Platforms offering both cash ISAs and stocks and shares ISAs?

Matthew_Pollock

I have my money invested in a Fundsmith ISA and topped it up after the market crashed. Now I'd like to be able to withdraw to a Cash ISA at short notice.  Impossible - Fundsmith offers no Cash ISAs. You must apply to another company which offers a cash ISA, and slowly, slowly, your money is requested by them from Fundsmith.

This is not a satisfactory situation for someone who feels he may want to sell at short notice, yet retain ISA status for all his money.

What to do?  I am puzzled that I can find no platforms that offer both Cash ISAs and Stocks and Shares ISAs.

My bank (HSBC) is the only institution that I can find that offers both - but even they say that the transfer from one to the other will take up 2 weeks.

Why this clunky situation?

eskbanker

Most platforms allow you to hold cash within a S&S ISA, which should surely be "a satisfactory situation for someone who feels he may want to sell at short notice, yet retain ISA status for all his money"?  Granted there's typically derisory interest, if any, but the administrative overhead of handling ISAs always means that actual transfers will be time-consuming so literally moving funds between different types of ISAs is unlikely to be optimal....

dunstonh

If you use a whole of market platform, then most of these have a cash account within them.  However, S&S ISAs are not designed to switch to cash ISAs on a whim. The cash facility is mainly designed for short term use.   It is not to replace cash ISAs.

My bank (HSBC) is the only institution that I can find that offers both - but even they say that the transfer from one to the other will take up 2 weeks.

They may share the same logo but that is all.  And you neither end up with a market leading interest rate on the cash ISA or a decent whole of market platform on the investment ISA.  

Why this clunky situation?

The same principle as to why motorbikes are not cars or vice versa.  i.e. they are different things aimed at different people with different objectives.

Alexland

Matthew_Pollock said:

This is not a satisfactory situation for someone who feels he may want to sell at short notice, yet retain ISA status for all his money.

Can you help us understand why you 'feel' this? If you are invested in a 100% equities fund with a concentrated portfolio surely that's a very long term investment?