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Time taken to transfer
Why does it take up to two weeks to transfer Cash ISAs from one provider to another. So far it has taken several days for Flagstone to even provide Trading 212 with the relevant details. I reckon chasing after another 1% is going to take up to two weeks.
Comments
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The regulatory requirement is to complete cash ISA transfers within three weeks:
ISA transfers should take no longer than:
15 working days for transfers between cash ISAs
30 calendar days for other types of transfer
These timescales were defined back in the days when everything was done by sending cheques, but many nowadays will complete faster.
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This week I've had a couple of cash ISAs transfer to Virgin Money within 24 hours… Truly Amazed!
#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3662 -
Was that from T212?
Out of interest, is the interest rate for their cash ISA the same for transfers? Do they pay interest monthly and have no restrictions?
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MoneyBox account opened and transfer of Zopa ISA achieved within 24 hours. It can be done.
Your life is too short to be unhappy 5 days a week in exchange for 2 days of freedom!0 -
It was a transfer from Principality and Shawbrook. 4.07% payable monthly on both transfers and new subscriptions, but only 2 withdrawals permitted a year. NOT a flexible ISA.
#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3660 -
Same with me and my wife. When we've transferred fixed term ISAs to VM from other providers and given VM sufficient time, say about a week, they've always completed the transfer within 24 hrs.
Butt Spelle Chequers Two Khan Make Awe Full Miss Steaks1 -
Not so many years ago, a transfer happening in just two weeks would have been nothing short of a miracle !
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Does anyone know how long a Virgin to Virgin transfer takes? Reading previous comments I'm guessing very quickly.
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Virgin to Trading 212 has taken 24 hours
Not Rachmaninov
But Nyman
The heart asks for pleasure first
SPC 8 £1567.31 SPC 9 £1014.64 SPC 10 # £1164.13 SPC 11 £1598.15 SPC 12 # £994.67 SPC 13 £962.54 SPC 14 £1154.79 SPC15 £715.38 SPC16 £1071.81⭐⭐⭐⭐⭐⭐⭐⭐⭐Declutter thread - ⭐⭐🏅0 -
To answer my own question - 13 hours.
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