If you’re planning to use the funds in seize months then you wouldn’t be putting it in shares
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Well, you do you, but others might, or may just want to put it in to get the 3% interest for those months to cover the Plus fee.
Regardless, the point stands that once the money is in the ISA and the allowance used up you cannot withdraw it and put the funds back in later. You could do that with the GIA.
Just to add, Im currently suffering through the process of moving GIA investments to my ISA as well and made the mistake of going through the customer service route to move the money. In hindsight, it would have been quicker to withdraw the cash, wait for it to reach my bank account, then refund the ISA to buy the shares back. Very inefficient and frustrating process. Hope to see the ability to move funds quicker in future, ideally including unsettled funds too so you can do something that approximates the bed and ISA process. Suspect a lot of users have made big money this year and will be facing capital gains tax scenarios. Would be a good option maybe for Plus account holders to be able to initiate a Bed & ISA process and not have to go through such a length ordeal.
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Not usually a painful process, more unfortunate because you’re requesting it at a time that CS are snowed under with new customers.
When I moved funds earlier this year, I’d message CS and have it moved within 2/3 hours.
Was fairly fast for me as well.
I’ve still not had a response after two weeks.
Thanks - glad to hear it is usually quick. I guess though that this implies its a simple task they can do easily in which case why not give customers the ability to self-serve and free CS up for trickier things like resolving problems? Appreciate FT is still a start-up but if they are planning to scale, the should surely be looking to automate as much as they can so people like me dont have to pester them!
Not defending the delay people are suffering now, just saying it’s unfortunate you’re doing the transfer now since they’re obviously struggling with requests most likely from the surge in new users.
Yeah I completely agree, but not going to pretend I have any idea how easy it is for them to allow customers to self serve.
Another way you can do it yourself (if you have the cash spare) is to deposit directly into your isa and sell in your GIA whilst buying in your ISA to move it over. Worked for me around payday when I have a few days with spare cash before the bills get paid.
Actually, when I look now the transfer appears to be automated with a bot.
So, for anyone still waiting to move cash GIA > ISA if you create a new message and follow the prompts it may be quicker.
I agree with you on the need for automation! (This isn’t the only place where I’ve been surprised about features that require manual intervention by them.)
My impression is that it may be harder to roll out new features in a mobile app than it is on a desktop web interface. Any mobile app developers in the community: am I correct in that assumption? I’ve developed websites, but have no experience developing mobile apps.
Good tip. Unfortunately I dont have enough free cash right now to do that. In future, I think that’s what it will take - prepare thoroughly beforehand and try to get enough cash together as a bridge.
Yes, I have zero technical knowledge of this! All I know is that I have two other (web-based) peer to peer lending accounts which have IFISA and standard accounts. For both platforms, you can move money between them instantly so it feels like a basic bit of functionality that is missing.
Just had a look at that and unless Im missing it, I think the bot has gone for the time being along with all options to initiate a new conversation through the app. You just get directed to a stock message with the relevant email address and a stated aim to get back to you in 2-3 days. Its 5-7 days for the ‘something else’ option. I guess in hindsight, I could have held off for a while and started the process off in a few weeks time when things may be better but Im trying to get all my stuff sorted before the end of the tax year and wrongly assumed it would be a simple thing to move money from one account to the other within the app. That was actually the main reason I opened a freetrade ISA rather than a HL one - I thought it would be a quicker round trip to do it all within the same platform but hasnt ended up being the case. Im going to stop moaning now. Didnt mean this to turn into a complaint - I love the work FT are doing and hopefully events from this month will have identified lots of areas they can make their product even better with automated transfers between accounts one such example!
I found the bot really unhelpful, it asked how much I wanted to transfer, and the action of me switching to check my balance ended the chat. I then just had to open a new chat and ask the question myself. I wish there was an easier way, but I’m sure FT will slicken it up over time.
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Interesting. Cant seem to do that on my app. Are you a plus member?
Yes, I’m a Plus member and on Android.
Ok I think that’s it. Plus members get access to the bot and chat function but regular members dont for the time being.
Ah, wasn’t aware of that.