Advice, please, on transferring mature cash ISA to investment platform(s)

manninman

Advice, please, on transferring a mature cash ISA to a different platform ...

I have a bunch of cash ISAs amounting to some £27,000, about to mature with Halifax.

I should like to transfer this money into one or two investment funds, although I’m not yet sure whether these two funds will be ones which I have already established or whether I will transfer the money into new funds.

Assuming that the recipient platform is willing to transfer the money in, is it then straightforward for the funds to be allocated between the two investment trusts according to my instructions?

What is the situation if I want to transfer the money from Halifax to two different platforms, each hosting a trust into which I’d like to invest?

Is it any easier / makes no difference if one of the platforms is Halifax-online share dealing?

(Just in case anybody wonders, I have already invested my new 2017/2018 ISA allocation.)

I’ve tried to set out the issue as clearly as possible… apologies if it is not as clear as I think it is.

Many thanks and regards all round …

AnotherJoe

manninman wrote: »

Assuming that the recipient platform is willing to transfer the money in, is it then straightforward for the funds to be allocated between the two investment trusts according to my instructions?

Money in an S&S ISA can be allocated it in any way you want and you can buy sell and buy to your hearts content.

manninman wrote: »

What is the situation if I want to transfer the money from Halifax to two different platforms, each hosting a trust into which I’d like to invest?

Is it any easier / makes no difference if one of the platforms is Halifax-online share dealing?

Why two different platforms? Anyway, you said you had a bunch of ISAs, I suspect you will find it difficult to partially transfer one ISAs cash into another, so you'll probably need to transfer each cash isa into just one S&S ISA.

You can try by starting a transfer process and see if it asks you how much money you want to transfer. I suspect you'll find most if not all platforms just ask you the details of the transferring in ISA rather than how much you wish to transfer. . But you never know..

Plus

AnotherJoe wrote: »

I suspect you'll find most if not all platforms just ask you the details of the transferring in ISA rather than how much you wish to transfer. . But you never know..

That's not my experience - many forms ask if you want to do a full or partial transfer.

iWeb, who are Halifax in different clothes, will do full or partial transfers of cash ISAs.

elephantrosie

do you mean from cash ISA to s+s ISA?

Plus

elephantrosie wrote: »

do you mean from cash ISA to s+s ISA?

In my case I meant transferring a cash ISA into a S&S ISA held at iWeb (who are really Halifax Sharedealing).

It may be the T&C on the cash ISA can prevent partial transfers out: you should check that, but most banks will allow them (except for accounts with existing restrictions, like fixed term accounts).

AnotherJoe

Well in that case (partial transfers) I stand corrected and the OP should have no issues.

manninman

Just to confirm the point raised, yes, I will be transferring from a cash ISA to s/s ISA. I will check the point about whether or not the bank holding the cash ISA permits partial-transfers.

Thanks to everybody who replied to my query -- and so promptly!

Regards all round ...

elephantrosie

manninman wrote: »

Just to confirm the point raised, yes, I will be transferring from a cash ISA to s/s ISA. I will check the point about whether or not the bank holding the cash ISA permits partial-transfers.

Thanks to everybody who replied to my query -- and so promptly!

Regards all round ...

noob here.

does that mean that we are allowed to transfer all money from cash ISA to s+s ISA, but not all institutions allowed partial transfer?

ps: i am also thinking of doing the same thing!

ColdIron

There is nothing in law to prohibit partial transfers, excepting new subscriptions (new money paid in during the current tax year) which must be transferred in total. Different providers (both outgoing and incoming) may have additional in house restrictions so check, but in my experience most will allow it

Plus

If there are restrictions, it's always possible to use a 'mule' account that allows partial transfers. ie full transfer A to the mule B, partial B to C, full remainder of B to D (closing . It's two transfers so a bit slower, but ISA transfers have got a lot better in recent years so not too bad.

If you think you might need to do this, it can be useful to keep an old ISA around with a few pounds in it - it saves time against opening a new account when needed.