Advice needed - transfer of funds from S&S ISA

noclaf

Hi All

Ive currently got 8.5k in the bank (6k in isa, 2 k in savings a/c) and another 8k invested in various shares in a S&S ISA via HL.
Ive come to the conclusion that this split is way too risky, cannot stomach losing 40/50+% of the S&S ISA value if there was a market crash....not been a great yr for me on the markets overall.

current idea- close the s&s isa, transfer whole amount to my barclays savings a/c and then transfer whole lot incl cash isa (so lets say 16/16.5k in total) to a Santander 123 current a/c.I can save £800-1000 per month so the a/c will be at the magic 20k in a few months or so hopefully. Also note, I havent used any of this years ISA allowance, but am aware I would lose my old allowances if I close both cash isa and s&s isa...however with the total sum I have(16/17k)....should I even be bothered about isa's? (will need this money in next few years prbly for a property deposit)
any other suggestions would be welcome, thanks

edit: just to add maybe I should put 4k in two tsb a/c's (2k each) and rest in the santander?roughly would make me extra £80 per yr in interest

Eco_Miser

If you're going for all cash, in addition to the TSB and Santander accounts, you should put £5k in Lloyds Club for 4% AER, and £400 per month into the linked regular saver, also 4%. Also look at putting £300 per month in the First Direct Regular saver @ 6%.

I wouldn't bother with cash ISAs. I can see why you're worried about your S&S ISA, losing a quarter of your wealth in a crash isn't nice, but remember the markets do bounce back higher after drops.

kidmugsy

noclaf wrote: »

will need this money in next few years prbly for a property deposit

Then it's safer in cash that in equities. Consider also the Nationwide FlexDirect.

cheexy

kidmugsy wrote: »

Then it's safer in cash that in equities. Consider also the Nationwide FlexDirect.

Nationwide FlexDirect offers 5% on a maximum of £2500 but you would need to do a switch.

Archi_Bald

cheexy wrote: »

Nationwide FlexDirect offers 5% on a maximum of £2500 but you would need to do a switch.

Only reason for a switch is a switch bonus but that is completely separate from the interest you get. You do not have to switch to get the 5% in a FlexDirect.

noclaf

Ive decided to switch to Santander initially and got the ball rolling today...its not maximising potential interest but would rather start with this to keep things simple then look to open additional a/c's such as the TSB's,Nationwide flex etc
Leaving barclays after being with them for more than half my life feels weird but paltry interest rates forced my hand!

based on all your suggestions I knocked together the below..should be able to save £700 per month for the regular savers but not sure I will be able run all these a/c's simultaneously and satisfy their requirements if I use the Santander as my main current a/c. any thoughts/observations?

Total funds Bank a/c balance interest £16,000.00 Santander £8,500.00 3% First Direct Regular Saver £300p/m 6% Nationwide flex £2,500.00 5% Lloyds Club £5,000.00 4% Lloyds regular saver £400 p/m 4%

gadgetmind

noclaf wrote: »

not been a great yr for me on the markets overall.

Really? Perhaps you need to revise your asset allocation (and ideally drive fees way down) first?

However, you do feel you'll panic sell at the first downturn, and you don't have time to learn about how to make volatility work for you, then you do need to make changes.

noclaf

gadgetmind wrote: »

Really? Perhaps you need to revise your asset allocation (and ideally drive fees way down) first?

However, you do feel you'll panic sell at the first downturn, and you don't have time to learn about how to make volatility work for you, then you do need to make changes.

combination of factors...I did panic sell a few times which was silly of me but after reading this forum wish I simply used a tracker like a Vanguard rather than individual shares esp with the transaction fee's which add up...my sipp used a Vanguard ls 80...up nearly 10% so far

my proposed cash a/c setup should of read as below, does anyone here run anything like this with 5/6 accounts..how much hassle is it to setup the s/o & dd's to make it work?

Santander £4,500.00 3%
Nationwide flex £2,500.00 5%
Lloyds Club £5,000.00 4%
First Direct Regular Saver£300 p/m 6%
Lloyds regular saver£400 p/m 4%
TSB x 2 £4,000.00 5%

gadgetmind

noclaf wrote: »

wish I simply used a tracker like a Vanguard rather than individual shares

With all due respect, you really don't have enough invested to be able to use individual shares without taking on too much risk.

But I guess you know that now!

noclaf

gadgetmind wrote: »

With all due respect, you really don't have enough invested to be able to use individual shares without taking on too much risk.

But I guess you know that now!

we all learn eh

Eco_Miser

Standing Orders - no problem, just set them up online at the sending bank. Direct Debit - if you need more, Tesco Bank allows multiple DDs on both their Internet Saver and their Instant Access Saver - so two different if needed.