HSBC to Halifax ISA transfer

jamesrcmd

Has anyone ever tried transferring a Cash ISA from HSBC to Halifax? I've just done it online and it says it might take between 7 and 15 days. 

Just keep reading stories online of money being lost in transfer... 😨

P.S. I'm aware both HSBC and Halifax don't currently have the best rates and I'm ok with that.

mebu60

As long as you instructed the new provider (Halifax) to manage the transfer the likelihood is that it will be fine as the vast majority are. The latter don't usually make an online story therefore the occasional blip is disproportionately reported. And they usually get sorted after a bit of faff. 

masonic

90% of ISA transfers are completed within 7 working days. That will include all the transfers to and from obscure providers, so I would be surprised of a transfer between two big banks would take as long as a week.

bripat

I put on a transfer from Halifax to trading 212 after over  2 weeks trading 212 told me that Halifax had stopped the switch due to paperwork not matching. After speaking to Halifax they told me that they didn't have my national insurance number ( never asked for n i number when I opened the ISA in 2023/4) they admitted to the fault and paid my lost interest and another £50 compensation after I complained.

jamesrcmd

bripat said:

I put on a transfer from Halifax to trading 212 after over  2 weeks trading 212 told me that Halifax had stopped the switch due to paperwork not matching. After speaking to Halifax they told me that they didn't have my national insurance number ( never asked for n i number when I opened the ISA in 2023/4) they admitted to the fault and paid my lost interest and another £50 compensation after I complained.

That's reassuring that they paid the lost interest and compensation. 

jamesrcmd

I have received a message on the HSBC app that the transfer request has been accepted.
If I have the full £20k in the ISA + a bit of interest, is the interest going to be transferred as well despite going over the maximum allowance?

slinger2

jamesrcmd said:

I have received a message on the HSBC app that the transfer request has been accepted.
If I have the full £20k in the ISA + a bit of interest, is the interest going to be transferred as well despite going over the maximum allowance?

There's a £20k annual allowance, which is the maximum that you can pay in each tax year. However, there's no maximum balance on an ISA. Could be a million pounds in there.

jamesrcmd

The transfer was completed today.

For some reason, Halifax transferred £25.66 MORE than the actual balance I had on HSBC. The transfer was set for the full balance. HSBC are saying I transferred more money than what was in their ISA but I didn't, I just set up the transfer for the full amount. So the HSBC ISA is now showing a debit of -£25.66.

HSBC are expecting me to transfer the £25.66 from my current account to the ISA.
Has this happened to any of you? Can someone advise? I tried calling Halifax but they are closed now.

wiseonesomeofthetime

Why the two threads for the same issue? 🤷‍♂️

https://forums.moneysavingexpert.com/discussion/6601854/isa-left-with-negative-balance-after-transfer