Delays in transfer from Cash ISA to Stocks and Shares ISA

IcyBee

Both me and my partner asked our Building Society to transfer our maturing Cash ISAs to their S&S ISA with Fidelity. My partner’s did so nearly immediately whilst mine left the cash ISA but has not arrived with Fidelity after 4 days. Where is it? Who is benefiting from my cash in the meantime? Why am I not being treated the same as my partner?

Umiamz

Nobody here can tell you - you'll have to ask your Building Society.

IcyBee

https://forums.moneysavingexpert.com/discussion/comment/81994122#Comment_81994122

I am sure that somebody on this site may understand the overarching financial system and the question of whether a building society or investment company are holding onto my cash for an inappropriate period of time for their own financial gain.

Keep_pedalling

https://forums.moneysavingexpert.com/discussion/comment/81994252#Comment_81994252

The answer to that is no.

eskbanker

https://forums.moneysavingexpert.com/discussion/6667769/delays-in-transfer-from-cash-isa-to-stocks-and-shares-isa

Just to be clear, you presumably asked Fidelity to arrange the transfer, rather than the building society, as it's the receiving provider who controls the ISA transfer process?

friolento

https://forums.moneysavingexpert.com/discussion/comment/81994310#Comment_81994310

I might be wrong but I think the OP is with a Building Society which offers both, cash and S&S ISAs (with Fidelty funds). So they are asking about an internal transfer.

@icybee, best ask your BS about the progress, or lack of it, with your transfer request as they are the only ones who can give you an authoritative answer. There is no "overarching financial system" which governs internal ISA transfers. The typical maximum length of transferring between different ISA types can be up to 30 working days, but many transfers complete much more quickly.

Albermarle

https://forums.moneysavingexpert.com/discussion/6667769/delays-in-transfer-from-cash-isa-to-stocks-and-shares-isa

You could look at in another way, in that your partners almost immediate transfer is not the norm, and was an excellent performance by the bank.

You must be transferring a very large amount to be worried about losing 4 days interest.

On £50,000 it would be £20.

£50,000 in a S&S ISA could lose 250 times that on a bad day.