ISA transfers electronically or by cheque ? The 'BACs Cash ISA Transfer Service'

refluxer

The subject of whether ISA transfers are carried out electronically or via a cheque through the post is discussed on here fairly frequently and I've not come across a definitive answer to which banks and buildings societies use which method, until I came across this list of institutions that Cynergy will only accept ISA transfers from.

If the two institutions that you want to transfer an ISA to and from are on that list (and therefore subscribe to the scheme) then the process should be carried out electronically via this service and should, in theory at least, be faster.

This is certainly borne out by my experience, with transfers between companies on that list being fairly quick (a few days to a week) and others where one or both companies aren't on the list taking longer and requiring forms (and cheques between providers) to be sent through the post, meaning the process can drag on for many weeks or even months.

According to the official page, the different types of transfers this service applies to are : 

• An adult Cash ISA to another adult Cash ISA
• An adult Cash ISA to an adult Stocks and Shares ISA
• A junior Cash ISA to another junior Cash ISA
• A junior Cash ISA to a junior Stocks and Shares ISA
• An adult Cash ISA to an Innovative Finance (IF) ISA.

Hope this info is useful

Thrugelmir

Physical transfer of funds is just a small aspect of a much bigger picture though. Because cash gets from A to B quicker. Doesn't result in it being actioned any differently. Technology is only a tool. 

No different to somebody ringing you and asking whether you've read their email yet. Some technology just creates yet more non productive time. 

refluxer

Thrugelmir said:

Physical transfer of funds is just a small aspect of a much bigger picture though. Because cash gets from A to B quicker. Doesn't result in it being actioned any differently. Technology is only a tool. 

No different to somebody ringing you and asking whether you've read their email yet. Some technology just creates yet more non productive time. 

Yes, absolutely - I get what you're saying, in that a human almost certainly has to be involved at some point so presumably there will still be some variation in timescales depending on the companies involved.

For me, the difference has, at times, been quite startling though. I've experienced a transfer between two institutions who are both members of that scheme taking a matter of days, compared to a transfer where one of the companies wasn't that took almost 6 weeks, which can be pretty unnerving when the balance essentially disappears for most of that time !

masonic

Thrugelmir said:

Physical transfer of funds is just a small aspect of a much bigger picture though. Because cash gets from A to B quicker. Doesn't result in it being actioned any differently. Technology is only a tool. 

No different to somebody ringing you and asking whether you've read their email yet. Some technology just creates yet more non productive time. 

The system also includes a secure messaging component. This is really the part that is new: associating "paperwork" with an electronic transfer and negotiating the terms of the transfer without relying on the postal system.

gwapenut

Are Bath Building Society transfers electronic? The Cynergy list of providers shows "Bath **Investment** Building Society", so I am not sure. (Note - I am aware the fixed rate product does not allow transfers in)

subjecttocontract

gwapenut said:

Are Bath Building Society transfers electronic? The Cynergy list of providers shows "Bath **Investment** Building Society", so I am not sure. (Note - I am aware the fixed rate product does not allow transfers in)

Bath BS are not included in the list of electronic isa transfer providers supplied by Shawbrook.