Transferring in

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Martyn_H
Martyn_H Posts: 457 Forumite
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in ISAs & tax-free savings
Why is it some banks etc won't allow transfers in?

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  • gravel_2
    gravel_2 Posts: 156 Forumite
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    edited 19 April at 2:03PM
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    It limits the amount they have to pay interest on. It's similar to the bank setting a minimum or maximum account balance.

    They also may just not be technically set up for it...
  • dunstonh
    dunstonh Posts: 116,436 Forumite
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    Martyn_H said:
    Why is it some banks etc won't allow transfers in?
    context?   
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • slinger2
    slinger2 Posts: 155 Forumite
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    Maybe there's a thought that someone who transfers-in is likely to understand the transfer process and so more likely to transfer-out than someone depositing cash.

    Of course there are plenty that do allow transfers in.
  • xylophone
    xylophone Posts: 44,476 Forumite
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    context?  

     Cash ISA accounts - certain providers  (Marcus is one) don't permit transfers in.

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