Some cash ISA money to my sas ISA

roxy28
roxy28 Posts: 670 Forumite
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in Savings & investments
Is it better just to withdraw some and then put it on to my debit card, and then pay the lump sum into my SAS ISA with the other provider.
:T

Comments

  • Jo_Blogs
    Jo_Blogs Posts: 753 Forumite
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    roxy28 wrote: »
    Is it better just to withdraw some and then put it on to my debit card, and then pay the lump sum into my SAS ISA with the other provider.

    Only you know the answer depending on what your financial goal is and your present circumstances :).

    This might help:

    http://www.moneysavingexpert.com/savings/which-saving-account?_ga=1.223874907.1744183518.1487582411
    Saved Nitty Gritty £7440.75 [149%] / £5000-[Sep] £58.44:starmod: for the 'Save 12k in 2017' #157
    2017 Womble #35 £3463.27 ;)Sept NSDs 4/15:staradminCCCChl 9/12 months:D    Sept PPChl#002 Pts 71
  • roxy28
    roxy28 Posts: 670 Forumite
    First Anniversary
    Jo_Blogs wrote: »
    Only you know the answer depending on what your financial goal is and your present circumstances :).

    This might help:

    http://www.moneysavingexpert.com/savings/which-saving-account?_ga=1.223874907.1744183518.1487582411

    Thanks. Its just the procedure of topping up my SAS ISA with some of my cash isa money but still leaving a smallish amount in the cash isa. I know my goals and have other savings/investments etc. I should have put the question better.
    :T
  • ColdIron
    ColdIron Posts: 9,039 Forumite
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    The rules for investment ISAs are the same as for cash. If you want to transfer money you should contact the new ISA manager and request a transfer. If you only have a small amount in your cash ISA that you want to transfer and won't break any of the other subscription rules you might be OK
  • roxy28
    roxy28 Posts: 670 Forumite
    First Anniversary
    ColdIron wrote: »
    The rules for investment ISAs are the same as for cash. If you want to transfer money you should contact the new ISA manager and request a transfer. If you only have a small amount in your cash ISA that you want to transfer and won't break any of the other subscription rules you might be OK

    The SAS ISA is not new, had them both for a while, cash with first direct, SAS with charles stanley.
    :T
  • Glen_Clark
    Glen_Clark Posts: 4,397 Forumite
    roxy28 wrote: »
    leaving a smallish amount in the cash isa.
    Whats the point of keeping a smallish amount of money in a Cash ISA when you won't have to pay any tax on the interest anyway?
    I don't know whether you can transfer part of it.
    I downloaded a one page form from X-O website, filled it in to transfer the whole of my Nationwide Cash ISA into my X-O stocks and shares ISA, and posted it to X-O. Thats all I had to do. I got a text from Nationwide one week later to say they had sent the cash to X-O The cash was credited to my X-O S&S ISA next day with no fees :)
    Just £5.95 to buy the equities (ETF units). :)
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
  • Vortigern
    Vortigern Posts: 3,243 Forumite
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    roxy28 wrote: »
    The SAS ISA is not new, had them both for a while, cash with first direct, SAS with charles stanley.
    You get an ISA transfer form from Charles Stanley Direct and use that form to tell CSD to take £x from your first direct ISA. You do not need to contact first direct.
  • roxy28
    roxy28 Posts: 670 Forumite
    First Anniversary
    Vortigern wrote: »
    You get an ISA transfer form from Charles Stanley Direct and use that form to tell CSD to take £x from your first direct ISA. You do not need to contact first direct.

    Ok thanks i see.

    On my thinking i was almost sure that as the cash isa is just a savings account, that i could draw money out any time, and the day after might think i will top up my SAS ISA by putting this money on my debit card to a make a direct payment to buy VLS funds in my ISA.

    Glad i sought advice before doing that as its not the right thing to do.
    :T
  • ColdIron
    ColdIron Posts: 9,039 Forumite
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    edited 23 February 2017 at 5:57PM
    You can draw money out of your FD ISA, and whack it into CSD using your debit card and it would likely be the fastest way BUT it could remove its tax free status and could count as a new subscription depending upon the amounts involved and what other subscriptions you have made this year which you haven't told us. The ISA transfer method described above is guaranteed to work while the do it yourself way might or might not work depending on the information you haven't given us :)

    If you are unclear on the ISA rules, use the transfer method
  • roxy28
    roxy28 Posts: 670 Forumite
    First Anniversary
    ColdIron wrote: »
    You can draw money out of your FD ISA, and whack it into CSD using your debit card and it would likely be the fastest way BUT it could remove its tax free status and could count as a new subscription depending upon the amounts involved and what other subscriptions you have made this year which you haven't told us. The ISA transfer method described above is guaranteed to work while the do it yourself way might or might not work depending on the information you haven't given us :)

    If you are unclear on the ISA rules, use the transfer method

    This tax year £500 in the cash isa and the rest into SAS isa, so i can still add around £2500 to max out my SAS isa, i have deducted the £500 put in the cash isa.

    Like you say the transfer method is probably best.
    :T
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