Halifax S&S/Cavendish?

Legion90

Hi All,

I have an amount of funds (around £2.6k) built up in a Halifax S&S ISA from a few years ago. I haven't contributed to this in a while. I am in the fortunate position of being able to contribute something towards this again around (£100pm) to spread the risk across the year.

However, I noticed the Halifax charges to be particularly high for small purchases (£2 for regular investment) plus £12.50 annual administration charge. For my funds I believe that would be around £36.50 cost per year (12 x £100 transactions) plus admin charge. The £100 would be invested in multiple funds.

I believe the cavendish would be more efficient at 0.25% which would be around £9.50 per year (0.25% of £3,800).

The problem is that if transferring from halifax to cavendish I get charged £25 per investment which would be £100 as got four investments. If looking to start trading again what would you recommend as my best option? Keep halifax in the backburner and start new account in cavendish or transfer all to cavendish taking the £100 hit?

Thanks!

Lokolo

Sell funds to cash, transfer S&S ISA as cash, buy funds again. You will be out of the market for a couple of weeks.

Legion90

Thanks, but when transferring to Cavendish does this count as a S&S ISA or cash ISA? There will be no investments.

It feels scary selling everything but I know this is the logical choice!

kidmugsy

Sell in May and go away
Come back again on St Leger day.


So runs the old wisdom.

badger09

Legion90 wrote: »

Thanks, but when transferring to Cavendish does this count as a S&S ISA or cash ISA? There will be no investments.

It feels scary selling everything but I know this is the logical choice!

As long as you sell the funds inside your Halifax S&S ISA, then ask Cavendish to arrange the transfer of that cash, it all stays inside your S&S ISA 'wrapper'.

If you sell the funds, withdraw the cash and then pay it into a new S&S ISA with Cavendish, it will count towards your 2015/16 ISA allowance, which you can split between Cash ISA & S&S ISA as you wish.