Swapping ISA Accounts

Baileys1963

Please help!!! I'm new to this site and would like some advice please regarding my ISA Account with Scottish Widows.

I have £15300.00 total investments to date and if I took all out today it would be valued at £ 13528.43:(. However, I was thinking of opening two cash ISA's with other banks, (not sure yet which one yet) and transfering money with the above investments. What do you think? Or another option transfering all the money to another investment bank/building society. really not sure what to do:(
Thanks

saintalan

Hi, it is unlikely anyone will give investment advice on here however if you can be more specific you may get some guidelines as to what options you have.

1 What type of ISA do you have with Scottish Widows?
2 You say Total Investment so does that inc something extra or is that just the ISA
3 Given that you have suffered a reduction in value I guess that means that all or some of your ISA(s?) are Stocks & Shares?
4 You can not transfer S&S ISA to Cash ISA.
5 You need to think about why you are doing this and what you are trying to achieve.

Let us know and I am sure I or others can at least comment.

Cheers

Alan

Baileys1963

Hi.... and Thanks for your reply


Did not know this.....You can not transfer S&S ISA to Cash ISA

I have Stocks and shares (ISA), no extras just the full ISA

Trying to achieve maximum interest with my money, as it seems to be depleting, with Scottish Widows

Thanks

saintalan

No problem, this is the main reason you haven't had much response, S&S not dealt with much on the forum and its dangerous to give investment advice.

In general folk tend to hang on to S&S for the longer term because of everything that affects them.

Even the paltry interest Savings & ISA savings currently available are depressing, think I might even buy Premium Bonds again!

Cheers

Alan

Baileys1963

Thanks for the reply,

It is very frustrating with the current economic situation. I may just leave the money with SW, for now before I make any harsh decisions. I may consider freezing the account, and put my money in a new cash ISA.

Thanks again :rotfl:

innovate

Baileys1963 wrote: »

I may consider freezing the account, and put my money in a new cash ISA.

Cash ISAs currently pay paltry interest.

I know you made a bad experience with S&S ISAs, but that's mainly because you chose a dog of an S&S ISA, I am afraid.

You can do a self-select S&S ISA, with provider that charges a lot less than SW, and provides you with a much wider range of possible investments. Of course there is no guarantee ever, but self-select offers a lot lower risk than a tie-in to a given bank's/insurance outfit's pre-selected offerings. May be read up about passive investing on monevator.com http://monevator.com/category/investing/passive-investing-investing/ - - it's one of the better websites for people looking at investments. There are others - - motley fool is one that springs to mind, but search the forum for other ideas.

saintalan

Baileys1963 wrote: »

Thanks for the reply,

It is very frustrating with the current economic situation. I may just leave the money with SW, for now before I make any harsh decisions. I may consider freezing the account, and put my money in a new cash ISA.

Thanks again :rotfl:

You're welcome, good luck with whatever you choose.

Alan

Baileys1963

Thanks for reply, will have a look in the morning :j