Transfer H.L. s+s Isa over to Natwest...Considerations.

DaveQ

By all means move your ISA from HL but i would definitely NOT move it to Nat West......they are an absolute shambles.  I have been waiting 8 weeks for my ISA transfer and still not happened. Communication form them is non-existent

Dandytf

Lot's of very decent points, I'm one call away after talking to HL yesterday, nice simple steps to potentially move Isa/Sipp if and when required.
Although the Cancel DD option via HL and maybe bank is simple, that could mean sums going into current account 1st which isn't amazing, my preference would be for straight product swaps including sums from each.
I stopped as Natwest have very good disclaimer with the standard considerations.
One of which is when swapping from existing to new isa provider then in effect the years are kind of reset.
e.g. yrs 1,2+3 via hl approx, could become years 0,1,2,3 via NatWest which makes me think I'll keep as is for next 2 yrs, though I'm going to call Natwest mid week and check their transfer process from them.

 Are Accumulated years per provider better than swapping and re starting years.

thanks mser's 

Dandytf

Qyburn said:

Dandytf said:

The Open Ended comment, is generalised at best.
e.g. NW GIA -the taxable type- Does have 'Withdraw' Tab which can be used anytime.
H.L. s+s Isa -Non Taxable type- Doesn't offer any type of 'Withdraw" Tab.

In HL once logged in click "My account" then  "Stocks & Shares ISA". Second tab from the right is "WITHDRAW MONEY". Also explained in their help ..
https://www.hl.co.uk/help#adding-and-withdrawing-money/withdrawing-money

That's why I sent Secure Message during 2022.
Whilst I have used the Withdraw Tab succesfuly from GIA.
The s+s Isa doesn't allow partial withdrawals, until of course Fund/Funds are Cancelled via Red Cross from chosen Funds list. 

thanks

Qyburn

Dandytf said:

Qyburn said:

Dandytf said:

The Open Ended comment, is generalised at best.
e.g. NW GIA -the taxable type- Does have 'Withdraw' Tab which can be used anytime.
H.L. s+s Isa -Non Taxable type- Doesn't offer any type of 'Withdraw" Tab.

In HL once logged in click "My account" then  "Stocks & Shares ISA". Second tab from the right is "WITHDRAW MONEY". Also explained in their help ..
https://www.hl.co.uk/help#adding-and-withdrawing-money/withdrawing-money

That's why I sent Secure Message during 2022.
Whilst I have used the Withdraw Tab succesfuly from GIA.
The s+s Isa doesn't allow partial withdrawals, until of course Fund/Funds are Cancelled via Red Cross from chosen Funds list. 

thanks

Not quite clear what you mean. You would be withdrawing cash, so of course funds would have to be sold first to create the cash.

Are you confusing withdrawal with transfer? I'm told HL doesn't allow part transfer from S&S ISA but they certainly allow part withdrawal.

Qyburn

Dandytf said:

Lot's of very decent points, I'm one call away after talking to HL yesterday, nice simple steps to potentially move Isa/Sipp if and when required.
Although the Cancel DD option via HL and maybe bank is simple, that could mean sums going into current account 1st which isn't amazing, my preference would be for straight product swaps including sums from each.
I stopped as Natwest have very good disclaimer with the standard considerations.
One of which is when swapping from existing to new isa provider then in effect the years are kind of reset.
e.g. yrs 1,2+3 via hl approx, could become years 0,1,2,3 via NatWest which makes me think I'll keep as is for next 2 yrs, though I'm going to call Natwest mid week and check their transfer process from them.

 Are Accumulated years per provider better than swapping and re starting years.

thanks mser's 

I really don't understand what you're asking, but to make a wild guess after a transfer the new platform will distinguish only between current year's subscription and previous years'. It won't and doesn't need to distinguish 2022/23 subscription from 2021/22. Just current year, or previous.

Making another guess, there's no particular benefit starting a new account each tax year, vs adding to an existing account.

You seem set on Natwest and haven't said what funds you hold in HL but it is almost certain the transfer will be cash rather than in specie.

Dandytf

Thanks mser's

This basically let's me understand there isn't any negative when moving providers.
'out of the market for a short period of time and will not lose or gain in value'

Which as mser's advise, Accumulated Years per provider are irrelevant when transferring.

Dandytf

DaveQ said:

By all means move your ISA from HL but i would definitely NOT move it to Nat West......they are an absolute shambles.  I have been waiting 8 weeks for my ISA transfer and still not happened. Communication form them is non-existent

I have made call today advised Natwest Isa+Sipp transfer times are taking 30 days approx.
My final concern is, in theory could Natwest 'Auto Swipe Funds' from Investment Account into my Current Account.
(to 'reduce' overdraft balance.
'Comms via Tel today were as expected', though only to answer my pre transfer query.

thanks

eskbanker

Dandytf said:

This basically let's me understand there isn't any negative when moving providers.
'out of the market for a short period of time and will not lose or gain in value'

Not sure what you mean by 'this' - are you referring to previous posts, or to the second line, which seems to be formatted as a quote but without it being obvious where it's taken from?

Just to be clear, there shouldn't be significant negatives with the actual process of moving providers, but at least one previous poster has highlighted that moving to an inferior provider, or moving for flawed reasons (such as misunderstanding the platform's features), isn't generally a good idea....

Dandytf said:

Which as mser's advise, Accumulated Years per provider are irrelevant when transferring.

I'm not sure that anyone was advising that - the posts above were essentially trying to ascertain what you actually meant by that rather odd expression, so you might wish to consider using clearer language to explain what you mean, rather than running the risk that people will be answering a different question from what you intended to ask.

Dandytf

Thanks for making my 'query' 'Clear'
I'm going to 'forget' about current 'age' of hl Isa
It's good to read that there isn't any negatives when moving providers (only when out of market for short t/fer time)

Ide like to t/fer and hand my choices over to be pre managed via NatWest.

thanks

eskbanker

Dandytf said:

Thanks for making my 'query' 'Clear'

An interesting take, I was just pointing out that it wasn't clear, and that everyone is just guessing at what you really mean!

Dandytf said:

I'm going to 'forget' about current 'age' of hl Isa

Seems sensible.

Dandytf said:

It's good to read that there isn't any negatives when moving providers (only when out of market for short t/fer time)

Time out of the market is undoubtedly a factor, but unavoidable when unable to transfer in specie because of changing investments.  Having said that, if there's less than £20K in the ISA and you won't be using your full £20K annual ISA allowance elsewhere, you may find it quicker to simply open a new ISA, withdraw the proceeds from the old one to your current account, and fund the new one from there.

Dandytf said:

Ide like to t/fer and hand my choices over to be pre managed via NatWest

It's still unclear why you feel that's a sensible option, given the earlier discussion, but it's obviously your prerogative to ignore what more experienced posters say, even if that does beg the question of what you wanted out of threads like this....