Flexi ISA

20122013
20122013 Posts: 279 Forumite
100 Posts Name Dropper
edited 25 May at 1:35PM in Savings & investments
I am thinking of opening a new Flexi ISA with Tembo and would like to know others' experience transferring the funds out to S&S ISA, please?  is it a straight forward, like a bank transfer or had to complete paper form and how long does the transfer take?


Comments

  • El_Torro
    El_Torro Posts: 1,821 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I recently transferred a Cash ISA to Tembo. The bank I was transferring from wasn't on Tembo's list so I transferred to Trading 212 first (I already had a Cash ISA with Trading 212) and then did a partial transfer from Trading 212 to Tembo. Not the end of the world, a bit annoying though. Each step took less than a week.

    Normally transferring from one ISA to another is pretty straightforward. Just give the bank you're moving to the details of what you want to move and they sort it out. Sometimes the bank you're transferring from asks for you to confirm, though in my experience everything happens online. 

    I've never transferred from a Cash ISA to a S&S ISA but as long as you're transferring cash I don't think it's any tougher to do that. 
  • Albermarle
    Albermarle Posts: 27,326 Forumite
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    Normally it is no problem transferring from a cash ISA to a S&S ISA.
  • sammy_zammy
    sammy_zammy Posts: 87 Forumite
    10 Posts First Anniversary
    The Tembo Cash ISA is not a flexible ISA.
  • surreysaver
    surreysaver Posts: 4,717 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    20122013 said:
    I am thinking of opening a new Flexi ISA with Tembo 


    The Tembo Cash ISA is not a flexible ISA.
    ..........


    I consider myself to be a male feminist. Is that allowed?
  • 20122013
    20122013 Posts: 279 Forumite
    100 Posts Name Dropper
    What is the estimated processing time to transfer cash ISA  into S&S ISA to ii / iweb    As ii had told me I will find out once I have submitted my transfer in application.  I would prefer to know beforehand.
    I have the option of transferring out from Natwest, Trading 212, Coventry, Barclays and also will consider other S&S platform.


  • masonic
    masonic Posts: 26,696 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 27 May at 12:39PM
    You can't know beforehand. It depends on how busy the two providers are when your transfer request lands. But over 90% of cash ISA transfers complete within 7 working days according to the latest figures from BSA/TISA. While this isn't strictly a "cash ISA transfer", it should not take any longer as no investments are involved.
    It seems very strange to decide on the cash ISA to sacrifice and the investment firm to use for the S&S ISA based on transfer times. Usually interest rate and investment choice/platform fees would be the deciding factors. Also, I don't know if this is important, but neither the ii nor iWeb S&S ISA are flexible either.
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