Barclays cash ISA Transfer - 15 Days

refluxer

flaneurs_lobster said:

refluxer said:

flaneurs_lobster said:

My 4% Barclays Flex ISA matures on 31/12. I've opened a Virgin Fixed 5.5% ISA in readiness to receive the funds and asked them to transfer all when the old ISA matures.

Don't think I can do any more to mitigate against delays/protect tax-free status.

Things didn't go too well for this recent poster who attempted the same transfer...

https://forums.moneysavingexpert.com/discussion/6492533/barclays-to-virgin-isa-transfer-rejected

Ah crap, that doesn't bode well. I thought this stuff was all automated these days with a central clearer?

At least the ISA is only half-full.

Barclays and Virgin Money both use the BACs ISA transfer service so money should be transferred electronically directly from one to the other, however I think even an ISA transfer that involves a BACs transfer still involves human input at either end, which must be where the delays come from.

xylophone

There really should be no problem with the transfer of an ISA from Barclays to Virgin or indeed any other provider if the correct process is followed.

ISA transfers

ISA regulations let you transfer all or part of the money held in your ISA to another ISA provider at any time.

This money can be from current and/or previous years’ subscriptions. Any transfer will be subject to the account

conditions for the ISA you are transferring.

Transferring out (moving the money from your Flexible Cash ISA to another ISA provider or another cash ISA

with Barclays)

• You can transfer all of the money in your Flexible Cash ISA to another ISA provider or another cash ISA with

Barclays at any time. You cannot transfer only part of the money held in your Flexible Cash ISA.

• If you transfer out before the maturity date, there is a charge: see the ‘Charges for transferring out or closing

your ISA early’ section below for what the charge could be.

• To transfer your Flexible Cash ISA, you will need to give your transfer instructions to your new ISA provider.

They’ll tell us, either by sending us the written form of instructions you gave them or by confirming to us they

are happy to accept the transfer. We’ll send the money and the information your new provider needs within 5

working days of receiving their request, as long as the isn’t any reason to stop the transfer (for example, to

protect you from fraud or other criminal activity).

The ISA transfer form provided by Virgin should have a section with a tick box for when you want to transfer (immediately/on x date/ at maturity.

I have never had any problem  for transfer "at maturity" but it would seem that Barclays create a problem?

See this thread

https://forums.moneysavingexpert.com/discussion/6436210/barclays-bank-have-not-released-isa-to-new-provider

I myself have a Barclays ISA which will mature 10th January.   I am inclined to let it mature and then organise a transfer to Skipton because I have found their service extremely efficient.

youngretired

I have my Barclays 4% ISA maturing on the 21st December and have requested it to be transferred to my new VIrgin 5.85% ISA upon maturity. I too saw the above forum today and got worried. Fingers crossed everything goes to plan, as I transferred in September from Santander to Virgin and it all happened smoothly, so didn't think I'd have any issues with this new one.
I'll let you know how it goes.

Julezy101

Transferring out (moving the money from your Flexible Cash ISA to another ISA provider or another cash ISA

with Barclays)

• You can transfer all of the money in your Flexible Cash ISA to another ISA provider or another cash ISA with

Barclays at any time. You cannot transfer only part of the money held in your Flexible Cash ISA.

How does this work if you have more than the 85k and want to split it between more than 1 provider if you cant transfer part of it?

xylophone

How does this work if you have more than the 85k and want to split it between more than 1 provider if you cant transfer part of it?

Transfer the whole to a provider that allows partial transfer and then split?

Descrabled

I transferred from Barclays' flexible ISA to 4 different ISAs last year including Skipton and Virgin. I believe the restriction on transfer from Barclays only applies for the current year's money and doesn't apply to any previous years money.

 As with all ISA providers any transfer of current year ISA must be for the full amount of new money plus any interest. You are always asked if the transfer includes the current year's ISA when requesting a transfer with the new provider