Transfer out of S&S ISA to Cash over Election

sjw11

I am thinking about moving some Stocks and Shares ISAs with Invesco Perpetual into Skiptons Limited Edition cash ISA.

I like the online and easy access, and I can move quickly back into S&S after the election if we stay Tory. It is paying 1.6% which isnt bad for easy access.

Shocked to find InvPerp want 1% to transfer to their cash ISA (which I would have done if it had been free), but its free to transfer out to Skipton. Figure that one out then.

The danger is that one of the two drag their heels with the transfer and spin it out over 3 or 4 weeks

TrustyOven

sjw11 wrote: »

I am thinking about moving some Stocks and Shares ISAs with Invesco Perpetual into Skiptons Limited Edition cash ISA.

I like the online and easy access, and I can move quickly back into S&S

Why would you want to "time the market" just for some election that affects one country? What about your other investments in different regions that will be unaffected?

sjw11 wrote: »

after the election if we stay Tory.

What's that supposed to mean?

ffacoffipawb

sjw11 wrote: »

... and I can move quickly back into S&S after the election if we stay Tory.

TrustyOven wrote: »

What's that supposed to mean?

Isn't it obvious? Watch the FTSE go below 5,000 by Summer if those Labour numpties form the next Government.

Remember ... "there's no more money left" .... ?

TrustyOven

ffacoffipawb wrote: »

Isn't it obvious? Watch the FTSE go below 5,000 by Summer

Which is good as you can then stock up on the FTSE (which index?) for a few years and buy cheap.

Then at the next election it will magically swoosh above 10,000 if Tories win?

Does any specific party have that much power to affect the index that much and directly control the corporations and companies to that degree?

Why would the FTSE (100?) drop below 5000 if a specific party wins?

ffacoffipawb wrote: »

if those Labour numpties form the next Government.
Remember ... "there's no more money left" .... ?

There's proof this would happen?

No more money left for what?

(NB. I've not been following the election noise at all so far this year.)

jimjames

Presumably it's just the UK part of your portfolio that you're looking to sell.

What happens if the UK market jumps massively after the election and you've waited to see the result? Are you aware that 70% of the FTSE companies income is from outside the UK?

dunstonh

Shocked to find InvPerp want 1% to transfer to their cash ISA (which I would have done if it had been free), but its free to transfer out to Skipton. Figure that one out then.

By going direct, you bypass the platforms and therefore pay charges differently.

I am thinking about moving some Stocks and Shares ISAs with Invesco Perpetual into Skiptons Limited Edition cash ISA.

And why does your crystal ball think that being out over the election will be a good thing?

sjw11

jimjames wrote: »

Presumably it's just the UK part of your portfolio that you're looking to sell.

yes

jimjames wrote: »

What happens if the UK market jumps massively after the election and you've waited to see the result? Are you aware that 70% of the FTSE companies income is from outside the UK?

Stocks and Shares should be and in my mind are longer term investments,
If Labour get in bed with some minor party to form a coalition, then in my view the city will see it extremely negatively, and the UK stock market (not just FTSE) will fall. I would then go back in after a while.
If the Tories get back in, then the FTSE may bounce even higher, but probably not "massively" since it is just off its highest now, then I will also go back in for the longer term.

sjw11

Phoned Invesco and they say it can take 30 days for the transfer to complete :mad:
Clearly looking at the other thread on here https://forums.moneysavingexpert.com/discussion/5219506 , Skipton dont hang about at their end.
We shall see, but !!!!!! could Invesco Perpetual be doing to take that long, other than hanging onto our money for their own benefit.
Slightly different, but compare Invesco Perpetual to Artemis Fund Managers who took my instruction to sell over the phone, and the form of renunciation arrived 2 days later.:)
I will report back when this has completed, but the whole point of this exercise was to get out before the Election

le_loup

Hmm and you've only had five years to plan. It's just not good enough; bloody government!

crumpetman

I'm just curious, how much have you got in S&S that you want to transfer to cash ISA?

dunstonh

We shall see, but !!!!!! could Invesco Perpetual be doing to take that long, other than hanging onto our money for their own benefit.

They are saying it could take that long. They are not saying it will take that long.

but the whole point of this exercise was to get out before the Election

An exercise that doesnt seem to be based on any logic.

If Labour get in bed with some minor party to form a coalition, then in my view the city will see it extremely negatively, and the UK stock market (not just FTSE) will fall. I would then go back in after a while.

Are you invested 100% in UK equity? (that is bad investing if you are)