Ratesetter Release Delays

Rich2808

soulsaver said:

Here's a conundrum: RS isa is an IFISA. After April 5th you could move your funds to your bank ac with the expectation of moving it back to the tax wrapper within the 2021/22 tax year... But if RS isn't offering ISAs anymore, will HMRC allow funds to be returned to an ISA wrapper? Probably best to organise a pronto transfer out to another ISA provider and avoid the risk of losing the wrapper. 
Note that not all ISA  providers accept transfers from IFISAs. 

You need to do a proper ISA transfer - if you withdraw the cash to your bank account its lost from the wrapper as the RS isa is not a flexible isa.
My concern is the admin at Ratesetter given the volume of requests likely - which means your funds could be sitting there for weeks awaiting the completion of the transfer by RS during which time you might earn no interest. Your new provider will not be liable for losses caused by RS delaying the transfer.

You could earn 0.15% on Metro bank's instant access isa!

https://www.metrobankonline.co.uk/savings/products/instant-access-cash-isa/

Aceace

Rich2808 said:

soulsaver said:

Here's a conundrum: RS isa is an IFISA. After April 5th you could move your funds to your bank ac with the expectation of moving it back to the tax wrapper within the 2021/22 tax year... But if RS isn't offering ISAs anymore, will HMRC allow funds to be returned to an ISA wrapper? Probably best to organise a pronto transfer out to another ISA provider and avoid the risk of losing the wrapper. 
Note that not all ISA  providers accept transfers from IFISAs. 

You need to do a proper ISA transfer - if you withdraw the cash to your bank account its lost from the wrapper as the RS isa is not a flexible isa.
My concern is the admin at Ratesetter given the volume of requests likely - which means your funds could be sitting there for weeks awaiting the completion of the transfer by RS during which time you might earn no interest. Your new provider will not be liable for losses caused by RS delaying the transfer.

You could earn 0.15% on Metro bank's instant access isa!

https://www.metrobankonline.co.uk/savings/products/instant-access-cash-isa/

This is incorrect. RS's IFISA IS flexible. 

soulsaver

Aceace said:

Rich2808 said:

soulsaver said:

Here's a conundrum: RS isa is an IFISA. After April 5th you could move your funds to your bank ac with the expectation of moving it back to the tax wrapper within the 2021/22 tax year... But if RS isn't offering ISAs anymore, will HMRC allow funds to be returned to an ISA wrapper? Probably best to organise a pronto transfer out to another ISA provider and avoid the risk of losing the wrapper. 
Note that not all ISA  providers accept transfers from IFISAs. 

You need to do a proper ISA transfer - if you withdraw the cash to your bank account its lost from the wrapper as the RS isa is not a flexible isa.
My concern is the admin at Ratesetter given the volume of requests likely - which means your funds could be sitting there for weeks awaiting the completion of the transfer by RS during which time you might earn no interest. Your new provider will not be liable for losses caused by RS delaying the transfer.

You could earn 0.15% on Metro bank's instant access isa!

https://www.metrobankonline.co.uk/savings/products/instant-access-cash-isa/

This is incorrect. RS's IFISA IS flexible. 

So why would you lose the status by w/d to your bank after 5th April? Why does it lose its IFISA status?

Aceace

soulsaver said:

Aceace said:

Rich2808 said:

soulsaver said:

Here's a conundrum: RS isa is an IFISA. After April 5th you could move your funds to your bank ac with the expectation of moving it back to the tax wrapper within the 2021/22 tax year... But if RS isn't offering ISAs anymore, will HMRC allow funds to be returned to an ISA wrapper? Probably best to organise a pronto transfer out to another ISA provider and avoid the risk of losing the wrapper. 
Note that not all ISA  providers accept transfers from IFISAs. 

You need to do a proper ISA transfer - if you withdraw the cash to your bank account its lost from the wrapper as the RS isa is not a flexible isa.
My concern is the admin at Ratesetter given the volume of requests likely - which means your funds could be sitting there for weeks awaiting the completion of the transfer by RS during which time you might earn no interest. Your new provider will not be liable for losses caused by RS delaying the transfer.

You could earn 0.15% on Metro bank's instant access isa!

https://www.metrobankonline.co.uk/savings/products/instant-access-cash-isa/

This is incorrect. RS's IFISA IS flexible. 

So why would you lose the status by w/d to your bank after 5th April? Why does it lose its IFISA status?

RS have said that they won't allow ISA subscriptions after April 5th, so I assume that they won't let you withdraw and add back after that date. I could be wrong on this, but why take the risk? 

soulsaver

ASFAIUI you can w/d this tax years IFISA contribution, and put it in ANY other ISA.
Flexible ISAs: what are the rules & which banks allow it - MSE (moneysavingexpert.com)
"Another key rule is you must replace the money in the same ISA account you took it out from, with two exceptions.

• If a full withdrawal results in the automatic closure of your account you can open a second cash ISA you can put money into (but you can only do this once per tax year).

• Remember, flexibility works on three types of ISAs: cash ISAs, innovative finance ISAs and cash held in a stocks and shares ISA. If you withdraw current year's cash from one type, you are allowed to replace it in another type, eg, withdraw from a cash ISA, replace in an innovative finance ISA."

Rich2808

Aceace said:

Rich2808 said:

soulsaver said:

Here's a conundrum: RS isa is an IFISA. After April 5th you could move your funds to your bank ac with the expectation of moving it back to the tax wrapper within the 2021/22 tax year... But if RS isn't offering ISAs anymore, will HMRC allow funds to be returned to an ISA wrapper? Probably best to organise a pronto transfer out to another ISA provider and avoid the risk of losing the wrapper. 
Note that not all ISA  providers accept transfers from IFISAs. 

You need to do a proper ISA transfer - if you withdraw the cash to your bank account its lost from the wrapper as the RS isa is not a flexible isa.
My concern is the admin at Ratesetter given the volume of requests likely - which means your funds could be sitting there for weeks awaiting the completion of the transfer by RS during which time you might earn no interest. Your new provider will not be liable for losses caused by RS delaying the transfer.

You could earn 0.15% on Metro bank's instant access isa!

https://www.metrobankonline.co.uk/savings/products/instant-access-cash-isa/

This is incorrect. RS's IFISA IS flexible. 

It may be in theory - but you actually have to be able to get your money out to put it back in to be a flexible isa in reality which has proved a challenge since last March (hence the very long ratesetter release delays thread on here)! Its not like an instant access cash isa where you can withdraw and replace at will.
And of course you can only withdraw and reinvest the funds in the same tax year via the flexible isa route - and they won't be allowing new investments post 2 April (a Friday). Its also possible the closures may not complete until the next tax year in some cases. So to maintain the tax free wrapper you would need to transfer to another provider offering  flexible isa (so you can withdraw and invest in the next tax year), 
So technically yes its a flexible ISA - but in reality it isn't and hasn't been for some time.  

Prism

Rich2808 said:

Aceace said:

Rich2808 said:

soulsaver said:

Here's a conundrum: RS isa is an IFISA. After April 5th you could move your funds to your bank ac with the expectation of moving it back to the tax wrapper within the 2021/22 tax year... But if RS isn't offering ISAs anymore, will HMRC allow funds to be returned to an ISA wrapper? Probably best to organise a pronto transfer out to another ISA provider and avoid the risk of losing the wrapper. 
Note that not all ISA  providers accept transfers from IFISAs. 

You need to do a proper ISA transfer - if you withdraw the cash to your bank account its lost from the wrapper as the RS isa is not a flexible isa.
My concern is the admin at Ratesetter given the volume of requests likely - which means your funds could be sitting there for weeks awaiting the completion of the transfer by RS during which time you might earn no interest. Your new provider will not be liable for losses caused by RS delaying the transfer.

You could earn 0.15% on Metro bank's instant access isa!

https://www.metrobankonline.co.uk/savings/products/instant-access-cash-isa/

This is incorrect. RS's IFISA IS flexible. 

It may be in theory - but you actually have to be able to get your money out to put it back in to be a flexible isa in reality which has proved a challenge since last March (hence the very long ratesetter release delays thread on here)! Its not like an instant access cash isa where you can withdraw and replace at will.
And of course you can only withdraw and reinvest the funds in the same tax year via the flexible isa route - and they won't be allowing new investments post 2 April (a Friday). Its also possible the closures may not complete until the next tax year in some cases. So to maintain the tax free wrapper you would need to transfer to another provider offering  flexible isa (so you can withdraw and invest in the next tax year), 
So technically yes its a flexible ISA - but in reality it isn't and hasn't been for some time.  

It may have been more difficult than normal but I have been withdrawing funds throughout the whole of last year since April and the final part last month. So I have almost 10k to put back into another ISA before April. I would say it is acting like a flexible ISA still.

Rich2808

Prism said:

Rich2808 said:

Aceace said:

Rich2808 said:

soulsaver said:

Here's a conundrum: RS isa is an IFISA. After April 5th you could move your funds to your bank ac with the expectation of moving it back to the tax wrapper within the 2021/22 tax year... But if RS isn't offering ISAs anymore, will HMRC allow funds to be returned to an ISA wrapper? Probably best to organise a pronto transfer out to another ISA provider and avoid the risk of losing the wrapper. 
Note that not all ISA  providers accept transfers from IFISAs. 

You need to do a proper ISA transfer - if you withdraw the cash to your bank account its lost from the wrapper as the RS isa is not a flexible isa.
My concern is the admin at Ratesetter given the volume of requests likely - which means your funds could be sitting there for weeks awaiting the completion of the transfer by RS during which time you might earn no interest. Your new provider will not be liable for losses caused by RS delaying the transfer.

You could earn 0.15% on Metro bank's instant access isa!

https://www.metrobankonline.co.uk/savings/products/instant-access-cash-isa/

This is incorrect. RS's IFISA IS flexible. 

It may be in theory - but you actually have to be able to get your money out to put it back in to be a flexible isa in reality which has proved a challenge since last March (hence the very long ratesetter release delays thread on here)! Its not like an instant access cash isa where you can withdraw and replace at will.
And of course you can only withdraw and reinvest the funds in the same tax year via the flexible isa route - and they won't be allowing new investments post 2 April (a Friday). Its also possible the closures may not complete until the next tax year in some cases. So to maintain the tax free wrapper you would need to transfer to another provider offering  flexible isa (so you can withdraw and invest in the next tax year), 
So technically yes its a flexible ISA - but in reality it isn't and hasn't been for some time.  

It may have been more difficult than normal but I have been withdrawing funds throughout the whole of last year since April and the final part last month. So I have almost 10k to put back into another ISA before April. I would say it is acting like a flexible ISA still.

Don't you actually have to put the funds back into the same account you withdrew it from to preserve the ISA wrapper - unless you close the entire account and open a new one and you can only do that once a year (fine in year but gets messy if you have prior and current year investments)?
You can't just withdraw some money to your bank account in stages and then pay that money into another cash/IF/S&S isa with another provider?
https://www.moneysavingexpert.com/savings/flexible-isas/
I could of course be wrong so I just wanted to know how you have withdrawn £10,000 from Ratesetter (unless its equivalent to your 2020-21 tax year investment) and then propose to pay £10,000 into another ISA without breaching the rules.
Wouldn't it be easiest just to repay the £10,000 to Ratesetter in late March - and then transfer it to another provider once your Ratesetter funds are transfer to your RS holding account post 2 April to guarantee you can preserve the wrapper?

Aceace

Rich2808 said:

Prism said:

Rich2808 said:

Aceace said:

Rich2808 said:

soulsaver said:

Here's a conundrum: RS isa is an IFISA. After April 5th you could move your funds to your bank ac with the expectation of moving it back to the tax wrapper within the 2021/22 tax year... But if RS isn't offering ISAs anymore, will HMRC allow funds to be returned to an ISA wrapper? Probably best to organise a pronto transfer out to another ISA provider and avoid the risk of losing the wrapper. 
Note that not all ISA  providers accept transfers from IFISAs. 

You need to do a proper ISA transfer - if you withdraw the cash to your bank account its lost from the wrapper as the RS isa is not a flexible isa.
My concern is the admin at Ratesetter given the volume of requests likely - which means your funds could be sitting there for weeks awaiting the completion of the transfer by RS during which time you might earn no interest. Your new provider will not be liable for losses caused by RS delaying the transfer.

You could earn 0.15% on Metro bank's instant access isa!

https://www.metrobankonline.co.uk/savings/products/instant-access-cash-isa/

This is incorrect. RS's IFISA IS flexible. 

It may be in theory - but you actually have to be able to get your money out to put it back in to be a flexible isa in reality which has proved a challenge since last March (hence the very long ratesetter release delays thread on here)! Its not like an instant access cash isa where you can withdraw and replace at will.
And of course you can only withdraw and reinvest the funds in the same tax year via the flexible isa route - and they won't be allowing new investments post 2 April (a Friday). Its also possible the closures may not complete until the next tax year in some cases. So to maintain the tax free wrapper you would need to transfer to another provider offering  flexible isa (so you can withdraw and invest in the next tax year), 
So technically yes its a flexible ISA - but in reality it isn't and hasn't been for some time.  

It may have been more difficult than normal but I have been withdrawing funds throughout the whole of last year since April and the final part last month. So I have almost 10k to put back into another ISA before April. I would say it is acting like a flexible ISA still.

Don't you actually have to put the funds back into the same account you withdrew it from to preserve the ISA wrapper - unless you close the entire account and open a new one and you can only do that once a year (fine in year but gets messy if you have prior and current year investments)?
You can't just withdraw some money to your bank account in stages and then pay that money into another cash/IF/S&S isa with another provider?
https://www.moneysavingexpert.com/savings/flexible-isas/
I could of course be wrong so I just wanted to know how you have withdrawn £10,000 from Ratesetter (unless its equivalent to your 2021-22 tax year investment) and then propose to pay £10,000 into another ISA without breaching the rules.
Wouldn't it be easiest just to repay the £10,000 to Ratesetter in late March - and then transfer it to another provider once your Ratesetter funds are transfer to your RS holding account post 2 April to guarantee you can preserve the wrapper?

My bold. 
You can providing: 
a) The ISA is flexible, and
b) The funds withdrawn are from this tax year's subscriptions, and
c) You don't put the funds in an ISA of the same type, unless you close the original ISA.
https://www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#f-isa

Rich2808

Aceace said:

Rich2808 said:

Prism said:

Rich2808 said:

Aceace said:

Rich2808 said:

soulsaver said:

Here's a conundrum: RS isa is an IFISA. After April 5th you could move your funds to your bank ac with the expectation of moving it back to the tax wrapper within the 2021/22 tax year... But if RS isn't offering ISAs anymore, will HMRC allow funds to be returned to an ISA wrapper? Probably best to organise a pronto transfer out to another ISA provider and avoid the risk of losing the wrapper. 
Note that not all ISA  providers accept transfers from IFISAs. 

You need to do a proper ISA transfer - if you withdraw the cash to your bank account its lost from the wrapper as the RS isa is not a flexible isa.
My concern is the admin at Ratesetter given the volume of requests likely - which means your funds could be sitting there for weeks awaiting the completion of the transfer by RS during which time you might earn no interest. Your new provider will not be liable for losses caused by RS delaying the transfer.

You could earn 0.15% on Metro bank's instant access isa!

https://www.metrobankonline.co.uk/savings/products/instant-access-cash-isa/

This is incorrect. RS's IFISA IS flexible. 

It may be in theory - but you actually have to be able to get your money out to put it back in to be a flexible isa in reality which has proved a challenge since last March (hence the very long ratesetter release delays thread on here)! Its not like an instant access cash isa where you can withdraw and replace at will.
And of course you can only withdraw and reinvest the funds in the same tax year via the flexible isa route - and they won't be allowing new investments post 2 April (a Friday). Its also possible the closures may not complete until the next tax year in some cases. So to maintain the tax free wrapper you would need to transfer to another provider offering  flexible isa (so you can withdraw and invest in the next tax year), 
So technically yes its a flexible ISA - but in reality it isn't and hasn't been for some time.  

It may have been more difficult than normal but I have been withdrawing funds throughout the whole of last year since April and the final part last month. So I have almost 10k to put back into another ISA before April. I would say it is acting like a flexible ISA still.

Don't you actually have to put the funds back into the same account you withdrew it from to preserve the ISA wrapper - unless you close the entire account and open a new one and you can only do that once a year (fine in year but gets messy if you have prior and current year investments)?
You can't just withdraw some money to your bank account in stages and then pay that money into another cash/IF/S&S isa with another provider?
https://www.moneysavingexpert.com/savings/flexible-isas/
I could of course be wrong so I just wanted to know how you have withdrawn £10,000 from Ratesetter (unless its equivalent to your 2021-22 tax year investment) and then propose to pay £10,000 into another ISA without breaching the rules.
Wouldn't it be easiest just to repay the £10,000 to Ratesetter in late March - and then transfer it to another provider once your Ratesetter funds are transfer to your RS holding account post 2 April to guarantee you can preserve the wrapper?

My bold. 
You can providing: 
a) The ISA is flexible, and
b) The funds withdrawn are from this tax year's subscriptions, and
c) You don't put the funds in an ISA of the same type, unless you close the original ISA.
https://www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#f-isa

Yes - I added that rider later below the weblink.
I just wanted to agree we were clear on that point - as you can't simply withdraw ISA funds into your bank account and pay them into another ISA at will! If its your entire 2020-21 investment in an IFISA fine - but I expect most people on here won't have made ISA payments into Ratesetter this tax year as they were more focused on taking out prior year cash!