ISA transfers are here šŸšš

Freetrade Chat šŸ”„
82

Apologies if mentioned already. But can this form not be put online? A paper form seems pretty archaicā€¦

83

This is because some providers donā€™t accept online forms.

84

But then you can print the form youā€™ve populated online in that scenarioā€¦ not make it the default

1 Like
85

Yeah, thatā€™s very true, maybe a consideration for the continuous improvement.

86

Know theyā€™re busy with the Xmas list but maybe something to look at in the new year. Onboarding experience is super key and I imagine more and more consumers will be joining in this way.

87

Although freetrade can now transfer ISAs the platform can not deal with pricing. The word is we need to wait for the new platform. I think this should have been sorted before offering transfers

88

Freetrade have added the first iteration of pricing and billing to the beta version of the app.

1 Like
89

Yeah in the beta app now there is a version of this under the Profile/Account section. It says ā€œManage your investment ISAā€ and has options where you can set up your payment method :slight_smile:

90

Hey Darren, weā€™re working on payments right now, and we should have an update for everyone very soon.

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91

itā€™s not payments, itā€™s average price of investments that were transferred. The stocks I transferred are showing Ā£0.00 in average price

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92

I see. Could you drop us an in-app message and weā€™ll check this right out for you?

93

I have already, I was told that it canā€™t be resolved until the new platform is up and running

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94

I just filled out my Stocks and Shares ISA transfer form and popped it in the post yesterday! I saw that Hargreaves Lansdown recently removed its transfer charges, so took the plunge!

These charges were the main reason keeping me at HL. It would have cost nearly a grand to transfer my ISA under the old policy. But after the Woodford issue, combined with high fees and a CX platform that has not been significantly updated in the past 5 years I was really keen to move.

I just hope the transfer goes smoothly! :worried:

Does anyone know how long this process takes to complete?

3 Likes
95

Should be under a month from them receiving correctly filled documentation (from my recollections of the rules around it)

1 Like
96

Thanks @Yas

97

Silly question, but does ISA always need to be ā€œtransferredā€ if you want to change the provider?

Like if you have been using provider A, but want to start using FT, can you stop paying into provider A, leave your assets there and start using ISA with FT from scratch?

98

Yeah, you can do that. Just open a new one.

2 Likes
99

This depends on what contributions you have made this tax year to your current Stocks & Share ISA.
You can only contribute (up to a max amount of Ā£20K) to one Stocks & Share ISA in a tax year.

So if you have already contributed to your current Stocks & Share ISA this tax year (6-Apr-2019 to 5-Apr-2020) you would need to transfer it to Freetrade first before adding more money to a Freetrade ISA.

If you have not contributed to your current Stocks & Share ISA this tax year, you are allowed to open a new Freetrade and use it (you could optionally also transfer your current ISA to Freetrade if you wished).

Or if you wait until the new tax year starts in a week (6-Apr-2020) you can just open a new Stocks and Shares ISA with Freetrade.

3 Likes
100

Can we transfer basic to ISA by any chance?

101

No, you have to sell everything transfer the Ā£Ā£ over to the ISA and rebuy