ISA transfer out

Presumably each of your accounts with Halifax has unique account numbers or roll numbers and when you transferred out your Halifax ISA you gave the account number for your Halifax ISA, not the account number for one of your other Halifax accounts.

Yes I understand you only get one account number with Monzo. My point (made several posts ago) is by taking this non-standard approach Monzo is causing this issue with ISA transfers itself. At other banks you get a unique account number for each of your accounts. So when you want to do a transfer of an ISA from other banks there’s no confusion possible at the receiving bank. You put the account number for your ISA on the form, not the account number for your current account.

In a nutshell :+1:t3:

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But this form then gets passed back to Monzo so surely all you need is the account number since that’s what the ISA is connected to?

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I guess what has happened in @Tomvaughan’s case is Virgin Money have noticed that the account number on the transfer form is a current account number, not an ISA account number and then decided the instruction is inappropriate or given in error. So Virgin Money didn’t go as far as sending the instruction to Monzo.

A cover letter to with the transfer form explaining Monzo’s non-standard approach to provisioning ISAs might help :man_shrugging:

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Monzo moved fast and broke things (as @o99 explained when I was typing this reply).

I think all of us can think of situations where we see something has been done incorrectly, so we don’t carry on further with the job until the mistake has been rectified. So it’s understandable tht Virgin Money haven’t acted on the form considering that, as far as they know, it has been mistakenly filled out.

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I assumed the problem was it had oakNorth as the bank but monzo account details :woman_shrugging:

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I guess the form has been mistakenly filled out ,through no fault of the filler outerer …the account number is a red herring - that would be the case if ISA account numbers can be identified as ISA account numbers, from my two ISAs shown they are 8 digits just like “current” account numbers . I guess the issue is the account number and sort code provided to Virgin doesnt relate to OAKNORTH so they refused it - we are all really missing what’s wrong …the advice in app should specifically say Monzo is your ISA provider / facilitator, which would then relate to the account number and sort code , you would also have to fill in the full amount of transfer in from the ISA in figures or tick the full amount box in the form , it would be sent to Monzo and they would action it

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Yes putting OakNorth as the bank with Monzo account details could be the issue. But it hasn’t been confirmed that’s what happened and it also would not be surprising to me if the receiving bank decides not to process a form which has Monzo as the bank with a Monzo current account number. At least not without further explanation of Monzo’s unique approach in a cover letter.

Although we might not be able to easily differentiate current account numbers from savings account numbers it wouldn’t surprise me if banks and other financial service providers have the means to identify account type. Account aggregators, for example, are able to tell the difference between current accounts and savings accounts.

And the point is, there should be no unique approach. An ISA has a unique customer reference and that’s what the receiving provider wants to see in the form. That and the amount being transferred. That’s it.

Monzo being in the middle of this is the issue. They’re not a provider - they’re essentially a broker.

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" An ISA has a unique customer reference and that’s what the receiving provider wants to see in the form "

we are both assuming here now though :slight_smile: an identifying number is an identifying number unless there are two that are the same relating to the same sort code and can actually be identified as an ISA number or a Current account number and the assumption that this matters

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That bit I don’t get. The only other account number which may be relevant is the customer’s current account number, and then only because you might want it to be where the interest is to be paid.

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well Virgin can identify me individually if I give them my

Monzo Bank - address ( if required)
Account number
Sort code

Monzo can Identify me from the virgin form that gets sent to them requesting a transfer as
the same.
Monzo know I have an ISA and how much I have in there

They are regulated to provide , facilitate , broker ISAs

They get the request from Virgin to transfer my ISA funds

If Virgin asked Oaknorth they would have no clue that I hold an ISA because it has no account number because one never gets issued they dont have the faff of setting all these ISAs up , they give Monzo a cut for that

So when Virgin get a form with Oaknorth on related to a Monzo sort code they reject it

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Why is this so difficult? It seems fairly clear that there’s only one combination to try.

Until someone actually tries it and can say whether it does or doesn’t work, the rest of this is pure hot air.

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My take here is that your ISA (that sits with Oaknorth) has a unique number. It’s just that you’re not told it.

I don’t think Monzo are setting up these ISAs - Oaknorth is. Monzo are acting as middle-men - hence their ‘cut’.

It’s a flawed system if you don’t have the unique details of your fund. After all, you might have many thousands of pounds in that ISA. I’d want more visibility than this arrangement provides.

I’m exhausted now.

And my point is that in no other ISA scenario is there any need to try anything. Because you know your account details. :smirk:

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Right. Can we please stop guessing at stuff.

A Monzo bank account with embedded ISA includes an account number and sort code. Use those and see what happens.

Anything else is just muddying the waters and making stuff more complex than it (hopefully) is which is unhelpful at this point.

If the standard combination doesn’t work, THAT is the point to starts guessing at all the other things that may be happening.

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I’d say that is what’s muddying the waters.

Edit: but far be it from me to question the logic.

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’ Because you know your account details. :smirk:

and I know mine …I know how much I have in … I know what interest Im getting … I’m just not clear on how to fill a form out :slight_smile:

In this conversation yes because everyone’s gone off on a hand wringing “Ooh it’s not normal” adventure.

Try the bank name and number and see if it works. The rest is circular waffle at this point (not saying it’s wrong, yet, but it isn’t relevant to anything that’s been asked to date).

I can guarantee that stating “Oaknorth” against an 04-00-04 sort code will throw an error so try stating “Monzo” and see what happens. It should be that simple. Account numbers in and of them selves carry no way to identify the “type” of the account AFAIK.

Working out how Monzo manage pots is a long standing thing but this topic isn’t the place for it.

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