Struggling to transfer S&s ISA

Islander97

Hi.

Last year I set up a stocks and shares ISA with my bank, Natwest. I went with them because it seemed convenient at the time. After researching S&S ISA's more, I think I'd like to go with Vanguard.

I've sent off a letter signing me up with them, and they replied with details how to transfer my Natwest account over to them.

The only thing is, I'm having trouble transferring the amount over. I've been wondering if I'd be able to just sign up to a new S&S ISA in april, and have them both running alongside each other? I don't want to take the money out of the Natwest one, as it's currently losing about 2% of what I put in.

Thank you

pinknsparkly

You can indeed leave your current ISA with Natwest and open a new one with Vanguard in the next tax year. You can have as many ISAs as you wish open, but can only contribute to one of each type (so one stocks and shares) per tax year. However, if you are wanting to use Vanguard instead of Natwest as the fees are lower then you would probably benefit from transferring it all to Vanguard.

What are the problems you're encountering with transferring your ISA over? You shouldn't have to do much at all, once you've authorised Vanguard to organise the transfer and confirmed with Natwest that you asked them to do it, then you shouldn't have to do anything else.

xylophone

Do you mean that you have sold the investments in the Natwest ISA so that it only holds cash?

If so, you sold at a loss and the loss can't get any worse?

You will just be transferring cash to Vanguard?

Or have I misunderstood?

Islander97

The money is still invested with their platform. But I want to either transfer, or start with vanguard in the new tax year

Islander97

That makes sense, thank you.
When trying to get them to transfer I've had issues with the account number. I can't seem to find it on the Natwest platform anywhere. They obviously won't transfer without that number. I don't have any branches near me, but it might be worth while taking a trip to one to get this sorted out.

Alexland

Are there any historic account statements on the Natwest portal which you can download? These will ususally contain the account number. Alternatively can you send Natwest a secure message or phone them to ask?

I doubt you will find many people on the MSE forums who would hold Natwest S&S products.

ps. I don't understand why you are sending letters to Vanguard - their transfer process is online.

Alex

EdGasketTheSecond

Islander97 wrote: »

That makes sense, thank you.
When trying to get them to transfer I've had issues with the account number. I can't seem to find it on the Natwest platform anywhere. They obviously won't transfer without that number. I don't have any branches near me, but it might be worth while taking a trip to one to get this sorted out.

Before you set off, try phoning up one of their centralised help lines. It will be hit and miss if an individual branch assistant will know anything about it and they will probably just refer you to their website.