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Transferring funds from cash ISA to investment ISA (different provider)
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scottishfraud
Posts: 6 Forumite
I have a cash ISA from a high street bank. There's around £25k in it.
I would like to take out a couple of grand at a time and transfer them to another provider that offers stock trading.
Is it okay if I...
1. keep both ISA accounts open (since once is cash and the other is S&S)?
2. transfer money from the cash ISA to the investment ISA myself?
Thanks
I would like to take out a couple of grand at a time and transfer them to another provider that offers stock trading.
Is it okay if I...
1. keep both ISA accounts open (since once is cash and the other is S&S)?
2. transfer money from the cash ISA to the investment ISA myself?
Thanks
0
Comments
-
1. is OK
2. If you self transfer from cash ISA to S&S ISA you will be using the current year's allowance and you will not be able to transfer the whole of your 25K.
You should use the S&S ISA provider's transfer form to shift the cash without using your allowance. Check the the form provides for a partial transfer of previous year's subscriptions.0
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