What is a transfer request and how does it work?
It’s a request to transfer fundsFunds, also called ‘tracker funds’, are financial instruments that have been set up to match or ‘track’ the price of a market index. Investing in a fund lets you get exposure to different financial assets like shares and bonds, without having to buy them directly. that you have stored in an ISA account with another provider.
This can include a Cash ISA, Stocks & Shares ISA, Cash Lifetime ISA, Stocks & Shares Lifetime ISA and a Junior ISA.
You can only transfer between the following accounts:
- ISA (Cash or Stocks & Shares) to ISA (Cash or Stocks & Shares)
- LISA (Cash or Stocks & Shares) to LISA (Cash or Stocks & Shares)
- ISA (Cash or Stocks & Shares) to LISA (Cash or Stocks & Shares)
- JISA to JISA
You can find out more about how it works here.
What’s the benefit of requesting to transfer an ISA, LISA or JISA?
Transferring in from an account held elsewhere is a great way to bring all of your savings together into one place, and with Moneybox you’ll earn the same great interest rate on all your savings! So, it’s understandable why so many people decide to move their money with us.
It’s easy to request a transfer and it can all be done in-app or via the Moneybox website. Simply request a transfer and you’ll receive instructions on what to do next.
What happens when a transfer request doesn’t go to plan?
Occasionally, a transfer request can fail and there’s a few reasons for why this might happen. To help, we’re breaking down the different causes, and what you can do about it.
Mismatched details
This is where the information provided on your request form cannot be matched with the information that your provider holds for you, including:
- Personal information – your full name, date of birth, address, signature, and national Insurance number.
- Account details – subscription details, balance information, or account type.
- Clear of details on the form – there are some instances where the information provided may not be clear or visible and as a result this requires a resubmission.
When submitting a request, we recommend that you check that the details match between your provider and Moneybox to ensure there are no discrepancies.
An ISA or not an ISA
Transfers can only be requested for ISA accounts. This includes Lifetime ISAs, Cash ISAs, Stocks & Shares ISAs and Junior ISAs only.
Each ISA account has an annual contribution limit – with some crossing over:
- Lifetime ISA – you have an annual contribution limit of £4,000 per tax year and you can only pay into one LISA at any time.
- Cash ISA and Stocks & Shares ISA – you have an annual contribution limit of £20,000 per tax year. This is shared between Cash ISAs, Stocks & Shares ISAs and Lifetime ISAs.
- Junior ISA – your child has an annual contribution limit of £9,000. This sits outside of your £20,000 personal allowance and are contributions that you can make for a child as their parent or guardian.
Transferring an ISA from another provider is a great way to bring all the savings that you’ve built up from previous tax years together, without impacting your current contribution allowance.
Let’s say you saved £20,000 in a Cash ISA last year and want to move it to a Moneybox Cash ISA. If you withdraw the money and then deposit it into the new ISA, it will be treated as a new contribution and count towards this year’s allowance. However, if you transfer it directly, it will retain its status as a contribution from last year, leaving your full £20,000 allowance for this year untouched.
However, remember that any money you’ve already put into an ISA with another provider this tax year has already counted towards your allowance. When you transfer your ISA, it’s your responsibility to make sure you don’t go over this limit.
Other reasons
There are some other common reasons for a failed transfer request, these might include conditions with your existing provider’s account such as maturity dates and exit fees.
We recommend checking your details with your existing provider to ensure there are no conditions that could prevent you from transferring.
It’s also worth checking that there are no discrepancies between the information submitted on the request and your accounts with both your current provider and us.
So, what are the next steps?
Ready to resubmit? Raise a request via your account in the app or on the Moneybox website, using your updated details.
Alternatively, speak to our team via the chat in the app (Settings > Help) or on the Help page when logged in to the Moneybox website. You can also email support@moneyboxapp.com. Our Support team is available 7 days a week from 9:00am to 5:30pm.