ISA transfer to Vanguard help

Albermarle

GeoffTF said:

Albermarle said:

I think a Cash ISA provider is legally obliged to complete a requested transfer within 15 working days ( I think ) 

15 days is a guideline. It can take much longer in practice.

OK but it is quite a strong guideline and I think they feel pressure to keep within the 15 days ( I have never had one that took longer than that in recent times) but no doubt some will get delayed . From Gov.uk

Deadlines and complaints

ISA transfers should take no longer than:

• 15 working days for transfers between cash ISAs
• 30 calendar days for other types of transfer

If your transfer takes longer than it should, contact your ISA provider.

If you’re unhappy with the response, you can take the matter up with the Financial Ombudsman Service.

spenderdave

I am new to Vanguard and have just started the process to transfer my past years HSBC Loyalty cash ISA to Vanguard - the 0.02% 'loyalty' interest couldn't convince me to stay...
How does the system work? At the moment I have got as far as setting up an account and starting the transfer. They asked me to print off a form with my signature on it and post to them as it seems HSBC doesn't do online transfers. This I have done. Presumably at some point they will ask for some identity things. Do I get emails of the process or do I have to keep checking my account?
I have not yet been asked which funds I want to put it in, does this wait until they have the funds in the cash account? Following recent advice here I have a good idea of which ones I will choose but nothing firm yet.

Help welcome.

tebbins

spenderdave said:

I am new to Vanguard and have just started the process to transfer my past years HSBC Loyalty cash ISA to Vanguard - the 0.02% 'loyalty' interest couldn't convince me to stay...
How does the system work? At the moment I have got as far as setting up an account and starting the transfer. They asked me to print off a form with my signature on it and post to them as it seems HSBC doesn't do online transfers. This I have done. Presumably at some point they will ask for some identity things. Do I get emails of the process or do I have to keep checking my account?
I have not yet been asked which funds I want to put it in, does this wait until they have the funds in the cash account? Following recent advice here I have a good idea of which ones I will choose but nothing firm yet.

Help welcome.

The usual forum etiquette is to create your own thread by making a new post about this, rather than posting it as a comment in someone else's thread. That way people can see clearly which thread is about what, and it prevents any confusion or upset when people start having multiple conversations in the same thread.
I haven't transferred an ISA to Vanguard before but I've done a pension and it was similar to what you describe, it can take a few weeks so give it at least that long before you follow up, maybe check it once a week on the weekend to see if the money's gone in, or more often if you like. Vanguard let you choose whether to pick your funds before or after a transfer and it sounds like you've chosen the after option (you may have inadvertently selected the other way of doing it) so yes, you would wait until you can see the cash in the account and then make your fund selection decision.

spenderdave

I had a request for ID which I uploaded and that has been accepted. So guess I will just have to sit and wait. Is there any way to get them to get an email alert to say you have a new secure message or is the only way to know is to login?
Sorry about tagging on to an existing thread but thought this one was relevant to my case,

Malchester

qwertyqwerty said:

Hi I have recently requested a transfer of my savings from my cash ISA to the Vanguard VLS60 stocks and shares ISA. When requesting the transfer, I didn’t realise that it does a full cash transfer, so it has taken 15k more than what I wanted. Should I cancel the transfer, or can I just withdraw what I need to once it’s in without incurring and additional charges?

When you requested the transfer did you request a partial cash transfer or do Vanguard only do full cash transfers? I am looking at doing something similar but only want a partial transfer and want to end up with the whole amount being transferred TYIA

Aceace

Malchester said:

qwertyqwerty said:

Hi I have recently requested a transfer of my savings from my cash ISA to the Vanguard VLS60 stocks and shares ISA. When requesting the transfer, I didn’t realise that it does a full cash transfer, so it has taken 15k more than what I wanted. Should I cancel the transfer, or can I just withdraw what I need to once it’s in without incurring and additional charges?

When you requested the transfer did you request a partial cash transfer or do Vanguard only do full cash transfers? I am looking at doing something similar but only want a partial transfer and want to end up with the whole amount being transferred TYIA

Vanguard allow partial transfers out, but NOT partial transfers in.  Or at least that was the case a couple of years back when I last did a transfer-in. I clearly indicated a transfer in of a partial sum in the low 4 figure region, but the whole ISA got transferred which was well in to 5 figures. 

GeoffTF

Albermarle said:

GeoffTF said:

Albermarle said:

I think a Cash ISA provider is legally obliged to complete a requested transfer within 15 working days ( I think ) 

15 days is a guideline. It can take much longer in practice.

OK but it is quite a strong guideline and I think they feel pressure to keep within the 15 days ( I have never had one that took longer than that in recent times) but no doubt some will get delayed . From Gov.uk

Deadlines and complaints

ISA transfers should take no longer than:

• 15 working days for transfers between cash ISAs
• 30 calendar days for other types of transfer

If your transfer takes longer than it should, contact your ISA provider.

If you’re unhappy with the response, you can take the matter up with the Financial Ombudsman Service.

The worst examples are transfers of S&S ISAs. There is a recent thread from this site:

https://forums.moneysavingexpert.com/discussion/6295036/transfer-to-iweb-8-months-and-counting

There do not appear to be any effective sanctions for failure to meet the deadline.

Alexland

GeoffTF said:

The worst examples are transfers of S&S ISAs. There is a recent thread from this site:

https://forums.moneysavingexpert.com/discussion/6295036/transfer-to-iweb-8-months-and-counting

There do not appear to be any effective sanctions for failure to meet the deadline.

True but with iWeb like ketchup and stout "good things come to those who wait" and if there were sactions then maybe iWeb would stop accepting new transfer requests which would be a shame. Overall I agree they just need to sort their transfer department out but even with those chronic delays then for the buy and hold ISA/fund investor it's still worth doing for the long term cost savings. It's just a case of putting the kettle on a few hundred times and having a brew while you wait.

Maybe it's all my fault as the iWeb transfer backlog seems to have started shortly after the Alex Manoeuvre was published on Monevator.

https://monevator.com/cheapest-stocks-and-shares-isa-hack/

GeoffTF

Alexland said:

GeoffTF said:

The worst examples are transfers of S&S ISAs. There is a recent thread from this site:

https://forums.moneysavingexpert.com/discussion/6295036/transfer-to-iweb-8-months-and-counting

There do not appear to be any effective sanctions for failure to meet the deadline.

True but with iWeb like ketchup and stout "good things come to those who wait" and if there were sactions then maybe iWeb would stop accepting new transfer requests which would be a shame. Overall I agree they just need to sort their transfer department out but even with those chronic delays then for the buy and hold ISA/fund investor it's still worth doing for the long term cost savings. It's just a case of putting the kettle on a few hundred times and having a brew while you wait.

Maybe it's all my fault as the iWeb transfer backlog seems to have started shortly after the Alex Manoeuvre was published on Monevator.

https://monevator.com/cheapest-stocks-and-shares-isa-hack/

I have had an account with iWeb for very many years. Online transactions have been efficient, and service has been good when they cannot trade online and I have spoken directly to a dealer. My experience of customer service prior to the Covid was reasonably good. I have not had to contact them post Covid. I did not have any problems with transfers in prior to the Covid. I do not currently want to transfer out, but the transfer horror stories are making me feel trapped.

Alexland

GeoffTF said:

I do not currently want to transfer out, but the transfer horror stories are making me feel trapped.

I feel trapped with all 3 of my main platforms. Fidelity SIPP due to the age 55 protection (until transfer rules finalised), AJ Bell LISA as there are no DIY platforms accepting transfers for over 40s and iWeb like yourself because leaving would take forever. Thankfully all 3 of them are offering excellent value for money on how I use the accounts and with capped/no ongoing charges are suited to growing valuations so have no desire to leave them anytime soon. Fidelity even treat me like a valued customer which is a bonus.