The Cashback for Bank or Investment Accounts Discussion Thread

granta

Freetrade 1% transfer offer

I note the deadline to START a transfer is 5 April. I'm wondering whether I could qualify an extra £20k transferred in if I open a cash ISA on 5 April and start a transfer into Freetrade on that date BUT top it up with £20k on 6 April. I think it should qualify as the 5th April is a weekend so they would only start the process in the working week.

Any thoughts?

masonic

https://forums.moneysavingexpert.com/discussion/comment/81864187#Comment_81864187

It seems very unlikely that anything would happen before you'd had a chance to top up on the 6th, but I would not leave it until late in the day to top it up.

granta

https://forums.moneysavingexpert.com/discussion/comment/81864194#Comment_81864194

I've just realised 6th April is Easter Monday so it should be fine. I was previously thinking 5th April was the cut-off but in reality it just needs to be started by then so I could potentially make use of the next tax year to gain a little more!

Also, if I open a cash Isa with some of the old fashioned building societies, it usually takes a few weeks for the transfer to happen so that should give me a few days to top up the full amount.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81864198#Comment_81864198

Oh, that's when Easter is this year! Then you should be fine. I don't know if Freetrade is one of the providers who will only accept transfers from members of the electronic ISA Transfer Service, but that's something to watch out for.

granta

https://forums.moneysavingexpert.com/discussion/comment/81864208#Comment_81864208

Good point. I will ask them in advance.

I've done SIPP transfers into freetrade and even providers like Fidelity who usually require paperwork have all completed without any paper involved. So perhaps their ISA transfers are equally slick. Hopefully Easter will give me a small buffer

winkowinko

https://forums.moneysavingexpert.com/discussion/comment/81864198#Comment_81864198

Am I right in thinking that if you were to deposit the 20k into a flexible cash ISA on the 6th, you could potentially put it back in after the Freetrade transfer is complete, and still retain your 20k allowance for the year,

granta

https://forums.moneysavingexpert.com/discussion/comment/81864221#Comment_81864221

I'm not sure how Flexible ISAs work. But I assume once I've transferred to Freetrade then I can't remove it again? Plus the terms of the offer state you can't make any withdrawals so I would leave it there any busy some ETFs.

winkowinko

https://forums.moneysavingexpert.com/discussion/comment/81864230#Comment_81864230

Yeah, you'd need to leave it Freetrade until the 5th Dec to get the cashback on the 20k.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81864221#Comment_81864221

Putting £20k into a flexible cash ISA on the 6th April uses your full allowance for the year. It is unclear exactly what you are describing after that, but flexibly withdrawing before it is transferred then paying it into Freetrade would again consume your allowance for the year while excluding it from this incentive.

granta

https://forums.moneysavingexpert.com/discussion/comment/81864233#Comment_81864233

Yes I'm planning to do that. I just wasn't sure what you were asking in regards to using the Flexible ISA? What are the benefits of removing the funds after you've subscribed your allowance?