What have peoples experiences been like with transferring stocks ISAs to T212 from various other platforms? I have a small ISA I am thinking of transferring from InvestEngine, but with all the negative comments and reviews about such a process, and the prolonged amount of time it takes, this makes me want to just leave it where it is and not bother with the hassle and stress that seems to go with it.
I created a new stocks ISA on T212 last year but only really started putting anything into it a couple of months ago. There is something psychological about seeing the larger figure in one place. Just wondered if anyone else has kept their ISAs separate over two or more platforms, or just went ahead and consolidated.
Curious to learn how other people managed the process, good or bad.
I did an ISA transfer from IE to T212. From memory it was pretty uneventful and took no more than 4 weeks (probably a lot less). To be fair I did it as a cash transfer because I wanted to use the opportunity to change from ETFs to stocks. I also wanted to do my best to ensure that IE did not get it wrong, which was my main concern.
T212 are a profitable organisation (unlike IE who make consistent losses). So unless you have a better offer from another provider (such as Lightyear) then transferring into your T212 ISA account should be good.
I suggest watching a few Youtube videos to see what Youtube reviewers think of T212 and the other ISA providers.
I did an ISA transfer from IE to T212. From memory it was pretty uneventful and took no more than 4 weeks (probably a lot less).
Good to hear. From the comments I have read on the IE forum, there have been a few people who have had issues with them not responding to queries, even from other providers trying to get the transfer moving. So having an uneventful transfer is a definite positive. Maybe you were just one of the lucky ones.
To be fair I did it as a cash transfer because I wanted to use the opportunity to change from ETFs to stocks. I also wanted to do my best to ensure that IE did not get it wrong, which was my main concern.
I hadn’t thought of a cash transfer. I will be changing from three ETFs on IE to just two on T212. Would it be prudent to sell down and then buy the ETF I am keeping on IE first in preparation for the transfer, or wait for the transfer and then sell/buy in T212?
My main concern is IE getting something wrong and then dragging their feet to correct it. And because you can only contact them by email, and for the most part, them ignoring you, really puts me off using their services. But I know none of the platforms are perfect.
I have read a lot of reviews about legacy brokers too and they still have a lot of negative reviews about communication. I have also watched quite a few YouTubers reviews about T212, Lightyear and Freetrade. As I already have a T212 cash and stocks ISA, and have been quite happy with them so far, I am happy to transfer to T212.
Searching on this forum seems to show very little in the way of other people’s recent issues with transferring to T212, so I guess this a good thing.
The problem with selling and re-buying is that you suffer the full bid-offer spread. I would suggest what you do is you sell the third ETF and transfer the cash from that sale. Then when that has been completed do an in-specie transfer for the 2 ETFs you are retaining. IE would then have the simpler task first meaning that they will have established communication with you and you will achieve something sooner.
I noticed on the IE chat forum today that IE claim they have employed 6 more assistants for customer support, so they appear to finally be understanding the problem.
@PStaveley That makes sense and definitely food for thought. I am still torn as I like have a separate pot with a different platform even though presently I am not adding anything to it.
I, too, had looked at the company snapshot that mentions the new customer support staff. It’s not a very active forum so don’t check it often. Time will tell whether or not this actually makes a difference. I am suprised it took this long to be honest.
One problem you might encounter is that T212 use the EuroClear depository exclusively to buy/hold/sell client assets.
Some UK based providers use UK CREST exclusively as their depository, to do the same.
The two are, apparently, incompatible and will not interact (!?!) to facilitate an in-specie transfer of assets other than cash between them. So you could end up stuck between a rock and a hard place, forced to sell and transfer cash or keep assets where they are.
That said It might be possible to do an interim in-specie transfer to somewhere like HL and see if they can then bridge the impassable divide between these depositories, no idea if that would work though.
In my case, I just abandoned the transfer to T212 when it became blindingly obvious they weren’t going to do anything to try and fix the ridiculous situation. I now hold that ISA elsewhere and the T212 ISA separately.
PS, it took weeks of probing and prompting to finally get a proper explanation from T212 why their was even a problem to start with. To be fair to T212 the other side weren’t any more helpful either.
I’m looking to transfer a small S&S ISA for my wife, from Nutmeg (JP Morgan) to her T212 ISA today.
I did similar with mine a while back, but to Vanguard, and there were issues which slowed the process down considerably, to the point where they awarded some small compensation.
Hoping the transfer to T212 will be less eventful!