Transfer into Stocks and Shares ISA

katsclaws

I have £15,000 (a 3 year fixed term cash ISA) maturing in a cash ISA in June. Can this amount be transferred into an existing Stocks and Shares ISA. Both are held with the same provider. The full ISA limit will be invested in the Stocks and Shares ISA for this tax year in equal monthly payments.

EdGasket

Usually yes but why not ask your provider?

colsten

It's allowed under ISA legislation. But are you sure your existing provider is the best place for an S&S ISA? As there is basically none that offers both, the best cash ISAs and the best investment platform for S&S ISAs.

katsclaws

Thank you EdGasket and colsten.
This provider is no longer the best for cash ISAs but the Stocks and Shares ISA is a FTSE 100 fund. I'm reluctant to put the £15000 into the Stocks and Shares ISA in a lump sum so it will probably need to go into a cash ISA and be transferred into the S& S ISA in monthly amounts.

colsten

You are probably talking about Virgin. In which case, I would urge you to search the forum about their S&S ISA - it has a very bad reputation as it is very much overpriced and therefore significantly underperforms compared with other FTSE 100 trackers. There has been a lot of negative press in the personal finance columns of the papers, too.

Aside from that, investing in the FTSE 100 is a lot higher risk than investing in some other index trackers - again, this has been discussed on the forum before.

katsclaws

Thanks colsten, it's actually with M&S. The statement I received yesterday showed a return of 6.5% over the last six months to 5 April 2015.

colsten

M&S for investments. WOW. What is the exact investment, and charges do you pay?

katsclaws

It's the M&S 100 Companies Accumulation Fund. Charges are 0.6%.
It's been around a long time as I started off with a PEP.

colsten

Is that 0.6% fund and platform charges?

EdGasket

You could by an iShares or Vanguard FTSE 100 or indeed world fund ETF with a 0.2% charge and no other fee with x-o or AJ Bell except the dealing charge (£5.95 with x-o) and a small buy-sell spread but if you are keeping the investment long term then these are not significant.

katsclaws

Hello colsten, I think the 0.6% is the only charge.
Thanks EdGasket, I also have a couple of share portfolios but I will have a look at x-o and AJ Bell.