Old cash ISA can be split? Limits?

ANGLICANPAT

Ive got a fairly large fixed cash Isa  maturing soon. Being old money , I presume  if  I want to turn it into S/S  ISA's  I can  split it into  three or 4 differnt  funds  without a problem  ? Even between funds on different platforms if I chose to?  Thanks.

ColdIron

If the money is from subscriptions in previous financial years you can split it into as many ISAs as you like (if the ISA managers allows partial transfers), you can have as many funds in an ISA as you like.  Don't forget that you must ask the receiving ISA manager(s) to arrange the transfer(s), don't do it yourself

xylophone

Ive got a fairly large fixed cash Isa  maturing soon. Being old money , I presume  if  I want to turn it into S/S  ISA's  I can  split it into  three or 4 differnt  funds  without a problem  ? Even between funds on different platforms if I chose to?  Thanks.

You would ask platform A to arrange the transfer of £xxx from the cash ISA to your S&S ISA and platform B to arrange the transfer of the balance to your S&S ISA.

NottinghamKnight

OP there's no problem in transferring the cash and buying as many funds as you like, is there a particular reason you want to send to different platforms?

badger09

In addition to what has already been said, I would recommend you do not request multiple transfers within a short space of time. Better to do them in sequence once the previous transfer is complete.

Some ISA managers struggle to correctly calculate the remaining balance, and, in my case, simply blocked 2 transfers and didn't bother to inform me. 

ANGLICANPAT

Thanks all.   Cold Iron are you talking about the  current BS  not allowing the capital to be split on maturity , or the receiving platform  not agreeing to accept a part transfer of full amount  in an account?  I(Ive never had cause to split before)   

NK I havent really fully decided on what funds to have yet but I know  some  platforms  have IT's free but are more exp for other funds (like HL ). so  thought I may need to choose two , maybe  HL for a couple of trusts and  Iweb for  the rest . 

badger 09 - I was thinking that it would be   filling a form to authorize each new platform to request transfer of half the  BS maturity cash to them   and then when each had its cash,  straight away I'd  buy two new funds (on each platform) with it . That doesnt sound like a good idea in the light of what youve said? Are  you suggesting it would leave less scope for error ,  to leave half the maturity cash in an instant ISA with the BS  and deal with each platform one at a time  ? (Or maybe was it deal with both platforms at a time , but only buy one fund at a time , the second one once first properly in place and correct?)

xylophone

Better to deal with one transfer at a time I'd have thought,

ColdIron

ANGLICANPAT said:

Thanks all.   Cold Iron are you talking about the  current BS  not allowing the capital to be split on maturity , or the receiving platform  not agreeing to accept a part transfer of full amount  in an account?  I(Ive never had cause to split before)  

Either, most do but forewarned is forearmed and all that. For instance HL no longer provide a box for partial amounts and you need to provide a covering letter

NottinghamKnight

ANGLICANPAT said:

NK I havent really fully decided on what funds to have yet but I know  some  platforms  have IT's free but are more exp for other funds (like HL ). so  thought I may need to choose two , maybe  HL for a couple of trusts and  Iweb for  the rest . 

Whilst this is a money saving site I wouldn't want the risk and hassle for a few quids worth of cost but personal choice I suppose.

Eco_Miser

Each IT at Iweb will cost you £5 to buy and £5 to sell (if you ever do), and nothing to hold.

HL charge at least £5.95, but probably £11.95, a deal, plus up to £45 a year to hold.

I don't see any point in splitting your ISA between HL and IWeb. 

ANGLICANPAT

   Eco-Miser,  havent really done my research thoroughly yet to take on board precise charges , ( Id just presumed  HL was free to hold  IT's for eg although maybe its only for BG transfers) and I quite like their customer service,   but  if your eg. is the case , then yes  , Id probably be better  with just the one . Will be doing more homework.  Thanks all.