Coventry ISA transfer in form

eskbanker

Yes, I'm not suggesting that this would be a particularly common situation, but to be honest, the scenario in this thread is already quite niche, i.e. wanting to transfer all current year money and a subset of prior year money, so OP must have had some way of calculating how much s/he wanted to move!

masonic

It is not uncommon to want to perform a partial transfer. The customer will invariably have a total amount to transfer in mind, but must elect whether or not current year subscriptions should be included in that transferred sum (glossing over the 2024 reforms).

The instruction the OP thought they were providing was to partially transfer the sum of £10,000, composed of current and prior year subscriptions, which is not at all niche as a request.

This has been turned on its head by being framed as "all current year money and a subset of prior year money" as you say, but then rather than putting themselves into the customer's shoes and considering what the customer might mean by "total amount", the ceding provider has interpreted this as if the customer has performed additional calculations to break up the intended "overall total" into an unspecified/unknown current year amount and a prior year "total". That is a quite niche instruction for the customer to wish to communicate, and ought to have triggered a certain amount of uncertainty in the mind of whomever interpreted the form in this way.

I've seen forms where a single figure for the value of the partial transfer is requested, along with a tick box as to whether this transfer should be fulfilled using any current year subscriptions. This is the most concise way of providing clear instructions where the provider is unwilling to give the customer the benefit of the 2024 reforms.

35har1old

https://forums.moneysavingexpert.com/discussion/comment/81874698#Comment_81874698

If there had been a box for the current year and another for previous years there would not have been any calculation necessary

Tracking the origin of the previous years deposits would be difficult due to the number of years involved. Also the transfer was coming from a ISA that had been opened this year with several partial transfers and a cash deposits.These transfers in likely came from ISAs also made up from partial transfers

The reason for wanting to transfer this years money was trying to keep track of ISA allowance this year.Had a another ISA with Coventry and asked for this to be closed on final transfer but it wasn't due to having £1 from this year. Didn’t check what was stated on that transfer

Rich2808

Just a word of warning if you are doing an ISA transfer to the Coventry.

After you send your transfer form in Coventry will almost certainly (they always have with me) send you back a letter in ordinary second class post with all the personal data they hold on you on the back - your NI number, your date of birth, your home phone number, your work mobile and your personal mobile and your email address - in addition of course to your full name and address on the other side. Someone could intercept this - and get access to all your personal data which would be sufficient to apply for credit cards, loans and more in your name.

Consider whether the risk of being exposed to identity fraud is worth the higher rate.

This is all apparently a legal requirement according to the Coventry - but no ISA provider does this as far as i am aware so it clearly is not.

Good luck anyway.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81875037#Comment_81875037

Presumably the reason there aren't separate value boxes for current year and prior year amounts is that Coventry's form is still based on the old rules about current year money having to be moved wholly rather than partially.

I don't know why you'd want to track the origin of prior year money, as this is generally regarded as one big lump from the perspective of the ISA regulations, but if you want to keep track of your current year allowance, then I don't understand how mixing it up with prior year money in a transfer would facilitate that?

masonic

"but if you want to keep track of your current year allowance, then I don't understand how mixing it up with prior year money in a transfer would facilitate that?"

It can be helpful if you wish to subscribe additional funds to the receiving ISA and therefore want to see your available allowance calculated correctly by this provider. This of course assumes you have not subscribed to any other ISAs during this tax year.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81875883#Comment_81875883

Yes, keeping all current year money in the same ISA (or at least with the same provider) undoubtedly helps to keep track, if that's what OP means.

35har1old

https://forums.moneysavingexpert.com/discussion/comment/81875732#Comment_81875732

The ISA has been opened and funded by a transfer never received any letter as you described and this is the second ISA opened with the Coventry this year

fuzzzzy

https://forums.moneysavingexpert.com/discussion/comment/81876503#Comment_81876503

My experience of Coventry transfers has always been the same as Rich2808. Maybe their letter to you got lost in the post.

Malchester

I have transferred in and out of Coventry but always online and no letters ever sent. Maybe it is if you don't do it online