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Can I switch from a stocks and shares to a cash ISA?
hethmar
Posts: 10,678 Forumite
Sorry if Im a thicko here, but I have a Virgin stocks and shares ISA which was previously a PEP and automatically changed by them to an ISA. Ive had it about 10 years and its currently c £13k. As we are retiring shortly, Im a bit nervous about the stock market and wondered if you can transfer it to say something like the 3.1% Barclays Golden Cash ISA without any problems. I know its unlikely but can you only transfer to another stocks and shares one?
Could I also open a cash ISA with Barclays for 2010 on top of transferring the Virgin one please?
Could I also open a cash ISA with Barclays for 2010 on top of transferring the Virgin one please?
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Comments
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You can't transfer a stock and shares ISA to a cash ISA. You can the other way round (cash ISA into a S&S ISA), but not the way you want to do it unfortunately.
The Barclays Golden ISA does not accept transfers in anyway, you can only open this years ISA allowance of £5,100 into this one.0 -
Oh dear, thank you. So the only thing I can do is close the Virgin account and take out the money then?0
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As we are retiring shortly, Im a bit nervous about the stock market
S&S ISAs dont have to invest in the stockmarket. You cant with Virgin as they are a really poor ISA provider. However, there are plenty of S&S ISAs that give you a much wider choice of funds across the risk profiles.
You also need to remember that you are unlikely to pop your clogs and the money could potentially be invested for another 20 or 30 years. So, using the 1-10 risk scale, a sudden move from risk 7 to risk 1 is a bit extreme.
Also, a move to cash may remove investment risk but replaces it with shortfall risk and inflation risk.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Oh dear, thank you. So the only thing I can do is close the Virgin account and take out the money then?
If you can tie the money up, NS&I saving certificate pays RPI+1%, tax free, fixed for 3 or 5 years. This will keep the savings ahead of inflation.For myself I am an optimist - there does not seem to be much use being anything else.
Sir Winston Churchill0 -
dunston, how do I work out which ISA to transfer the Virgin ISA into please? Is there a site with recommendations.0
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Hargreaves Lansdowne are commonly referenced here as one option for a self select funds ISA.Debbie0
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What are the lowest risk/closest to cash assets that can be held in a S&S ISA?0
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Sceptic001 wrote: »What are the lowest risk/closest to cash assets that can be held in a S&S ISA?
Gilts, Absolute Return and Corporate Bonds I would imagine.0 -
Yes (not sure about UK Gilts, though:( unless index-linked). I'm looking at i-Shares ETFs, UK Corporate bonds and UK Dividend PlusGilts, Absolute Return and Corporate Bonds I would imagine.
Any thoughts/alternative suggestions?0
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