Cynergy Bank - Cash ISA - Transferring to New Issue

Stompa

Has anybody managed to transfer a Cynergy Bank ISA to the latest Issue 20 (which accepts transfers in)?

During the application process it asks 'How would you like to deposit funds into this Cash ISA?', to which I answered 'Switching from existing Cynergy Bank Cash ISA or Online ISA'. However, I wasn't asked any further questions about which account I wanted to switch from, and it's opened me a new ISA with a zero balance.

So how do I get the funds transferred? There's an option to do an 'Internal transfer', but I'm a bit wary as it doesn't specify that it's an 'Internal ISA transfer'.

masonic

Stompa said:

Has anybody managed to transfer a Cynergy Bank ISA to the latest Issue 20 (which accepts transfers in)?

During the application process it asks 'How would you like to deposit funds into this Cash ISA?', to which I answered 'Switching from existing Cynergy Bank Cash ISA or Online ISA'. However, I wasn't asked any further questions about which account I wanted to switch from, and it's opened me a new ISA with a zero balance.

So how do I get the funds transferred? There's an option to do an 'Internal transfer', but I'm a bit wary as it doesn't specify that it's an 'Internal ISA transfer'.

I would caution against using the internal transfer option until you are certain it will not cause the money to be treated as new subscriptions. Someone else did something very similar (I think with Nationwide? Virgin) after discussing by phone with them and it turned out they hit the £20k limit and couldn't transfer any more because it wasn't the right way! At least they had the defence of being misinformed by customer services.

Edit: Here is the thread: https://forums.moneysavingexpert.com/discussion/6307718/internal-transfer-of-virgin-isa/p1

Stompa

masonic said:

I would caution against using the internal transfer option until you are certain it will not cause the money to be treated as new subscriptions.

Agreed, which is why I'm asking before trying a transfer. I've also queried it with Cynergy via secure message, but imagine I'm unlikely to get a response until after the weekend.

Thanks

Stompa

Just for the sake of completeness, I'll add that Cynergy have now confirmed that the internal transfer option is the correct way of doing it.

I've now successfully transferred an amount (>£20k) to my new ISA, and it still shows a 'Remaining allowance this tax year' of £20k. So all appears to be well.