Transfer of cash ISA by cheque to new provider

bowlhead99

jimjames wrote: »

Maximum you could have in a cash ISA would be around £100k so maximum would be £5. Assuming interest isn't dated from closure

No.

Maximum you could have in a cash ISA would be the amount you had built up within the ISA wrapper since you started investing the maximum annual amounts in PEPs and TESSAs in the '90s. There were reports of ISA millionaires several years ago, and we have had the freedom to move S&S ISA money into Cash ISAs for almost three years.

Some markets rose over 30% in sterling terms in the last year or so, and if you had put your million in Fevertree Drinks plc at IPO less than thirty months ago you would have 10x your capital before the end of February this year. So if you were unusually prescient you could have put over a million in an S&S ISA investment in Fevertree in late 2014 and have ten million early this year, which could have been shrewdly moved into cash a couple of months ago (if you could find sufficient banks with an appetite to receive the funds into ISA accounts and you didn't care about FSCS limits).

As such, there's no saying that our OP was not talking about a £10m transfer, rather than the £100k that you suggested.

Like you though, I suspect the OP is probably missing a fiver at most.