(New) CMC Invest - Flexible Cash ISA - 4.85% (allows transfers)

Middle_of_the_Road

pecunianonolet said:

Just wanted to provide a quick update. 

When I inquired with Coventry I was told the transfer was declined, which I already outlined above. They couldn't give me any more details other than "details did not match" and told me I would receive a letter. The letter arrived but took 8 day to arrive (based on when it was dated). 

I was asking if i would need to hand in a new request and this was confirmed. I was also asking if it has to be paper again by post or if I could print, sign and send them a scan of the form by email. Initially declined the advisor checked with his supervisor after I pressed him and it was granted to be possible via email and that he would make a note of it. 

I phoned CMC after I got nowwhere via secure message, they were helpful and looked for the transfer form to check what the reason for declining the request was. We went through all data, NI number, address, email, date of birth, account id, etc. The reason for decline was that I put the account ID and my customer number onto the form. This was also both matching their records, explained I wanted to help to make it easier and to double check what exact detail is required so Coventry could resend the request. 

Was told the only think they need is the ISA ID, account number and sort code are not required. The lady spoke to the head of transfers and they agreed that all my data is correct and that it shouldn't ave been rejectedand. They revoked the rejection and said they will contact Coventry to get it moving. I was treated failry and they apologised for it and that it takes so long. 

Right, I phoned Coventry back, explained to sombody else the story, that the form is now accepted and that they should just contact CMC again using the same form they had on file and scanned in. 

This all happened last Friday 26th Sep and today, 1st Oct I got my interest credited in the morning and this afternoon the money from CMC disapeared. Coventry said they backdate the interest to the date written on the cheque. However, CMC told me they send funds via faster transfer sually and not issue a cheque if they don't have to. 

Just waiting now for the funds to appear in Coventry and once credited it will move onwards, electronically this time, to Cynergy into the 4.35% ISA. 

Only took almost a month 

What a performance. This is why I've not requested a transfer from CMC.
Instead I've flexibly withdrawn the funds, which will be deposited with Ulster until the start of the next tax year.
https://www.ulsterbank.co.uk/savings/limited-edition-saver.html

MeteredOut

Middle_of_the_Road said:

pecunianonolet said:

Just wanted to provide a quick update. 

When I inquired with Coventry I was told the transfer was declined, which I already outlined above. They couldn't give me any more details other than "details did not match" and told me I would receive a letter. The letter arrived but took 8 day to arrive (based on when it was dated). 

I was asking if i would need to hand in a new request and this was confirmed. I was also asking if it has to be paper again by post or if I could print, sign and send them a scan of the form by email. Initially declined the advisor checked with his supervisor after I pressed him and it was granted to be possible via email and that he would make a note of it. 

I phoned CMC after I got nowwhere via secure message, they were helpful and looked for the transfer form to check what the reason for declining the request was. We went through all data, NI number, address, email, date of birth, account id, etc. The reason for decline was that I put the account ID and my customer number onto the form. This was also both matching their records, explained I wanted to help to make it easier and to double check what exact detail is required so Coventry could resend the request. 

Was told the only think they need is the ISA ID, account number and sort code are not required. The lady spoke to the head of transfers and they agreed that all my data is correct and that it shouldn't ave been rejectedand. They revoked the rejection and said they will contact Coventry to get it moving. I was treated failry and they apologised for it and that it takes so long. 

Right, I phoned Coventry back, explained to sombody else the story, that the form is now accepted and that they should just contact CMC again using the same form they had on file and scanned in. 

This all happened last Friday 26th Sep and today, 1st Oct I got my interest credited in the morning and this afternoon the money from CMC disapeared. Coventry said they backdate the interest to the date written on the cheque. However, CMC told me they send funds via faster transfer sually and not issue a cheque if they don't have to. 

Just waiting now for the funds to appear in Coventry and once credited it will move onwards, electronically this time, to Cynergy into the 4.35% ISA. 

Only took almost a month 

What a performance. This is why I've not requested a transfer from CMC.
Instead I've flexibly withdrawn the funds, which will be deposited with Ulster until the start of the next tax year.
https://www.ulsterbank.co.uk/savings/limited-edition-saver.html

Are you aware that a flexible withdrawal has to be replaced back into the same ISA/provider in the same tax year, otherwise it counts as a new deposit as part of your annual allowance?

Middle_of_the_Road

MeteredOut said:

Middle_of_the_Road said:

pecunianonolet said:

Just wanted to provide a quick update. 

When I inquired with Coventry I was told the transfer was declined, which I already outlined above. They couldn't give me any more details other than "details did not match" and told me I would receive a letter. The letter arrived but took 8 day to arrive (based on when it was dated). 

I was asking if i would need to hand in a new request and this was confirmed. I was also asking if it has to be paper again by post or if I could print, sign and send them a scan of the form by email. Initially declined the advisor checked with his supervisor after I pressed him and it was granted to be possible via email and that he would make a note of it. 

I phoned CMC after I got nowwhere via secure message, they were helpful and looked for the transfer form to check what the reason for declining the request was. We went through all data, NI number, address, email, date of birth, account id, etc. The reason for decline was that I put the account ID and my customer number onto the form. This was also both matching their records, explained I wanted to help to make it easier and to double check what exact detail is required so Coventry could resend the request. 

Was told the only think they need is the ISA ID, account number and sort code are not required. The lady spoke to the head of transfers and they agreed that all my data is correct and that it shouldn't ave been rejectedand. They revoked the rejection and said they will contact Coventry to get it moving. I was treated failry and they apologised for it and that it takes so long. 

Right, I phoned Coventry back, explained to sombody else the story, that the form is now accepted and that they should just contact CMC again using the same form they had on file and scanned in. 

This all happened last Friday 26th Sep and today, 1st Oct I got my interest credited in the morning and this afternoon the money from CMC disapeared. Coventry said they backdate the interest to the date written on the cheque. However, CMC told me they send funds via faster transfer sually and not issue a cheque if they don't have to. 

Just waiting now for the funds to appear in Coventry and once credited it will move onwards, electronically this time, to Cynergy into the 4.35% ISA. 

Only took almost a month 

What a performance. This is why I've not requested a transfer from CMC.
Instead I've flexibly withdrawn the funds, which will be deposited with Ulster until the start of the next tax year.
https://www.ulsterbank.co.uk/savings/limited-edition-saver.html

Are you aware that a flexible withdrawal has to be replaced back into the same ISA/provider in the same tax year, otherwise it counts as a new deposit as part of your annual allowance?

I am, and is what I thought I was describing.... although not in enough detail it seems 🙂

DodgerPot

pecunianonolet said:

Just wanted to provide a quick update. 

When I inquired with Coventry I was told the transfer was declined, which I already outlined above. They couldn't give me any more details other than "details did not match" and told me I would receive a letter. The letter arrived but took 8 day to arrive (based on when it was dated). 

I was asking if i would need to hand in a new request and this was confirmed. I was also asking if it has to be paper again by post or if I could print, sign and send them a scan of the form by email. Initially declined the advisor checked with his supervisor after I pressed him and it was granted to be possible via email and that he would make a note of it. 

I phoned CMC after I got nowwhere via secure message, they were helpful and looked for the transfer form to check what the reason for declining the request was. We went through all data, NI number, address, email, date of birth, account id, etc. The reason for decline was that I put the account ID and my customer number onto the form. This was also both matching their records, explained I wanted to help to make it easier and to double check what exact detail is required so Coventry could resend the request. 

Was told the only think they need is the ISA ID, account number and sort code are not required. The lady spoke to the head of transfers and they agreed that all my data is correct and that it shouldn't ave been rejectedand. They revoked the rejection and said they will contact Coventry to get it moving. I was treated failry and they apologised for it and that it takes so long. 

Right, I phoned Coventry back, explained to sombody else the story, that the form is now accepted and that they should just contact CMC again using the same form they had on file and scanned in. 

This all happened last Friday 26th Sep and today, 1st Oct I got my interest credited in the morning and this afternoon the money from CMC disapeared. Coventry said they backdate the interest to the date written on the cheque. However, CMC told me they send funds via faster transfer sually and not issue a cheque if they don't have to. 

Just waiting now for the funds to appear in Coventry and once credited it will move onwards, electronically this time, to Cynergy into the 4.35% ISA. 

Only took almost a month 

Glad you finally got sorted with the transfer out 👍

pecunianonolet

Middle_of_the_Road said:

pecunianonolet said:

Just wanted to provide a quick update. 

When I inquired with Coventry I was told the transfer was declined, which I already outlined above. They couldn't give me any more details other than "details did not match" and told me I would receive a letter. The letter arrived but took 8 day to arrive (based on when it was dated). 

I was asking if i would need to hand in a new request and this was confirmed. I was also asking if it has to be paper again by post or if I could print, sign and send them a scan of the form by email. Initially declined the advisor checked with his supervisor after I pressed him and it was granted to be possible via email and that he would make a note of it. 

I phoned CMC after I got nowwhere via secure message, they were helpful and looked for the transfer form to check what the reason for declining the request was. We went through all data, NI number, address, email, date of birth, account id, etc. The reason for decline was that I put the account ID and my customer number onto the form. This was also both matching their records, explained I wanted to help to make it easier and to double check what exact detail is required so Coventry could resend the request. 

Was told the only think they need is the ISA ID, account number and sort code are not required. The lady spoke to the head of transfers and they agreed that all my data is correct and that it shouldn't ave been rejectedand. They revoked the rejection and said they will contact Coventry to get it moving. I was treated failry and they apologised for it and that it takes so long. 

Right, I phoned Coventry back, explained to sombody else the story, that the form is now accepted and that they should just contact CMC again using the same form they had on file and scanned in. 

This all happened last Friday 26th Sep and today, 1st Oct I got my interest credited in the morning and this afternoon the money from CMC disapeared. Coventry said they backdate the interest to the date written on the cheque. However, CMC told me they send funds via faster transfer sually and not issue a cheque if they don't have to. 

Just waiting now for the funds to appear in Coventry and once credited it will move onwards, electronically this time, to Cynergy into the 4.35% ISA. 

Only took almost a month 

What a performance. This is why I've not requested a transfer from CMC.
Instead I've flexibly withdrawn the funds, which will be deposited with Ulster until the start of the next tax year.
https://www.ulsterbank.co.uk/savings/limited-edition-saver.html

I had  few years of funds in there plus some from this year so could have withdrawn my current year contributions but would have always needed to transfer previous year funds. It's the cleaner way doing all via transfer.

Middle_of_the_Road

pecunianonolet said:

Middle_of_the_Road said:

pecunianonolet said:

Just wanted to provide a quick update. 

When I inquired with Coventry I was told the transfer was declined, which I already outlined above. They couldn't give me any more details other than "details did not match" and told me I would receive a letter. The letter arrived but took 8 day to arrive (based on when it was dated). 

I was asking if i would need to hand in a new request and this was confirmed. I was also asking if it has to be paper again by post or if I could print, sign and send them a scan of the form by email. Initially declined the advisor checked with his supervisor after I pressed him and it was granted to be possible via email and that he would make a note of it. 

I phoned CMC after I got nowwhere via secure message, they were helpful and looked for the transfer form to check what the reason for declining the request was. We went through all data, NI number, address, email, date of birth, account id, etc. The reason for decline was that I put the account ID and my customer number onto the form. This was also both matching their records, explained I wanted to help to make it easier and to double check what exact detail is required so Coventry could resend the request. 

Was told the only think they need is the ISA ID, account number and sort code are not required. The lady spoke to the head of transfers and they agreed that all my data is correct and that it shouldn't ave been rejectedand. They revoked the rejection and said they will contact Coventry to get it moving. I was treated failry and they apologised for it and that it takes so long. 

Right, I phoned Coventry back, explained to sombody else the story, that the form is now accepted and that they should just contact CMC again using the same form they had on file and scanned in. 

This all happened last Friday 26th Sep and today, 1st Oct I got my interest credited in the morning and this afternoon the money from CMC disapeared. Coventry said they backdate the interest to the date written on the cheque. However, CMC told me they send funds via faster transfer sually and not issue a cheque if they don't have to. 

Just waiting now for the funds to appear in Coventry and once credited it will move onwards, electronically this time, to Cynergy into the 4.35% ISA. 

Only took almost a month 

What a performance. This is why I've not requested a transfer from CMC.
Instead I've flexibly withdrawn the funds, which will be deposited with Ulster until the start of the next tax year.
https://www.ulsterbank.co.uk/savings/limited-edition-saver.html

I had  few years of funds in there plus some from this year so could have withdrawn my current year contributions but would have always needed to transfer previous year funds. It's the cleaner way doing all via transfer.

I thought all years money could be withdrawn and replaced during the same tax year...

pecunianonolet

Middle_of_the_Road said:

pecunianonolet said:

Middle_of_the_Road said:

pecunianonolet said:

Just wanted to provide a quick update. 

When I inquired with Coventry I was told the transfer was declined, which I already outlined above. They couldn't give me any more details other than "details did not match" and told me I would receive a letter. The letter arrived but took 8 day to arrive (based on when it was dated). 

I was asking if i would need to hand in a new request and this was confirmed. I was also asking if it has to be paper again by post or if I could print, sign and send them a scan of the form by email. Initially declined the advisor checked with his supervisor after I pressed him and it was granted to be possible via email and that he would make a note of it. 

I phoned CMC after I got nowwhere via secure message, they were helpful and looked for the transfer form to check what the reason for declining the request was. We went through all data, NI number, address, email, date of birth, account id, etc. The reason for decline was that I put the account ID and my customer number onto the form. This was also both matching their records, explained I wanted to help to make it easier and to double check what exact detail is required so Coventry could resend the request. 

Was told the only think they need is the ISA ID, account number and sort code are not required. The lady spoke to the head of transfers and they agreed that all my data is correct and that it shouldn't ave been rejectedand. They revoked the rejection and said they will contact Coventry to get it moving. I was treated failry and they apologised for it and that it takes so long. 

Right, I phoned Coventry back, explained to sombody else the story, that the form is now accepted and that they should just contact CMC again using the same form they had on file and scanned in. 

This all happened last Friday 26th Sep and today, 1st Oct I got my interest credited in the morning and this afternoon the money from CMC disapeared. Coventry said they backdate the interest to the date written on the cheque. However, CMC told me they send funds via faster transfer sually and not issue a cheque if they don't have to. 

Just waiting now for the funds to appear in Coventry and once credited it will move onwards, electronically this time, to Cynergy into the 4.35% ISA. 

Only took almost a month 

What a performance. This is why I've not requested a transfer from CMC.
Instead I've flexibly withdrawn the funds, which will be deposited with Ulster until the start of the next tax year.
https://www.ulsterbank.co.uk/savings/limited-edition-saver.html

I had  few years of funds in there plus some from this year so could have withdrawn my current year contributions but would have always needed to transfer previous year funds. It's the cleaner way doing all via transfer.

I thought all years money could be withdrawn and replaced during the same tax year...

Into the same ISA yes.

Let's say you have 20k in from a previous year and added in 10k from this year. 

You can withdraw the 10k from this year and pay it into an ISA with a different provider without impacting your allowance. 

You can also withdraw your 20k from previous years and do whatever you want with it during the tax year. However, by the end of the tax year the 20k would need to go back into the ISA where it came from as you otherwise have lost the wrapper. 

So in my case, I had funds from previous years (say 20k) and from this tax year (say 10k). I could have withdrawn my current year contributions and paid them straight into Cynergy. CMC would record at the end of the tax year a 0 subscription as nothing is left, any interest I would have gained on the total sum of 30k would automatically count as old money. 

Say I had 20k in on the 6th of April 25 from a previous year, pay in 10k on the 10th of April 25 and withdraw on 1st of June 30k plus interest using the flexibility term. 

I now could put the full sum into an easy access account, a 6 month bond, a different flexible ISA, spend it, etc. However, by the 5th of April 26 this tax year the 20k plus interest I initially put in would need to be back into CMC as I otherwise would have lost the protected status. For the 10k, as they are from this tax year it doesn't matter. 

Gets even more complicated if non flexible ISA's are thrown into the mix because if you withdraw the protection is gone.

Amendments of ISA rules were introduced in July I think, reverting back to the old system with some further caveats around treatment of interest. You can find a lot in dedicated discussions. 

--------

On a side note, currently ISA providers only report to HMRC final figures of subscriptions by the end of the tax year, which opens the doors to fraud. Eg. you put 20k into a flexible ISA with provider A and 20k into a flexible ISA with provider B.  

Both providers, A and B, don't know that you have subscribed elsewhere. They make you sign a declaration that you not subscribe over the limit. 

So 40k with two providers in flexible ISA's paid in on the 6th of April. On the 5th of April the following year on the last day of the tax year you withdraw your 20k from provider B (use of flexible arrangement), you only leave interest behind, which you can transfer later as you wish.

Provider A reports your 20k subscription to HMRC, provider B reports 0k subscription to HMRC. Interest in an ISA is not reported.
 
--> You now committed fraud because you willingly broke the ISA rules, you signed declarations knowing you not follow them. HMRC doesn't know that you received interest on double the amount you were allowed as they only receive net subscriptions at the end of the tax year.

ISA managers still do that in a rather manual fashion it seems, possibly sending large Excel file extracts of their databases. I don't know so can only speculate from the outside but bellow article indicates similar.

However, there are consultations ongoing by HMRC to consult ISA providers to report figures monthly from 2027 onwards, which requires some major IT updates. (Perhaps also the end of paper transfer forms) This will close the oversubscription "loop hole" currently in place opening the doors to oversubscribing and therefore underpaying tax on interest without or rather low risk of being caught. 

https://www.taxathand.com/article/38719/United-Kingdom/2025/Update-on-HMRCs-digitalization-initiative-for-ISA-reporting

Middle_of_the_Road

pecunianonolet said:

Middle_of_the_Road said:

pecunianonolet said:

Middle_of_the_Road said:

pecunianonolet said:

Just wanted to provide a quick update. 

When I inquired with Coventry I was told the transfer was declined, which I already outlined above. They couldn't give me any more details other than "details did not match" and told me I would receive a letter. The letter arrived but took 8 day to arrive (based on when it was dated). 

I was asking if i would need to hand in a new request and this was confirmed. I was also asking if it has to be paper again by post or if I could print, sign and send them a scan of the form by email. Initially declined the advisor checked with his supervisor after I pressed him and it was granted to be possible via email and that he would make a note of it. 

I phoned CMC after I got nowwhere via secure message, they were helpful and looked for the transfer form to check what the reason for declining the request was. We went through all data, NI number, address, email, date of birth, account id, etc. The reason for decline was that I put the account ID and my customer number onto the form. This was also both matching their records, explained I wanted to help to make it easier and to double check what exact detail is required so Coventry could resend the request. 

Was told the only think they need is the ISA ID, account number and sort code are not required. The lady spoke to the head of transfers and they agreed that all my data is correct and that it shouldn't ave been rejectedand. They revoked the rejection and said they will contact Coventry to get it moving. I was treated failry and they apologised for it and that it takes so long. 

Right, I phoned Coventry back, explained to sombody else the story, that the form is now accepted and that they should just contact CMC again using the same form they had on file and scanned in. 

This all happened last Friday 26th Sep and today, 1st Oct I got my interest credited in the morning and this afternoon the money from CMC disapeared. Coventry said they backdate the interest to the date written on the cheque. However, CMC told me they send funds via faster transfer sually and not issue a cheque if they don't have to. 

Just waiting now for the funds to appear in Coventry and once credited it will move onwards, electronically this time, to Cynergy into the 4.35% ISA. 

Only took almost a month 

What a performance. This is why I've not requested a transfer from CMC.
Instead I've flexibly withdrawn the funds, which will be deposited with Ulster until the start of the next tax year.
https://www.ulsterbank.co.uk/savings/limited-edition-saver.html

I had  few years of funds in there plus some from this year so could have withdrawn my current year contributions but would have always needed to transfer previous year funds. It's the cleaner way doing all via transfer.

I thought all years money could be withdrawn and replaced during the same tax year...

Into the same ISA yes.

Let's say you have 20k in from a previous year and added in 10k from this year. 

You can withdraw the 10k from this year and pay it into an ISA with a different provider without impacting your allowance. 

You can also withdraw your 20k from previous years and do whatever you want with it during the tax year. However, by the end of the tax year the 20k would need to go back into the ISA where it came from as you otherwise have lost the wrapper. 

Thanks for the very detailed reply, which after reading several times I think I understand why transferring was the best or only option for you.
In my case, previous years funds will be going into a taxable account, before being transferred back to CMC. 
I ended up with ISA funds purely down to the rates being higher than normal accounts at the time.