Innovative Finance ISA Transfer

DoDa

Does anyone know of a Cash ISA provider that will accept an Innovative Finance ISA transfer? 

I hold a Cash ISA with Yorkshire Building Society and they do not accept Innovative Finance ISA transfers.

Albermarle

Cash ISAs accepting ISA transfers from Innovative Finance ISAs? — MoneySavingExpert Forum

spider42

I was the OP of the thread that has just been linked to above. By way of an update, I did manage to successfully transfer my Innovative Finance ISA to a Cash ISA. Strangely enough, I transferred it to Yorkshire Building Society, so it can be done!

I can't quite remember how I filled in the transfer form, but I think I selected 'Cash ISA', and it worked without any problems. However, it did take just over 5 weeks to go through, but I think is likely to be as a result of Ratesetter closing and being swamped with transfer requests.

DoDa

Thank you for your responses.

The YBS ISA transfer form lists Loanpad as a provider, but does not have an option to select an Innovative Finance ISA so I called and was told they did not accept this type of ISA transfer.

Anyway they have lost my business as I am in the process of transferring both my YBS Cash ISA and Loanpad IFISA to a Tesco Cash ISA, which has a higher interest rate than YBS!

masonic

Generally if there is an issue you just don't tell them that it is an IF ISA.

dogfonos

DoDa said:

The YBS ISA transfer form lists Loanpad as a provider, but does not have an option to select an Innovative Finance ISA so I called and was told they did not accept this type of ISA transfer.

But Peer-to-Peer lending is Loanpad's only business, isn't it? Why then does YBS ISA transfer form list Loanpad but doesn't accept cash transfers from it?

Anyhow, I'm in the same boat here, trying to transfer cash from a Funding Circle IF ISA. Just spoke to Nationwide Bldg. Soc. ISA team (who hadn't heard of IF ISAS - eek!) and they told me that Funding Circle Ltd is on their coding list so transfers into a Nationwide Cash ISA should be OK. Guess I'll find out if that's true. If I remember, I'll post back either way.