ISA transfers are here 🚚

Okay, good to know. Sorry for the misinformation. Was this always the case or did it change recently?

I’m not sure. The rules have changed so much for ISAs, I find that it’s only worth keeping track of what’s valid now! I wouldn’t be surprised if they change again in the next tax year.

Pretty sure it’s been this way for some time.

You can transfer an isa and keep its benefits at any time. But opening a new isa and moving the money into doesn’t not count as a transfer, it counts as a new isa which you can only do once per year per type, and the money isn’t considered within an isa wrapper anymore once you’ve taken it out your old isa.

If you want to keep your allowance and your previous isa deposits, transfer.

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@Freetrade_Team @craigpeckham
This is good stuff. Quick question - does the FSCS protection up to £85 apply to cash/stock/mixed ISAs at freetrade? Cheers

My S&S ISA is with MoneyBox, as soon as I have £1 back in there ready to transfer it allocated to funds that are not available on Freetrade, you can’t sell these funds and hold them as cash, it’s either in the fund or returned to your bank account. How would this work for me? I have left £1 in there while I wait for the transfer but I can’t see it working! Any light you can shed on this would be good! As I am sure there are other investors on MoneyBox that would like to transfer!

Hey @grantbarker. Good news, Moneybox do offer transfers out in cash :+1:.

I suspect they put a freeze on additional investments once a transfer application has been received.

https://www.moneyboxapp.com/faqs/getting-started/transfer-isa-from-moneybox/

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The short answer is yes. The FSCS protects individuals in the most dire of cases up to the value of £85k per institution.

That doesn’t mean that you would automatically lose any investments above £85k if an institution went bust, it’s really just a worst case scenario.

You can check out whether an institution genuinely carries FSCS protection on the FCA website :wink:

This blog post from last year gives some more detail on the measures we have in place to make sure your cash / stock is properly protected. :point_down:

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I submitted form on the day it was posted, no contact from the team yet.

So, anyone started their ISA transfer?

Hey! Could you please DM me your email address and I will take a look for you? Thanks!

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I think I submitted mine on day 2 after this post but no contact yet just the initial (i assume automated) email.

Same here, haven’t heard anything. Signed up same day of this post going up. Have only received an email saying that the Ops team will be in touch

Same here

I’ve had contact this evening, was asked to open an ISA with Freetrade in readiness for the transfer, no dates yet.

Thanks for showing your interest in getting your accounts transferred! We have generated a waitlist from your responses and will be working through systematically :+1: We won’t keep you too long! :blush:

I got transfer form today in pdf.
Was expecting a webform that can be printed, that’s how I did with iweb.
Anyway will start the transfer.
Would I have to open ISA account with FT before transfer?

After transfer can I open any other ISA account or just FT one for this year?

Short answer: yes. But our ops team will shepherd you through the process and when you need to open the Freetrade ISA to complete the transfer.

I have GOOG (C class shares in ISA) and FT has GOOGL (A class) so I cannot transfer them, am I right?

Has anyone had their ISA transferred yet? I sent my form last week not heard anything back and my ISA account with another provider is still active.

Would we expect to receive any information when the process starts? I.e. being informed when the form has been received, or when funds have been transferred?

Mine went through yesterday from Nutmeg. I liquidated in advance. The whole process took about 7 working days. 4 of which was Nutmeg not sending the money (despite nulling the account).

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I’ve got shares in my ISA so might be why it’s taking a little longer, but I was expecting my ISA account (didn’t want to spend the money selling the shares) to be unavailable/disappeared or at balance 0 with my provider.

7 Days was a pretty quick turnaround, I guess it works on first come first serve, so I might be a little further down the list to you.

With regards to comms from Freetrade, when did they contact you throughout the process?