Marcus ISA Transfer

2010

Has anyone had experience of transferring a cash ISA from Marcus to another provider.
On their website it says they don't support BACs to transfer funds. Does this mean it'll be done by cheque?

theinbetweener007

Once you fill in the isa transfer forms with your new provider they will communicate with your old provider who will also ask your permission. Once aligned, they will arrange the transfer digitally probably via faster payment system but regardless you don't need to worry. 

Cash isa to cash isa will normally take 2-4 weeks in my experience. Stocks and shares isa to cash isa is the one that is 31 days plus. 

 

xylophone

I am in the process of transfer out of Marcus. 

I started the process on line with the new provider, had to wait for new provider to send pre-filled form for signature and return, (took a few days). I posted back the signed form on the day I received it.

 
That was a week ago.

The ISA is currently still with Marcus......

AndyTh_2

Paper ISA transfer between Cash ISAs tend to take about 14 days. It's only electronic ISA transfers that may process within 7 days

2010

What really matters is how long it takes the money to go through, once the paperwork has been completed.
Surely it`s by "faster payment".

masonic

2010 said:

What really matters is how long it takes the money to go through, once the paperwork has been completed.
Surely it`s by "faster payment".

If they don't support the BACS ISA transfer service, then they will put a cheque in the envelope with the paperwork. Up to 15 working days, though with postal strikes this might not be achieved in all cases. Electronic transfers involve both an electronic messaging system and funds transfer. They must be supported by both of the ISA managers. If the paperwork has to go by post, then there isn't any advantage to sending the funds electronically - they will just sit in a holding account until the paperwork is processed.

See https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager#cash-isa-transfers

refluxer

2010 said:

What really matters is how long it takes the money to go through, once the paperwork has been completed.
Surely it`s by "faster payment".

Not necessarily. In my experience, many banks and building societies who aren't part of the online ISA transfer scheme still send funds by cheque, in which case the process is more likely to take weeks rather than days. 

Cynergy have a list of ISA providers who are part of the scheme here - oddly, Saga are but Marcus aren't.

xylophone

in which case the process is more likely to take weeks rather than days. 

Then I could be in for a long wait.....

That said

https://www.gov.uk/individual-savings-accounts/transferring-your-isa

Deadlines and complaints

ISA transfers should take no longer than:

• 15 working days for transfers between cash ISAs

xylophone

By way of comparison, Marcus ISA still not transferred to Coventry BS.

Nationwide ISA (transfer to Coventry initiated 19 September) reached Coventry BS yesterday 21 September.....

wiseonesomeofthetime

xylophone said:

By way of comparison, Marcus ISA still not transferred to Coventry BS.

Nationwide ISA (transfer to Coventry initiated 19 September) reached Coventry BS yesterday 21 September.....

Same. 

Nationwide ISA to Gatehouse ISA. 
Initiated 19 Sep and completed 21 Sep 👍

DavidT67

xylophone said:

in which case the process is more likely to take weeks rather than days. 

Then I could be in for a long wait.....

That said

https://www.gov.uk/individual-savings-accounts/transferring-your-isa

Deadlines and complaints

ISA transfers should take no longer than:

• 15 working days for transfers between cash ISAs

Sadly, like most government targets, that's not a guarantee, nor is there any immediate recourse from the providers if it takes longer.