Transferring funds from cash ISA to investment ISA (different provider)

scottishfraud

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

Vortigern

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.

le_loup

Vortigern wrote: »

Check the the form provides for a partial transfer of previous year's subscriptions.

If it doesn't, alter the form to show an exact amount. This is what I have done numerous times with Hargreaves Lansdown.