Transfer this years s&s isa to existing platform?

cattie

Sorry, this Ihas probably been raised before but I couldn't find an answer doing a search. I opened a new s&s isa this tax year via Cavendish & chose 2 new funds to invest in. I've only put about £5k in so far & do intend to invest up to the £20k limit before end of tax year, but unsure whether I'd be able to transfer this over to iweb now, where previous years isa's & the bulk of my portfolio is held, or do I need to have had this years one open for a full year?

I know some people think it's better to invest over 2 or 3 platforms to spread the Fsca risk, but I'm just thinking that it might be slightly easier for me to be able to check the whole portfolio in one go & the charges on iweb are pretty low.

eskbanker

You can transfer it at any time as far as the ISA rules are concerned, so, unless there is any commitment to Cavendish to keep it with them for a minimum time, you can go ahead - ensure that you use IWeb's ISA transfer process to move it all over in one go and that the funds you bought at Cavendish can be held at IWeb....

cattie

Many thanks. I already checked that the new funds I have are available on iweb, so will just check that I'm not tied in to Cavendish/Fidelity for any set time period.

Alexland

It seems unlikely you would be tied into Cavendish as they don't tend to run the cashback style offers that Fidelity offer their direct customers. I assume you have also checked that iWeb offer the exact same fund classes too?
If investing in funds might still be cheaper to complete your current tax year ISA contributions with Cavendish on the current percentage charges before transferring to iWeb with their £5 trade fees depending on your contribution and trade pattern.