S&S ISA Transfer - Scottish Widows to AJ Bell

Julezy101

Hello,

Can anyone who's done this give me an idea of how long it took?

AJ Bell are offering a £500 Amazon voucher to do this. I'm currently getting about £22 a day in my ISA in a MMF with Scottish Widows and would lose this during the transfer process.

Thanks

wmb194

https://forums.moneysavingexpert.com/discussion/6654759/s-s-isa-transfer-scottish-widows-to-aj-bell

Why will you lose anything when you're invested in an MMF? If it's being transferred in specie you won't lose out - just make sure AJB offers the same one - or has it been sold and you're transferring cash? Cash only transfers are usually very quick.

masonic

If you are able to switch into an investment that AJ Bell offers too, then there would be no need to sell it ahead of the transfer.

Julezy101

No I've not sold it to cash its still in the MMF.

Yes AJ Bell have the same MMF.

I thought there would still be a delay in the transfer process. When I transferred a cash ISA from Barclays a few years ago to iWeb it took nearly a month for it to complete which was very frustrating to say the least.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81879159#Comment_81879159

Even if it takes a month, which it shouldn't, if it's transferred in specie you'll still be invested in the MMF.

dunstonh

Can anyone who's done this give me an idea of how long it took?

Which Scottish Widows? They have multiple distribution channels with different service standards and investment options. The investment options will have different settlement periods. There will be differences between them.

george4064

@Julezy101 are you sure AJ Bell will pay you £500 Amazon voucher to transfer to them?

I can’t see this offer in their website so perhaps it’s something they’ve emailed to you?

In any case, make sure you thoroughly review the T&Cs of the offer so that you fully understand it. Sounds like you’re transferring primarily for the transfer offer, so is v important!

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81879353#Comment_81879353

They seem to have two offers on at the moment, according to https://www.ajbell.co.uk/investment/accounts/offers :

https://www.ajbell.co.uk/investment/accounts/offers/raf : £100 Amazon voucher each

https://www.ajbell.co.uk/investment/accounts/offers/transfer :

When you transfer your SIPP, ISA or Dealing account to us, we'll help cover the costs your current provider charges for transferring your account. We'll pay up to £35 per investment moved and up to £100 for general exit fees - up to an overall maximum of £500 per person.

To be eligible, the SIPP, ISA or Dealing account being transferred must be valued at £20,000 or more. Please see our offer terms and conditions to find out more.

The 'per investment' model would mean a holding in a single MMF would earn £35 when transferred.

Alexland

AJ Bell's longstanding up to £500 offer is to reimburse transfer out costs so they wouldn't even pay the £35 if it wasn't charged by the old provider.

Julezy101

@dunstonh it's the variant of Scottish Widows that took over iWeb recently.

@eskbanker This is an offer that they have emailed me so looks to be separate from the offers above.

AJ Bell Offer.jpg

I can't attach the full .pdf so this is a snippet of it.

I didn't know about the in spec transfer which appears to mean the fund will stay invested until the day of the transfer and then it shouldn't take long to move over. So it wont mean waiting like I did with the cash ISA transfer previously.

I'm going to ask Scottish Widows if they can offer me anything so stay with them (unlikely they will) or it seems like a decent incentive to transfer. There would be a potential issue in that I would have both my ISA and SIPP with AJ Bell which would be well over the protection limit if they went belly up (a small risk admittidly)

kermchem

A J Bell also have a current targeted offer of transfer an ISA or a pension worth £10,000 or more and receive an Amazon voucher up to £500. It appears to have been sent to subscribers to their weekly e-mail, "Exclusive special offers, events and other marketing promotions".

AJB_ISA_and_SIPP_Amazon_gift_card_2026_TandCs_final.pdf

I think you probably need the link in the e-mail to be able to actually claim (sorry, not sharing this). I might want to work out if a family member can use it.

Edit - this is the same offer as Julesy101 has posted in the previous post.