Moving money out of ISA

jscol

Given that you are young, financially stable (own property, no mortgage, large amount of cash reserves) many people would suggest you think about putting some of the money in your ISA into a stocks and shares ISA. The reason is that over time cash devalues due to inflation. No matter what savings rate you achieve for the money you have it will be less than the rate of inflation and over a longer timeframe one can expect that your 60k will significantly devalue in real terms. If you keep 60k in a bank account it will lose considerably spending power over 10,15,20 years. 
A common way of avoiding this is to invest rather than save. Historically money invested in the stock market has outperformed inflation / savings accounts. However one does have to accept that this is a long term approach and does carry some degree of risk. Investing may not be suitable for your individual circumstances. 
Could I suggest you read about investing (particularly investing in funds) and see if that's of interest to you. If it is you could transfer some of your cash ISA money into a stocks and shares ISA with the aim of producing a sensible investment portfolio.

intalex

How about an ISA switch to a flexible ISA then "borrow" the funds from the wrapper?
A reminder around mid-March 2021 would be useful to help you remember to restore funds back into the wrapper?

where_are_we

My experience of credit unions is that, as Colsten says, their next dividend can reduce and is not guaranteed especially given the present economic woes. If your support of Credit unions is altruistic that is commendable but remember that you are paid in dividends and not interest, which complicates you HMRC tax position, especially moving from an ISA whose earnings you do not have to declare. As others have said keep a cash "cushion" for maintaining your house amongst other things. Whether this is in a cash ISA or in regular savings accounts (I see your ISA is with Virgin money - it is very easy to set up a Virgin regular saver paying 2 %) or other accounts paying better interest. Open a stocks and shares ISA and switch part of your ISA cash savings across, if you are comfortable with risk and are sure you will not need the money for 10 years.

CashMoney

Hi I have invested a little (3k) in stocks, 2 U.S stocks and 2 U.K. I am open to investing more in stocks if someone wants to throw some suggestions at me.

eskbanker

Gsaver1 said:

As it is the new financial year I started the process of shifting my cash ISA to a new and better rate. Today I got a phone call from my new soon to be cash ISA provider saying that the transfer isn't going ahead as the money doesn't exist. After nearly experiencing heart failure I have checked online with my current provider and the funds are there. I tried phoning this provider but the offices are shut. 

I do not wish to have experiences like this. This was a provider that was recommended on this site. I'll get in touch with them on Tuesday and the conduct which they have used when looking after my money is such that they will be getting reported to the necessary financial regulator.

1. It's considered poor etiquette to hijack someone else's thread with a separate issue that's only tangentially related, so start your own thread for your own issue.
2. When doing so, it would make more sense to name the providers concerned (and not to overreact....)

Notepad_Phil

Gsaver1 said:

As it is the new financial year I started the process of shifting my cash ISA to a new and better rate. Today I got a phone call from my new soon to be cash ISA provider saying that the transfer isn't going ahead as the money doesn't exist. After nearly experiencing heart failure I have checked online with my current provider and the funds are there. I tried phoning this provider but the offices are shut. 

I do not wish to have experiences like this. This was a provider that was recommended on this site. I'll get in touch with them on Tuesday and the conduct which they have used when looking after my money is such that they will be getting reported to the necessary financial regulator.

Are you 100% sure that you gave the correct details when passing over the details to the new provider?

If you did then the problem could be at either end of the transfer pipeline, for instance the new ISA provider might have recorded the information incorrectly or somehow passed over the wrong information so don't go all guns blaring at your existing ISA provider until you've got a bit more information.

jscol

CashMoney said:

Hi I have invested a little (3k) in stocks, 2 U.S stocks and 2 U.K. I am open to investing more in stocks if someone wants to throw some suggestions at me.

Hi CashMoney,
1. I don't think anyone can really tell you what stocks / funds are best for you. No-one knows enough about you. 
2. You are sitting on substantial cash reserves. Have a look at an online inflation calculator. This will show you how your cash will devalue over a long time period. This information may help persuade you that investing is right for you. 
3. I think you should define your financial goals. What's your £60k for? Retirement? A new house in a few years? Do you have dependents?
4. You should read about investing and work out if it's for you? If it takes months to understand and make this decision that's fine. However you do need to do your own
research. How much of your 60k would you invest and how much of your money would you keep as cash? What's your attitude to risk / volatility? 
5. Should some of this money go into a pension? There are potential tax benefits.
6. If you have questions ask in this forum and people will generally give you guidance. However remember it is a group of online strangers. No one fully understands your circumstances. 

I suspect you have too much cash and you need to transfer some of your cash ISA to a stocks and shares ISA. It's a big decision. Do your research and work out what's right for you. 

ColdIron

Gsaver1 said:

Please remove my post as it should have gone on its own thread. My apologies.

If you click the cog on the top right of your post you can delete it yourself