Transferring a Stocks & Shares ISA from iDealing to Trading 212

kevanp

My initial experience with opening Cash ISA, Stocks ISA, and Invest accounts with Trading 212 have been rather positive. Cash transfers in and out have been as quick as a standard fast transfer between banks. But I have hit one seemingly insurmountable problem with transferring my current stocks and shares ISA to them.

iDealing, where my stocks and shares ISA has lived for years, only transfers out cash by cheque—weird but true. They say that's how they've been doing it for 20 years, and for some reason best known to them they will not use a bank transfer. (And yet, if you want to withdraw cash from your ISA to your own bank account, they will do that by bank transfer. Go figure.) The issue is that, from their side, Trading 212 will not accept cash transfers in by cheque; ONLY bank transfers.

So the only solution would appear to be to transfer my ISA to a third party provider that will accept cash via cheque, but will also transfer out, to Trading 212, by bank transfer. I will obviously have to pay their transfer in and transfer out fees—but can anyone think of another solution?

eskbanker

kevanp said:

I will obviously have to pay their transfer in and transfer out fees

They're the exception rather than the rule, so even if you have to pay to leave iDealing, you're unlikely to face any further transfer fees.

jimjames

kevanp said:

So the only solution would appear to be to transfer my ISA to a third party provider that will accept cash via cheque, but will also transfer out, to Trading 212, by bank transfer. I will obviously have to pay their transfer in and transfer out fees—but can anyone think of another solution?

Depending on amounts and your use of your ISA allowance this year it might be possible to draw out as cash from existing ISA and pay into T212 as a new ISA. Obviously no good if your ISA is worth more than £20k or you've already used your allowance this year.

kevanp

Thanks for the suggestion jimjames. Alas I have already done that this year, and will repeat the exercise come 6 April—but it still leaves a substantial amount in the existing ISA