Closing Natwest account - waiting for access to biometrics?

mebu60

EasyToAssemble01 said:

RunsFromRobots said:

Are you looking to reinvest in another ISA elsewhere?

I'm looking to reinvest it in my Trading 212 Stocks ISA. The question is about the delayed security process, which I imagine would be the same for a transferral or withdrawal.

No! Assuming Trading212 ISA accepts transfers-in instruct them to initiate the transfer. If you take the funds out of Nat West and move them to T212 yourself it will be treated as new money in the current tax year. Getting T212 to do it as a transfer-in will retain the tax-efficient status of the matured funds and have no impact on your £20k allowance for this tax year. 

UKX69

MeteredOut said:

EasyToAssemble01 said:

MeteredOut said:

You mentioned Natwest transfer limits. These should not come in to play when you're doing an ISA transfer, only when you're manually transferring funds, which would then lose the tax sheltered status of the funds.

I can't see why (or even how) biometrics could come into play when you'd be initiating the ISA transfer from T212.

To answer your question, i understand Natwest does not necessarily have a fixed timescale for allowing biometric setup, but it depends on your own usage profile. From memory, it was around 3 days for me.

EDIT: See https://www.natwest.com/fraud-and-security/sca.html

"For your security, biometric approval won’t be open to you if you are new to our mobile app. Continue using the app as normal and we’ll let you know when you can set it up."

OK, thanks. I'm still  under the threshold for this year, but didn't think of initiating it from Trading 212, so I'll try this.

Always initiate the transfer from the receiving ISA provider. If you'd manually transferred the funds, you'd be using a portion of this years £20K allowance, and if you were wanting to add more to the ISA this year, you'd be limited to that total of £20K including the funds you manually moved over.

Yes, Mrs UKX transferred her ISA from NatWest to Leeds BS this year with no problem. Leeds did all the work and it went very smoothly in no time.

EasyToAssemble01

Thanks for all the advice on initiating from the receiving-ISA side. It didn't occur to me that this was how it was done.