Ratesetter IFISA transfer

where_are_we

If you are transferring your Ratesetter IFISA ( all money is being returned between 2/4/21 and 6/4/21) to another ISA provider this is a reminder to act promptly (postal delays, the long Easter weekend plus the 5 working days transfer time all add up). You need to download and print an ISA transfer form from your current ISA provider, fill it in and post it to them. Don`t forget to say that the transfer request should be emailed to isatransfers@ratesetter.com. I have decided to reduce my peer to peer IFISA investments and transfer my Ratesetter IFISA money to my x-o ISA.

Rich2808

I am looking to transfer my Ratesetter ISA to a cash isa.
I have understand a lot of providers won't accept IFISA transfers or its a slow process (e.g. 30 days) and often requires a branch visit. And only Santander seems to have a dedicated IFISA transfer form.
Any recommendations from experience for a seamless IF to cash isa transfer which can be done ideally online (and not via a branch visit) - and do I use the cash isa (well it will be cash on 2 April) or stocks and shares transfer form?
https://forums.moneysavingexpert.com/discussion/6192321/cash-isas-accepting-isa-transfers-from-innovative-finance-isas

masonic

It was quite a few years ago, but I transferred an IF ISA to TSB and that was completed in just over a week. In general I have never had an issue saying an IF ISA was a cash ISA when a provider did not have an option on their form. The contents of the ISA will be uninvested cash, so there would be no need for the added complexities of a S&S ISA to cash ISA transfer form.

peter021072

I've temporarily taken money out of the Ratesetter flexible ISA, but plan to put it back in within 2 weeks to retain the ISA status. 

I suppose I could start the transfer process and it doesn't matter if it's transferred to another ISA provider just before or after the end of the FY?

Rich2808

masonic said:

It was quite a few years ago, but I transferred an IF ISA to TSB and that was completed in just over a week. In general I have never had an issue saying an IF ISA was a cash ISA when a provider did not have an option on their form. The contents of the ISA will be uninvested cash, so there would be no need for the added complexities of a S&S ISA to cash ISA transfer form.

Thanks. Seems TSB now require a branch visit to transfer in an IFISA.
https://www.tsb.co.uk/savings/isas/
So few cash isa providers even register the existence of IFISAs on their website - let alone have dedicated forms. Santander's seems to be the only specific form I can find.
https://www.santander.co.uk/assets/s3fs-public/2018-09/Innovative finance ISA transfer form.pdf

masonic

Rich2808 said:

masonic said:

It was quite a few years ago, but I transferred an IF ISA to TSB and that was completed in just over a week. In general I have never had an issue saying an IF ISA was a cash ISA when a provider did not have an option on their form. The contents of the ISA will be uninvested cash, so there would be no need for the added complexities of a S&S ISA to cash ISA transfer form.

Thanks. Seems TSB now require a branch visit to transfer in an IFISA.
https://www.tsb.co.uk/savings/isas/
So few cash isa providers even register the existence of IFISAs on their website - let alone have dedicated forms. Santander's seems to be the only specific form I can find.
https://www.santander.co.uk/assets/s3fs-public/2018-09/Innovative finance ISA transfer form.pdf

I've transferred a couple of IF ISAs to iWeb recently (within last 12 months). iWeb does not acknowledge the existence of IF ISAs, so I told them I was transferring a cash ISA. They processed the transfers without issue. Although that's a S&S ISA, others have reported success doing the same with other ISA providers. If I were you I'd just pick a bank I already hold an account with, open a cash ISA and give it a try.

soulsaver

masonic said:

Rich2808 said:

masonic said:

It was quite a few years ago, but I transferred an IF ISA to TSB and that was completed in just over a week. In general I have never had an issue saying an IF ISA was a cash ISA when a provider did not have an option on their form. The contents of the ISA will be uninvested cash, so there would be no need for the added complexities of a S&S ISA to cash ISA transfer form.

Thanks. Seems TSB now require a branch visit to transfer in an IFISA.
https://www.tsb.co.uk/savings/isas/
So few cash isa providers even register the existence of IFISAs on their website - let alone have dedicated forms. Santander's seems to be the only specific form I can find.
https://www.santander.co.uk/assets/s3fs-public/2018-09/Innovative finance ISA transfer form.pdf

I've transferred a couple of IF ISAs to iWeb recently (within last 12 months). iWeb does not acknowledge the existence of IF ISAs, so I told them I was transferring a cash ISA. They processed the transfers without issue. Although that's a S&S ISA, others have reported success doing the same with other ISA providers. If I were you I'd just pick a bank I already hold an account with, open a cash ISA and give it a try.

 When I investigated it a couple of years ago Virgin Money accepted IFISA transfers.

Or to iWeb and then out to cash ISA.. bit of a faff but apparent certain route evidenced above.

masonic

soulsaver said:

Or to iWeb and then out to cash ISA.. bit of a faff but apparent certain route evidenced above.

Assuming you have an account. Paying the £100 account opening fee to do this would not be moneysaving

soulsaver

masonic said:

soulsaver said:

Or to iWeb and then out to cash ISA.. bit of a faff but apparent certain route evidenced above.

Assuming you have an account. Paying the £100 account opening fee to do this would not be moneysaving

True.
On an aside, I'm guessing it wasn't 20/21 contribution. If it was, can you just bung it in another ISA?

masonic

soulsaver said:

masonic said:

soulsaver said:

Or to iWeb and then out to cash ISA.. bit of a faff but apparent certain route evidenced above.

Assuming you have an account. Paying the £100 account opening fee to do this would not be moneysaving

True.
On an aside, I'm guessing it wasn't 20/21 contribution. If it was, can you just bung it in another ISA?

I think the difficulty with the Ratesetter IFISA is, while it is flexible, the money isn't due to be released until some point between 2nd-6th April, so getting that money both withdrawn to a current account, then subscribed to a different ISA over the Easter weekend could be problematic and perhaps impossible within the 2020/21 tax year.

Probably unlikely that people have current year money in their RS ISA as the crisis of confidence in P2P and the stampede for the exits started in early April last year.