Cash isa transfer into IE?

Help & FAQs ISAs
1

hi all,

i currently have a 2 year fixed cash isa with hodge bank @ 2.21%.
i will happily pay the 60 or 90 days interest as i hope to transfer it into a managed IE s&s isa.

can this be done?

2

I have a large fixed-term ISA which matures soon. I gathered that the transfer process to IE can take some weeks. Can I renew the cash ISA as an ‘easy access ISA’ with the current provider, and then initiate the transfer via IE. I guess IE can transfer easy-access ISA anytime and I will get some interest as well - is this a good way to do this or are there smarter options?

3

i have transfered a cash isa into invest engine from hodge and coventry.

the process was fast and took aprox 4 days as i signed a digital signature with IE.

ask customer services directly and they will direct you.

i think i waited for it to mature into an easy access isa and transfered it across.
let me know how you get on please as i have 2 that mature this year.

4

@mark66 , thank you. The ISA provider has sent me maturity options. If I don’t do anything, it will be moved to ‘matured cash ISA’ and they will let me know the interest rate, which I guess won’t be much. So I was thinking of rolling into easy access ISA and then ask IE to transfer. Indeed, will get in touch with CS and will keep you updated!

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5

Transferring before maturity can incur an interest penalty, so usually best to wait.
Often the account number changes at maturity, so waiting to get the correct one helps avoid problems later.

One from Virgin took a week for me recently, and Charter Savings 2 weeks, though I chased that one through in the end.

Govt expects Cash ISA providers to transfer in 3 weeks at most, each party getting 5 days - helps to be aware, if any tell it differently - see attached, Section ‘Cash ISA Transfers’
ISA Transfer time

6

@nedjohn , Thank you. I agree with your point, so if I renew it as an easy-access ISA once the fixed-term ISA matures, I guess IE can transfer that without much hassle.

7

yes, let it move into an easy access isa and quote the NEW account number to IE on the transfer form.
1 week approx and cash will appear in your isa cash pot ready to invest.

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8

Hi there, you are always welcome to transfer your ISA to us. Cash transfers are typically faster than in-specie transfers and usually take a couple of weeks. However, please note that delays may occur during busy periods, and in some cases, the process can take up to 30 business days.

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