Not sure whether it is possible from the technical and compliance point of view, but at the moment one needs to (1) sell GIA assets → (2) withdraw cash to the bank → (3) wait 1-3 days → (4) deposit it to ISA → (5) wait one to two hours → (6) invest within ISA.
Is there any possibility to avoid steps 2, 3, 4 and 5 and replace them with “transfer cash from GIA to ISA”? I understand share transfers are not permittable and that makes sense, but I think cash transfers would equally be convenient if possible
They have already said if you contact support they will move the money from your GIA to your ISA for you.
And I think they said they plan to implement this as a feature in the app. If not, that would be an important feature to have.
The more interesting feature request would be for them to implement “Bed & ISA”. Ie. an ~instant sell & buy across the accounts so you don’t lose (much) if the share price changes.
As Sendu mentioned, we already transfer cash from your Basic account (GIA) to your ISA & vice versa, just send the request to our support team via the in-app chat.
We’ll add this functionality to the app, to save you contacting us, later on
I’ve just opened an ISA (better late than never ) and am wondering how to transfer my holdings or just some cash.
Ideally, I’d like to be able to tap and automatically sell in basic and rebuy in the ISA. Failing that, I’d like to be able to sell myself and transfer the cash between the two accounts.
Right now it seems like the only option is to sell, withdraw funds then transfer them back again. Which seems a bit of a faff.
I asked the same query when I first joined. You have to sell, ask support to transfer the money into your ISA and then rebuy - at the moment there doesn’t seem to be a better option.
No you can sell of your basic and then FT will move your balance to the ISA or vice-versa. I’ve just done this although the process of selling and re purchasing at no cost lost me 2 days in the market.
To let you down easy with how many customers freetrade just took in it might take them longer than expected to process that request. You can only hire so many new staff so quickly.
If your accounts and bank is all set up you might actually be faster withdrawing it and then funding your ISA.
Hi! I want to move e.g. £1k from GIA to ISA. Do I have to withdraw £1k from GIA to my bank account, then top up my ISA with £1k from my bank account? Or is there a way of doing it within ft? Thanks!
Right now, it’s probably best to withdraw cash from the GIA to your bank account, then deposit cash from your bank account to the ISA (noting that you have different reference numbers for the GIA and ISA).
You can use the in-app chat to ask Freetrade customer service to move the cash for you, which under normal circumstances would probably be faster than waiting for two bank transfers, but they are so overwhelmed right now that I wouldn’t bet on that!
:freetrade: can do it for you, but it’s a manual process and there are a lot of new users right now. So realistically, it would likely be quicker for you to withdraw it and deposit it to the ISA account.
) and am wondering how to transfer my holdings or just some cash.
:freetrade:
