Mini Insurance ISA...what to do with it?

Mamasavingnovice

This makes much more sense to me and is really helpful...thanks for taking time to respond so well.

And yes, I pay a direct debit of £20 per month into this ISA and I don't have any others...so guess I'll have to wait til the end of financial year to transfer to another ISA if that's what I choose to do?!

Thanks again..

psychic_teabag

You could do it as an ISA transfer now, by choosing a new provider and asking them to transfer it. Depending on how it is invested it might be possible to transfer as stock (ie you remain invested, and the already-invested fund simply moves over intact), or you might have to transfer as cash (the old provider sells your holdings and sends a cheque to the new provider who reinvests it in the same or something else).

Or you could just withdraw it as cash and start a new ISA from scratch next year with your chosen provider. Doing it this way, you have the choice of just going with a cash ISA rather than a S&S ISA. The rules allow a transfer to go from cash ISA to S&S ISA but not the other way.

The different approaches may incur different levels of charges. I don't think you've ever said who the current ISA provider is, or what stocks or funds the money is currently invested in.

Actually, if you don't already have a fully-subscribed cash ISA this year, you could withdraw the cash and put it into a cash ISA this year : the fact that you've already contributed to a S&S ISA this year only restricts you from starting a new S&S ISA this year - doesn't affect cash ISA.