Opening new S&S ISA query

Tomatillo

I have a S&S ISA with Vanguard that I opened in 2019/20 and have paid into monthly ever since. I would like to keep contributing to this ISA as I am very happy with the platform and low fees. I would, however, like to look at non-Vanguard funds. I have an old cash ISA that is earning very little. I would quite like to open a new S&S ISA with a platform like Fidelity or AJ Bell and transfer this cash to it but keep all new contributions in VAnguard (for this tax year at least). Is there anything to stop me doing that? I know there is a rule that it is rule that you cannot pay into two S&S ISAs in one year but I think I am right in saying that transfers don't count?

Assuming that it is OK. Is there anything to stop me from adding a bit more to the Cash ISA (keeping under the £20K annual limit for both) and then opening the new S&S ISA and transferring the whole lot to it?

Thanks v. much for any help

george4064

Tomatillo said:

I have a S&S ISA with Vanguard that I opened in 2019/20 and have paid into monthly ever since. I would like to keep contributing to this ISA as I am very happy with the platform and low fees. I would, however, like to look at non-Vanguard funds. I have an old cash ISA that is earning very little. I would quite like to open a new S&S ISA with a platform like Fidelity or AJ Bell and transfer this cash to it but keep all new contributions in VAnguard (for this tax year at least). Is there anything to stop me doing that? Nope, that’s fine.

I know there is a rule that it is rule that you cannot pay into two S&S ISAs in one year but I think I am right in saying that transfers don't count? Your understanding is correct. Make sure you transfer ISAs via the proper method, do not withdraw to your bank account and then add that money to a new ISA!

Assuming that it is OK. Is there anything to stop me from adding a bit more to the Cash ISA (keeping under the £20K annual limit for both) and then opening the new S&S ISA and transferring the whole lot to it? Nothing wrong with that, just note that if you are transferring any ISA money that was subscribed in the existing tax year you have transfer all that money. Compared to transferring ISA money subscribed from a previous tax year you can do partial transfers.

Thanks v. much for any help

See responses above.

Tomatillo

Thanks v. much, I thought that was the case but don't want to accidentally mess up!