Moneybox ISA Transfer In Cancelled

P1Fanatic

I recently opened a new Cash ISA with MB. I deposited new £500 then initiated a partial Transfer In from T212 of £1000 (as read others had issues doing this). That went through fine so I then initiates a new Transfer in from the same T212 ISA for £32,500 (from a remaining balance of £32,600 as wanted to keep it open in case their rate ends up better than MB.

I just received the following notification from MB saying the Transfer has been cancelled:

“You recently requested a transfer into your Open Access Cash ISA. However, the amount you've requested to transfer is either more than your remaining allowance for this tax year or is more than the product deposit limit.“

I’ve contacted their Customer Support as cant work out what the issue is. However they close at 5pm so unlikely to get an answer today. Wondering if anyone can shed any light on it or had the same issue? To confirm the £500 deposit is my only ISA contribution so far this tax year.

Thanks.

MeteredOut

The only thing i can think of is, when you did the transfer, what did you select on these options. If the below, then MB might thing you are oversubscribing in this tax year.

born_again

Surely a transfer of a ISA to a new company moves the whole ISA amount in one go.
Not sending a trial amount & the rest later?

How to transfer your ISA

To switch providers, contact the ISA provider you want to move to and fill out an ISA transfer form to move your account. If you withdraw the money without doing this, you will not be able to reinvest that part of your tax-free allowance again.

https://www.gov.uk/individual-savings-accounts/transferring-your-isa

P1Fanatic

MeteredOut said:

The only thing i can think of is, when you did the transfer, what did you select on these options. If the below, then MB might thing you are oversubscribing in this tax year.

I’m pretty sure I said no but now no way to verify that 100% as its not like they save a copy in the app or email you it as confirmation. Hopefully its that simple.

P1Fanatic

born_again said:

Surely a transfer of a ISA to a new company moves the whole ISA amount in one go.
Not sending a trial amount & the rest later?

How to transfer your ISA

To switch providers, contact the ISA provider you want to move to and fill out an ISA transfer form to move your account. If you withdraw the money without doing this, you will not be able to reinvest that part of your tax-free allowance again.

https://www.gov.uk/individual-savings-accounts/transferring-your-isa

Then why would they give you the option of full or partial balance transfer? I would also think its quite common if someone has iver £80k and wants to avoid putting more than £85k with one bank.

eskbanker

born_again said:

Surely a transfer of a ISA to a new company moves the whole ISA amount in one go.
Not sending a trial amount & the rest later?

How to transfer your ISA

To switch providers, contact the ISA provider you want to move to and fill out an ISA transfer form to move your account. If you withdraw the money without doing this, you will not be able to reinvest that part of your tax-free allowance again.

https://www.gov.uk/individual-savings-accounts/transferring-your-isa

Partial transfers are available (except where specific institutions choose not to support them):

What amounts can be transferred

An investor must do one or both of these:

• transfer some or all of the current year’s ISA subscriptions, the investments bought with those subscriptions, and any income arising on those investments
• transfer some or all of the previous years’ ISA subscriptions, the investments bought with those subscriptions, and any income arising on those investments

https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager#what-amounts-can-be-transferred