ISA Transfer process

Hello. I’ve done quite a lot of googling and also trawling through these community help pages and 212’s standard pages but I can’t find an answer to a very basic question. I want to transfer my S&S ISA from Freetrade to 212. I know that I need to cash in my shares within Freetrade first and then transfer over to 212 as cash. I know I need to fill in a 212 ISA transfer form. My remaining question is: do I need to open a 212 ISA first and then send in the 212 transfer form, or is it sufficient just to fill out the 212 transfer form? (maybe an ISA transfer flow chart might help?).

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Welcome to the Community, Fiona :wave:

Yes, you’ll first have to open an ISA with us before initiating a transfer. Otherwise, there’ll be no account to which we can allocate your assets.

We have a dedicated category in our Help Centre on ISA Transfers. You can find a step-by-step guide on how to initiate the transfer, as well as other information that may be of use.

This workflow is true for now :sweat_smile: We’re currently rolling out our brand new portfolio transfer feature. This will allow you to initiate a cash and shares transfer and will save you the hassle of selling all of your shares and then re-opening your positions.

We expect this to be ready by the end of March 2024, and we’ll announce once the feature is available to everyone. In the meantime, you can follow our progress here.

Hello. I clicked on the link to ISA Transfers. Yes I am extremely familiar with this content, I could not find the answer to my question, hence the reason why I posted my question to the community. I was eager to try and figure it out myself and avoid having to post such a basic question, so I feel a bit criticised and patronised by your statement that the content provides a step by step guide on transfering an ISA “duh!”. Whilst I can see a step by step guide to filling out the transfer form, this is just a part of the transfer process / workflow.

It wasn’t my intention to make you feel this way. I simply wanted to answer your question and offer extra information on the topic. That’s why I linked the ISA Transfer category instead of a specific article.

If things started off on the wrong foot, I apologise. Feel free to ask anything you need clarification on.

Hi @Momchil.G that’s interesting, I was not aware that we had to open a trading 212 ISA before transferring it. Wouldn’t this be against the rules of opening a second ISA account during the same tax year, even to transfer it? Please confirm. I’m aware that next tax year, ISA rules are different.

I’ve read:

Can I transfer my ISA from another bank or broker to Trading 212? – Trading 212

Portfolio transfers – Trading 212

Maybe I’ve missed it or it’s me, if I have apologies, otherwise it’s not very clear that an account has to be opened first for either cash ISA or ISA Portfolio (in-species) transfers. Would it be possible to update the Help Centre?

It won’t be against the rules if you don’t deposit in the newly opened ISA.

Thanks for the feedback - it’s appreciated :pray: We’ll make changes to the first article.

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If I want to transfer in my portfolios from old ISAs with Hargreaves Landsdown and Saxo, and a GIA account in Freetrade to T212, should I submit the transfer forms now? Or would it be better to wait for the upcoming Portfolio Transfer Tool?

I’ve just followed the paper process and at the end concluded that I should have waited for the portfolio transfer tool; and I would have if I was confident that the transfer tools would be available by end March 2024.

Thanks Fiona. I guess I’ll wait. Hopefully the transfer tool is quick and easy.

@Bogi.H Thanks for the update.

With the new tax year here next week, If I were to open an ISA with Trading 212 next week and start using it, will this cause any complications when doing an in-species transfer in the future or would it be best to wait and do the transfer first?

Next week starts the new tax year, so you wouldn’t have any issues opening a new ISA with us and making the transfer at some point in the future.

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Awesome, thanks for confirming @Bogi.H !

Hello, I though in specie transfer was going live on 31/03/2024?

It appears that’s not possible

Why is that?

We started gradually releasing the feature, and it’s available to 40% of our clients at the time of writing.