asking me to transfer the money from my existing ISA to my current account then to my new ISA? Isthis OK? Are then any issues with doing this?
Edit: the short answer to your title question is 'no'....1 -
If you move the cash in your ISA to your current account it will lose its ISA status. For small amounts this may not matter if you will get nowhere near using your £20,000 allowance. Name the ISA provider and the sums involved
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The Isa has matured from its fixed rate. The amount to transfer is ~£15K and not sure the amount i would like to add to it
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Hi,have a look here at Martin's tip.1
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If you went along with the non-transfer method proposed by your (as yet unspecified) new provider then it would use up about £15K of your 2020/21 annual ISA allowance, only leaving you with about £5K for the period to 5 April 2021. If you'd be happy with this then you can go ahead, but if you want to keep your options open by retaining a full £20K allowance for this year then you should avoid this provider and go with someone else.MollyMoo_100 said:The Isa has matured from its fixed rate. The amount to transfer is ~£15K and not sure the amount i would like to add to it0 -
Hi eskbanker, the provider is JP Morgan Chase
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I'm not aware that JPMC offer ISAs. This sounds like a clone scam.
https://www.fca.org.uk/news/warnings/jp-morgan-chase-co-clone-fca-authorised-firm
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MollyMoo_100 said:Hi eskbanker, the provider is JP Morgan Chase
How did you hear about this product?0
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