Transfers from Innovative Finance ISAs (IFISAs)

Back in June I asked if it were possible to transfer cash from an IFISA to Trading212 and I was told that it is not possible unfortunately. I’m still figuring out what I should do with my IFISA funds. It would be great if Trading212 supported partial ISA transfers of cash from IFISAs. I’m not aware of the bureaucracy involved but I don’t imagine it would be significantly different from transferring cash amounts from other ISAs.

I am also wanting to transfer funds from a previous year’s IFISA into my T212 Stocks & Share ISA, so would like to know if this is now possible?

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After speaking with other S&S ISA providers they seem to allow IFISA transfers in a similar fashion to Cash ISAs. They say I should select the “Cash ISA” option on their transfer forms even though the IFISAs are a different type of ISA.

I think the only difficulty would occur when attempting to transfer invested amounts as the IFISA provider would have to attempt the sale of outstanding loans. This may delay the process. It should be straightforward to transfer cash from holding accounts.

Thanks for that :+1:, was hoping something like that might be the case. I will give it a shot! I’ve managed to release most of my IFISA funds into the holding account so will see what happens.

Sorry, I meant in regards to other providers. Trading212 told me they wont support IFISA transfers but my point is that other providers allow it similarly to a cash ISA so I hope it wouldn’t be too much trouble for Trading212 to change their stance.

I was thinking of just trying to submit the ISA transfer form and seeing if it works, but thanks for clarifiying that. Guessing that it won’t work if T212 have said that they don’t support it.