Move cash from GIA to ISA bypassing bank transfers

New tax year means I can finally use FT ISA!

This feature would be v useful as you could always transfer cash into GIA and then decide if you want to put it in an ISA.

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So I’m not sure if this belongs in chat or ideas…

I’ve just opened an ISA (better late than never :raised_hands:) 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.

Tell me there’s a better way! :grin: :freetrade:

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Hello Peter :wave:

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.

No you still pay stamp duty I’m afraid. It’s a pain but my fault for not just opening an ISA from the start.

is the transfer of cash from GIA to ISA instant?
and how long does it take for staff to start this process?
i have already messaged them 10+ hours ago :sob:

it’s not instant. I think its a manual transfer process and I think customer support are swamped

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do you know the average timeframe?

mine happened same day, but that was during ‘normal’ times, when a few hundred people per day signed up and not 45k

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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.

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it says 3-5 days im not sure i want to risk it :disappointed:

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!

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: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.

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Any idea how long it takes for the £ to appear in my bank account after doing the withdrawal in the ft app? Been a couple of days.

3-5 working days to withdraw

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Hi,

Apologies if this has already been covered.

Is it possible to move monies between accounts and if so, how do you do it?

Thanks

You can’t transfer stock between your GIA and ISA.

However, if you’d like to transfer cash between your GIA and ISA, drop us a message via the in-app chat.

Thats what was the last official answer :+1:

A lot of people have been reporting that customer service has been slow to respond recently, though, especially if you are not paying for the ‘plus’ level of service, so you might find it faster to just withdraw cash from your GIA to your bank account, and then deposit it from your bank account to your ISA.

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It’s worth noting, whichever method you use, you’ll have to wait till your funds have settled from sale of your shares, before you can make a withdrawal. This can take 3-5 days depending on the day of the week.