Switching Cash ISAs to Share ISAs Mid-Year

mither_2

I currently have a cash ISA that I have been building up for a number of years. Its with Yorkshire Building Society currently and the rate is 0.90%. I'm planning to switch to Shawbrook Bank which is offering 1.25%. Neither of these are fixed rate and so are subject to change. I am interested in switching some or all of the cash to a Stocks & Shares ISA but think that share prices are likely to fall further and so don't want to do so now. From what I have researched there is no restriction on my transferring some or all of the balance later this year? i.e. I receive the interest on the balance for a period of months and then switch to shocks and shares later this year.
Also there is nothing to stop me spreading the transferred ISA funds across a number and cash and stocks/shares accounts?
Thanks in advance.   
 

colsten

You are allowed to request ISA transfers at any time but there are some limitations, such as

1. when you transfer current year subscriptions, you must transfer the entire subscription of that year (HMRC rule)
2. if you are on a fixed rate ISA, you are likely to incur an interest penalty if transferring during the term
3. some providers do not offer partial transfers in on some or all of their ISAs
4. some providers do not offer partial transfers out on some or all of their ISAs

mither_2

colsten said:

You are allowed to request ISA transfers at any time but there are some limitations, such as

1. when you transfer current year subscriptions, you must transfer the entire subscription of that year (HMRC rule)
2. if you are on a fixed rate ISA, you are likely to incur an interest penalty if transferring during the term
3. some providers do not offer partial transfers in on some or all of their ISAs
4. some providers do not offer partial transfers out on some or all of their ISAs

Thanks - "when you transfer current year subscriptions, you must transfer the entire subscription of that year (HMRC rule)"
This would be the annual £20k allowance.
Rather than the £xk accumulated in previous years.  

eskbanker

mither_2 said:

colsten said:

You are allowed to request ISA transfers at any time but there are some limitations, such as

1. when you transfer current year subscriptions, you must transfer the entire subscription of that year (HMRC rule)
2. if you are on a fixed rate ISA, you are likely to incur an interest penalty if transferring during the term
3. some providers do not offer partial transfers in on some or all of their ISAs
4. some providers do not offer partial transfers out on some or all of their ISAs

Thanks - "when you transfer current year subscriptions, you must transfer the entire subscription of that year (HMRC rule)"
This would be the annual £20k allowance.
Rather than the £xk accumulated in previous years.  

This would be however much you've actually paid in during the current tax year, regardless of whether that's buttons or the full £20K allowance, but yes, ignoring prior year contributions.

mither_2

Thanks for confirming