ISA Question - Help Needed

Lob_Marley

I have an Investor ISA with Halifax that my Dad (thankfully) pushed me into opening when I was working.

Any way, now I am due to graduate this year, and I have a cash flow problem and haven't paid into the ISA in a long time, so would like to release the funds.

I have recieved the forms from Halifax, but wondered if it'd be possible to seek advice on here how is best to go about releasing the funds?

Should I sell my shares or close the account? Would either have an impact on the value I'll be recieving at the end?

And finally, as it's quite a substantial amount of money would anyone be able to advice what is best to do with it in the medium term?

Thanks.

Lokolo

Selling would mean the money would still be in the ISA, so you can withdraw some of it, and buy investments with the rest.

Closing means the ISA would close.

What do you class as a substanial amount? (not meaning to offend or be nosey but people have very different definitions!)

And what's medium term? (I would consider it 5-10 years)

thenudeone

Why do ask how to "release the funds" and then immediately ask how to re-invest it?

Selling and re-investing frequently is a sure-fire way to lose money because every time you buy or sell, someone will be charging you for the privilege.

Just sell what you need. The price will be the same regardless; but if you don't have an emergency savings pot of 3-6 months earnings you should consider selling a bit more to give you some security.

Mikeyorks

Lob_Marley wrote: »

I have an Investor ISA with Halifax .

Halifax had at least 3 x very different Investor ISAs at one stage. You really need to qualify which it is (FTSE tracker etc) ....... what you put in and what it's valued at currently. How much of that is then needed to stem the 'cash flow issue'?

Lob_Marley

I have circa £7,500 in the account. I'd like access to the £500.

I'd like to move the rest of it into an account that gives me some sort of interest, but that also allows me access to it if possible.

Would that not be advisable in the current climate? And should I just sell some of the shares then?

As for the type of ISA it is, aside from Investor, I haver no idea. I know it's bad, but I was young and had no idea what I was doing - just following instructions!

Mikeyorks

Lob_Marley wrote: »

And should I just sell some of the shares then?

As for the type of ISA it is, aside from Investor, I haver no idea. I know it's bad, but I was young and had no idea what I was doing - just following instructions!

You really need to identify just what it's comprised of? But I'll assume it's invested in shares - as you indicate.

The markets are currently at least 10% - 15% down on their 6 month highs. So selling all to put into cash, where interest rates are low doesn't sound the best deal?

Personally I would just liquidate the amount you need, for the time being. But do a bit more research on what you have and post back with a bit more detail.