Flexi ISA

20122013

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?

El_Torro

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

Normally it is no problem transferring from a cash ISA to a S&S ISA.

sammy_zammy

The Tembo Cash ISA is not a flexible ISA.

surreysaver

20122013 said:

I am thinking of opening a new Flexi ISA with Tembo 

sammy_zammy said:

The Tembo Cash ISA is not a flexible ISA.

..........

20122013

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

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.