TDW - Can I move some unused cash into another shares ISA

solentsaver

Hi I have a shares ISA with TDDirect Investing and have some cash (about £18k) in there that I haven't yet used to buy shares. Is it possible to ask TDDirect to transfer this cash to another shares ISA I hold with a different provider (keeping it within the shares ISA framework). The reason I want to do this is that the second ISA provider has cheaper dealing charges. However I don't want to close my TDW ISA, just move some of the cash in there to the second provider. This is previous year's ISA money, not the current year. Thank you in advance for any advice.

bowlhead99

http://www.hmrc.gov.uk/isa/transfer-isa.htm
Yes this should be possible if it's all previous year subscriptions. Based on ISA rules, you should be able to transfer all or part of the TDW/TDDI ISA out to someone else. The only time you can't split a bit off and move it elsewhere, is if your ISA only has current year contributions in it, because those aren't allowed to be split.

The way to do it is just to tell the transferree provider you want to move 18k cash from TD to them, and let them deal with it.

I have some S&S money with TD and some elsewhere. To be honest, it's a bit annoying because if I want to sell say £500-1000 of share A at provider A and the same amount of share B at provider B, I can't easily buy share C with the total proceeds because the money isn't all one place.

Also probably worth mentioning, it's worthwhile making sure you keep enough at TD to qualify for their annual admin fee waiver- but I guess you've looked into that if you're deliberately moving for better overall fees.