Freetrade 1% Cashback on S&S ISA Transfer.

FIREDreamer

https://forums.moneysavingexpert.com/discussion/comment/81965852#Comment_81965852

Mine was all cash.

Altior

The one that failed to register for me (the ISA) was cash initially, but not past the £10K, then the transfer theoretically took it over the line. Will only be a modest ISA cb if it comes through, under £200, but still nice to get with any luck!

fire_in_progress

I believe I am in the same situation regarding Freetrade. I initiated a transfer of my Sipp from Fidelity before 5 April, completed shortly afterwards… but there is no way now to check whether it counted for the cashback.

I e-mailed them - and the response was "we can't confirm neither whether you qualified nor the amount", you'll know when the cashback is due in December. I thought they could do better than that.

Incidentally, when I initiated my transfer, the only option I could see in my Freetrade's account was cash, whereas I wanted to request an in-specie transfer. I used their chat function and somebody confirmed to me a transfer from Fidelity could be in-specie, no problem.

Guess what… Fidelity sold all my assets and the transfer to Freetrade was all cash. I was lucky that, due to market volatility, I was about 200 pounds better off when I went on and re-purchased my assets in Freetrade. Needless to say, this was due to pure luck, given current market volatility. But I learned not to trust Freetrade's chat function… and, if I had lost money, they would be receiving a complaint (although I did not save a copy of the chat conversation, I believe they must have a record of it).

As I trade quite infrequently, apart from the 1% cashback offer, I don't regard Freetrade superior to Fidelity, in fact almost regret leaving Fidelity.

Altior

FT do in specie, mine was. If I recall correctly there is a tick box in the process where you agree for the assets to be sold if they can't be transferred. However, the in specie transfer initially turned out to be a devil of a task. I was originally doing a partial transfer of assets from 212. However I kept being asked to put the cash value of the assets, which naturally fluctuate with the market. They kept replying stating that 212 were rejecting it due to a problem with the valuation, and I'd need to submit a new form. In the end I cancelled it, but pretty soon after I got fed up with 212 and decided instead to transfer everything, and that went through smoothly (in specie). As I alluded to, this is only a small part of my overall portfolio, I could imagine it to be pretty stressful for very large amounts!

All of my SIPP transfers have gone through smoothly, it seemed a part of the process didn't like partial in specie.