HSBC GIC -> Cash ISA online application?

Emily_Joy

I am looking to transfer some uninvested funds from HSBC GIC S&S ISA into a cash ISA. It is a bit painful experience so I try to do it not more than once a year. Are there any providers that would accept online application for this transfer? I have previously tried Virgin (had to chase it for 2 months) and Yorkshire Building Society (who are still trying to chase a similar transfer I submitted a year ago or so...). Skipton requests a paper form to be send to Customer Delivery, Skipton Building Society, Skipton, North Yorkshire, BD23 1DN, however I have a branch nearby so maybe it is possible to do it in person or online? Any suggestions appreciated. 

masonic

HSBC themselves list "HSBC Bank plc InvestDirect" and "HSBC Trust Co (UK) Ltd" as providers that allow online transfer into their Loyalty Cash ISA (which doesn't appear to require any "loyalty" to open). So may be a useful intermediate account to hold for this purpose. I don't know if one of these is responsible for administering your S&S ISA.

Emily_Joy

masonic said:

HSBC themselves list "HSBC Bank plc InvestDirect" and "HSBC Trust Co (UK) Ltd" as providers that allow online transfer into their Loyalty Cash ISA (which doesn't appear to require any "loyalty" to open). So may be a useful intermediate account to hold for this purpose. I don't know if one of these is responsible for administering your S&S ISA.

Great idea - I will try that!

Emily_Joy

masonic said:

HSBC themselves list "HSBC Bank plc InvestDirect" and "HSBC Trust Co (UK) Ltd" as providers that allow online transfer into their Loyalty Cash ISA (which doesn't appear to require any "loyalty" to open). So may be a useful intermediate account to hold for this purpose. I don't know if one of these is responsible for administering your S&S ISA.

Now I opened Loyalty ISA and I see online that I can transfer funds from GIC Uninvested Cash to this one. The question is whether the funds transferred this way will stay in ISA wrapper? Or do I need a separate application? There was no option to transfer funds as a part opening procedure - I had to put some "new" ISA money there.... 

masonic

That is well worth clarifying, as we've seen in the past that certain building societies allowed internal transfers between cash ISAs that were treated as new subscriptions in the destination account. Even with confirmation, I think I'd do a £1 test to see what happens to the available allowance.

Emily_Joy

masonic said:

That is well worth clarifying, as we've seen in the past that certain building societies allowed internal transfers between cash ISAs that were treated as new subscriptions in the destination account. Even with confirmation, I think I'd do a £1 test to see what happens to the available allowance.

Just to check - I am checking allowance within HSBC, right? (Because I have other ISAs they wouldn't know about... )

masonic

Emily_Joy said:

masonic said:

That is well worth clarifying, as we've seen in the past that certain building societies allowed internal transfers between cash ISAs that were treated as new subscriptions in the destination account. Even with confirmation, I think I'd do a £1 test to see what happens to the available allowance.

Just to check - I am checking allowance within HSBC, right? (Because I have other ISAs they wouldn't know about... )

You would be checking that the allowance used as reported in the cash ISA stays the same after a test transfer.

Emily_Joy

masonic said:

Emily_Joy said:

masonic said:

That is well worth clarifying, as we've seen in the past that certain building societies allowed internal transfers between cash ISAs that were treated as new subscriptions in the destination account. Even with confirmation, I think I'd do a £1 test to see what happens to the available allowance.

Just to check - I am checking allowance within HSBC, right? (Because I have other ISAs they wouldn't know about... )

You would be checking that the allowance used as reported in the cash ISA stays the same after a test transfer.

The plan failed. Manual transfers count as new money, there is no online form for transferring their own GIC ISA to Loyalty Cash ISA. In hope for the best I filled the form for Cash ISA transfer and received a letter via post saying that this is the wrong form, with eight A4 pages long form enclosed (that is nowhere on their website) but no freepost envelope. Sigh. 

masonic

Emily_Joy said:

masonic said:

Emily_Joy said:

masonic said:

That is well worth clarifying, as we've seen in the past that certain building societies allowed internal transfers between cash ISAs that were treated as new subscriptions in the destination account. Even with confirmation, I think I'd do a £1 test to see what happens to the available allowance.

Just to check - I am checking allowance within HSBC, right? (Because I have other ISAs they wouldn't know about... )

You would be checking that the allowance used as reported in the cash ISA stays the same after a test transfer.

The plan failed. Manual transfers count as new money, there is no online form for transferring their own GIC ISA to Loyalty Cash ISA. In hope for the best I filled the form for Cash ISA transfer and received a letter via post saying that the wrong form, with 8 pages long A4 form enclosed (that is nowhere on their website) but no freepost envelope. Sigh. 

Disappointing, but at least there is a way, albeit an archaic one.