Jump to content

Cannot transfer funds to ISA account


Recommended Posts

 tried to add funds to my ISA account using a bank transfer with the correct IG ISA account reference but the money got put by IG onto a new share dealing account instead.

I have tried to use the transfer function to move the money but it is saying that is not currently available (and has been for 3 days).

The phone support is not answering after several very long waits.

How can I get this money into my ISA? (preferably by 5 April!)

Link to comment

Did you enter the correct Account ID on the reference when making the transfer from your bank ? The ISA account and the Share Dealing account have 2 different Account ID. If thats the case you could potentially send the money back to your bank account and then back to IG with the correct Account ID for the ISA account. 
Let me know if this could work out.

Fayza

Link to comment

Hi Fayz. My bank transfer definitely had my ISA account reference and IG put it into a different share dealing account with a different reference. I guess if I withdraw and re-send the same thing will happen again.

I could really do with someone at IG sorting this out so I can get the money into my ISA in this tax year and purchase shares. I have also now incurred the £24 management fee for the Jan-Mar quarter when I really wanetd to make 3 trades to avoid it! Grrrrrrrrrr.

Link to comment

I'm also having the same problem with transferring funds between my share dealing account and ISA - IG please help ASAP before the tax year ends!

Link to comment
Guest Shayneb

This has also happened to me, correct account number on transfer details but funds deposited in share account. Tried numerous times to transfer to ISA account but kept getting message saying unable to transfer at this time. Have also tried for nearly THREE DAYS!!!!! to get a response from IG, extremely frustrated, this is very bad service! I would like someone to contact me please!

Link to comment

I have also had the same problem. Correct account No on transfer details, but deposit made to share dealing account! Tried numerous times to transfer from SDA to ISA but met with unable to transfer funds at this time. Impossible to get any response by phone, have tried for THREE DAYS!!!! Very frustrated, this is very poor service and communication, someone please contact me from IG to resolve.

Link to comment

Hey, 

There could be a couple of different issues. 

If you're trying to transfer funds from your share dealing account that you've recently traded on it may be due to the settlement period. You have to wait an additional 2 working days (3 for US shares) before you can transfer funds to your ISA. 

If your ISA has not been used in the previous tax year you will have to fill out an ISA form again. It will have to be a wet signature which is scanned and emailed back to us. If you need this form please email us so we can send it to you. 

I will speak to our client money team regarding fund allocation. If you have entered your ISA account number our team should allocate the funds there. If there's an issue with the ISA account (or if you've over subscribed) that's normally when they will allocate to share dealing. 

All the best

Link to comment

Thanks Charlotte,

This is my first upload to my ISA in over a year, so that may be a part of the problem. However, I also specifically referenced my ISA account in the transfer, so I was a bit upset to see the money appear in my share dealing account. Obviously, this could all be stated far more clearly on the website.

Best wishes,

Kevin

Link to comment
19 hours ago, CharlotteIG said:

Hey, 

There could be a couple of different issues. 

If you're trying to transfer funds from your share dealing account that you've recently traded on it may be due to the settlement period. You have to wait an additional 2 working days (3 for US shares) before you can transfer funds to your ISA. 

If your ISA has not been used in the previous tax year you will have to fill out an ISA form again. It will have to be a wet signature which is scanned and emailed back to us. If you need this form please email us so we can send it to you. 

I will speak to our client money team regarding fund allocation. If you have entered your ISA account number our team should allocate the funds there. If there's an issue with the ISA account (or if you've over subscribed) that's normally when they will allocate to share dealing. 

All the best

My last trade was March 2019, so no trades in the current tax year 6/4/19 to 5/4/20. Do I have to complete an ISA form for every tax year? If so, why is it not just sent to me to do?
Bit ironic that I was trying to put money into the ISA for 2019/20 tax year so I COULD do a trade and have been stopped from doing so by IG systems!
If it does need a new ISA form, where do I get it - who do I need to email or is it online somewhere and can you confirm where I send it to?
Or maybe attach it here so others can get at it as well.

Thanks, Keith

Link to comment
2 hours ago, KeithMWME said:

My last trade was March 2019, so no trades in the current tax year 6/4/19 to 5/4/20. Do I have to complete an ISA form for every tax year? If so, why is it not just sent to me to do?
Bit ironic that I was trying to put money into the ISA for 2019/20 tax year so I COULD do a trade and have been stopped from doing so by IG systems!
If it does need a new ISA form, where do I get it - who do I need to email or is it online somewhere and can you confirm where I send it to?
Or maybe attach it here so others can get at it as well.

Thanks, Keith

If you haven't funded in the previous year, they you will have to fill out the form. It wouldn't be the trades it would be that you've funded because you could have used previous years allowances to trade. 

If anyone else is having this issues please @ me or quote me message and I will get one sent across. If you're a member, not a guest, I will be able to see your email address you signed up with and get one sent out. 

@Kilroywosear I will get someone to contact you. 

 

Unfortunately I can't attach the file type to this post 😞 

Link to comment

I have sent the ISA form with a wet signature but still no joy in being able to transfer the funds into my ISA.

Because of this extended delay I have now missed out on the chance to use my ISA allowance for 2019/20.
In the meantime, I have suffered the further indignity
of being charged £24 buy IG in the share dealing account where they put my money incorrectly and didn't let me get access to it!

Hoping someone will be sensible about this and refund that charge as well as let me transfer my money to the correct ISA account now and maybe be able to make a trade.

Link to comment
Guest Kevin

No, this is not unique to Keith (sorry for not responding sooner, Keith). I submitted the same form the day after Keith and still do not have access to my ISA. Unless IG sort this out soon, I will be moving elsewhere. I am already deterred by the quarterly charges, but not being able to put money into my ISA is looking like the straw for this particular camel...

Link to comment

No, Keith is not alone. I submitted the same paperwork the day after he did (sorry for not responding sooner, Keith) and still no response. I was already frustrated by the quarterly charges introduced last year, but this is probably going to be the push I need to look for a new platform.

Link to comment

Sorry to hear that folks.  Are IG helpful on the phone re this at all?

And what other platforms are you considering, if you don't mind me asking?  I have HL at the moment but comission per deal is rather high (@KeithMWME sorry for potentially hijacking the thread -- happy to start a new thread if the discussion re different platforms swamps the funding issue discussion)

Edited by caseyK
added info
Link to comment

I got fed up with waiting on hold when I called. I appreciate the difficulties here at the moment, obviously, but that's why email is a preferable medium.

I am considering Charles Schwab, which has extremely low commission rates and no quarterly fee (but no ISA, either, so it's a Pyrrhic victory on that count).  I'd rather IG sorted the ISA thing out and dropped their quarterly fees, though.

Link to comment

FIXED! I have finally been advised that my ISA was reactivated and have been able to transfer the funds into it. I have also had the £24 incorrectly charged on the second share dealing account I didn't even want refunded.

It seems the problem was the fact that I had not traded in the ISA account in the previous tax year and IG needed a new ISA form signed to keep the account usable.

Maybe proactively advising people that their ISA accounts have been frozen and need a new form signed would be a good idea in future?

Anyway, now fixed and even though I have completely missed the 5 April deadline for the last tax year to get the money into my account I have got there in the end and am willing to give IG the benefit of the doubt in these very strange times. :)

Good luck to others trying to resolve the same issue and thanks for your feedback - it was reassuring knowing I was not alone!

  • Thanks 1
Link to comment

Thanks for the update, Keith, and it's good to know things are moving forwards. As you say, I'm happy to give grace under the circumstances if things do get sorted out. Your response gives me hope! 

Perhaps an even better way forward would be an automated email sent after 11 months of no deposits/withdrawals stating that the ISA will be frozen if not used in the next 30 days? This was news to me.

 

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      20,097
    • Total Posts
      88,163
    • Total Members
      69,084
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    Sygna
    Joined 04/10/22 07:17
  • Posts

    • Early Morning Call: end of oversized interest rate hikes in sight? Europe expected up after a strong start to Q4 globally. ASX 200 up strongly after RBA raised rates only 25bps. AUD meanwhile on the way down after RBA's decision while USD sees steepest 4-day loss since July 2020.    Jeremy Naylor | Writer, London | Publication date: Tuesday 04 October 2022  Macro overview It was a positive start of the month for US indices. The Dow Jones closed yesterday’s session up 2.66%, the S&P 500 rose 2.59%, and the Nasdaq Composite by 2.27%. The Asia-Pacific region followed suit, with Australia’s S&P/ASX 200 outperforming the region as the Reserve Bank of Australia (RBA) raised interest rates by 25-basis points (bps) to 2.6%. If this makes it the highest level in more than nine years, the market was expecting a 50 basis-point hike. The move benefited the equity market but affected the Australian dollar. AUD/USD fell as much as 1% at the announcement before paring some losses. Rates are expected to increase further. The RBA repeated its commitment to bring inflation down to target levels. Inflation is still too high and should remain so for months to come. The bank expects consumer inflation to rise about 7.75% in 2022, above 4% in 2023, and around 3% in 2024. Elsewhere, several Fed presidents and board members' speeches are expected today, among them Cleveland Fed president Loretta Mester, San Francisco Fed president Mary Daly, and New York Fed chief executive John Williams. Yesterday, Williams already said that while they can see growing signs of cooling inflation, underlying price pressures remain too high: "Clearly, inflation is far too high, and persistently high inflation undermines the ability of our economy to perform at its full potential. Tighter monetary policy has begun to cool demand and reduce inflationary pressures, but our job is not yet done." Williams did not share his views on what the next Federal Reserve (Fed) rate hike should be. Many are speculating that the Fed will again hike by 0.75 percentage points. The US dollar remains on the back foot this morning. The US Dollar Basket retreated yesterday for a fifth consecutive day. This benefited commodities, and especially precious metals: gold now trades just below $1,700, platinum gained $60 in yesterday's session, and silver hit a three-month high. At 10am producer price index in the Eurozone is expected to accelerate in August. Economists see a month-on-month (MoM) increase of 4.9%, after 4% in July. The year-on-year (YoY) rise is forecast to reach 43.1%. In the US, factory orders are expected to rise by 0.3% in August on a month-on-month basis. Equities overview Elsewhere on the equity market, Greggs PLC said in a trading statement its sales rose 14.6% in the third quarter (Q3), adding its full-year (FY) outcome will be in line with expectations. Investors will remain attentive to Credit Suisse Group AG (CH). Shares of the Swiss bank recovered their losses and ended yesterday’s session down around 1% after a big market rally. The stock had dropped as much as 10% at the start of trading after the Financial Times reported the Swiss bank's executives are in talks with its major investors to reassure them amid rising concerns over the lender's financial health. Commodities Oil prices are on the rise this morning, and the market is waiting for tomorrow's OPEC+ ministerial meeting in Vienna, where members will be discussing output cuts that could go above one million barrels per day (bpd). Last month the organisation cut production by 100,000 bpd, signalling it would do what it takes to maintain oil price stability. In September, oil prices retreated for a fourth straight month.     This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.
    • To a degree it depends on the outlook for other currencies and so the record low GBP has recently hit vs USD (post-decimalisation) is just one area to witness. IGTV caught up with Ron William from RW Advisory. GBP          
    • The Reserve Bank of Australia continued to hike rates for the sixth consecutive month, taking the cash rate to 2.60%, the highest level since 2013. Source: Bloomberg   Forex Indices Australia Inflation ASX Relative strength index Hebe Chen | Market Analyst, Melbourne | Publication date: Tuesday 04 October 2022  The Reserve Bank of Australia continued to hike rates for the sixth consecutive month by 25bps, pushing the cash rate to 2.60%, the highest level since 2013. Since May 2022, Australia’s cash rate target has risen 2.25%, comparable to 1994 when interest rates rose 2.75% in five months. Source: ABC/RBA In their official statement, the RBA reiterated its commitment to bring Australia's inflation rate back down with further increases. Phillip Lowe stated, “The Board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that." ASX 200 Following Wall Street’s rally to kick off the new month, the Australian stock market also enjoyed the best day in three months on Tuesday. A gain of more than 2.5% has helped the ASX 200 to break through the steep descending trend line and escape the lowest point of the year. Looking ahead, for the price to consolidate, the short-term bull-biased momentum, the level of 6574 will be a key level to watch. If an attempt to overcome this level fails, we could expect the price to retest the 6462 level. On the flip side, once the imminent hurdle is cleared, the door will be open for the ASX to touch the 20-day MA since mid-September. Source: IG AUD/USD AUD/USD has been hovering around the 0.6458 level as the 38.2% Fibonacci retracement area appears to be strong support. As the Relative Strength Index (RSI) is recovering from the oversold territory, the Aussie currency may stage further towards the next destination, where the 20-day MA sits, at around 0.66. However, the July low at 0.6697 could limit the sky for such a rebound. In that case, the pair will resume the downtrend as another lower high will be painted. Source: IG
×
×
  • Create New...