On your Virgin Transfer form it asks for the "ISA manager "
Monzo are regulated with the B of E as a financial intermediary under SIC code 64999 to provide an intermediary service for ISAs from other “providers”
In the boxes in section 2 You should be doing this - capitalise the Finsbury Square if it bothers you.
The address for Monzo is found under your main CA card image under “account”
Put in the Monzo sort code , again under “account” in app
Put in your own Monzo “current” account number in the “account number” box
Fill out the funding of your ISA in this tax year that started on April 6th 2020
You have to transfer out the full amount from your Monzo ISA , so tick that box - Hopefully Virgin will then accept it
print , sign , post it really should be that simple , despite our hours of discussion here
What would happen if you had 2 ISAs with Monzo, say an oakNorth one from last year and an Investec one from this year, and you only wanted to transfer 1 (for reasons I haven’t come up with for this hypothetical scenario)
Is there a space on the form to indicate which one you wanted to transfer?
Great thank you, that’s helpful. I’d suggest to Monzo that they may want to add this advice to their standard ‘how to transfer your ISA out’ guidance to help customers in my situation.
Phew…I’m unsubscribing from notifications from this thread. Thanks all!
Not really …the answer was given within three posts from the original post , the problem was people coming on to the thread afterwards with their interpretation of what was and wasn’t an account number, whether a current account number could possibly be an ISA account number , should it be all numbers, or a combination of numbers and letters, and its always been letters and numbers so couldn’t possibly be correct to have all numbers , who was or wasn’t your ISA provider , if they were a provider, facilitator or broker , and obfuscating the answer that was given by @Dunsford in the second post of the thread and then by me in the fourth post of the thread and yet here we are on the 55th post of the thread, because somebody put the wrong information in a box on an ISA transfer form and the form was rejected because of it
As far as I can see it hasn’t yet been confirmed that putting a current account number on an ISA transfer form wasn’t the issue from the perspective of the receiving bank (who will have to initiate the request before anything happens). It is definitely non-standard advice based on the many transfers I’ve done in the past. It would be interesting to hear back from the OP on how Virgin Money handle the new request containing both Monzo name and Monzo current account number, particularly if the form is submitted without an accompanying cover letter mentioning Monzo’s guidance.
I don’t think anyone questioned what was and wasn’t an account number or brought up letters and numbers in an account number as a potential factor. Other than mixing OakNorth and Monzo details, the only issue raised was the potential that a current account number on an ISA transfer form might be confusing for the other bank, even with Monzo named as the bank.
Thanks @o99, your take of the thread’s longevity and it’s seeming complexity is, to my mind, more accurate than that of others here.
Being irritated at what have been justifiable queries around the whole Monzo ISA process doesn’t detract from the fact that it’s a poorly executed, unnecessarily convoluted process.
yes lets wait and see if the proper info gets the result … I agree the in app help needs to be clearer as to what information regarding who the ISA provider is , the rest is perfectly clear
To be clear,!theres no such thing as a ‘Current account number’ there’s just an ‘account number’. Suggestion otherwise is just adding needless confusion.
There is nothing in the number that tells anyone what sort of account it is, so there a no way for a receiving bank to take any sort of decision based on an account number on a form.
A Monzo account number/sort code against an Oaknorth name however…
as far as we know its “poorly executed” and “convoluted process” because the OP put Oaknorth instead of Monzo , thats it, the rest of the 60 long post thread is mere supposition on our parts
you have my agreement that it should be made clearer in app in the help section
