New to Share ISA

6022tivo

Hi
I'm pretty money savey. But take near zero risks with it all. 
Some of my cash isa's are reaching the end of their bonuses and I will have £40k to put into a Stocks and Shares ISA. Obviously £20k before and £20 after April. 
I have a share dealing X-O account, but not sure they can wrapper in an ISA, but to be honest after reading I fancy and II (Interactive Investor)  account. What are peoples thoughts on these. I understand I can use a fund from them if I want to play it safe, but also have a dabble with various options. They have an app, and I can get the first 12 months £9.99 fee waved, so free to try I guess. I think it is also free to transfer out if I'm not sure to someone else??? Anyone confirm that?

Is this a prudent move, I do want more control over it, I don't want to just have a trip into my bank every year and check out a balance whilst paying them a fee? 

eskbanker

6022tivo said:

Some of my cash isa's are reaching the end of their bonuses and I will have £40k to put into a Stocks and Shares ISA. Obviously £20k before and £20 after April.

Why is that obvious?  Money that's already within ISAs can be transferred to other ISAs without affecting, or being affected by, annual contribution allowances, so there's no constraint about £20K per tax year for transfers, as long as you use the receiving provider's transfer process.

6022tivo said:

Is this a prudent move, I do want more control over it, I don't want to just have a trip into my bank every year and check out a balance whilst paying them a fee? 

Not really sure what you mean by doing this to achieve more control? The decision about whether to save or invest is entirely different (and much more important) versus how you choose to manage the product via technology, etc....

6022tivo

eskbanker said:

6022tivo said:

Some of my cash isa's are reaching the end of their bonuses and I will have £40k to put into a Stocks and Shares ISA. Obviously £20k before and £20 after April.

Why is that obvious?  Money that's already within ISAs can be transferred to other ISAs without affecting, or being affected by, annual contribution allowances, so there's no constraint about £20K per tax year for transfers, as long as you use the receiving provider's transfer process.

6022tivo said:

Is this a prudent move, I do want more control over it, I don't want to just have a trip into my bank every year and check out a balance whilst paying them a fee? 

Not really sure what you mean by doing this to achieve more control? The decision about whether to save or invest is entirely different (and much more important) versus how you choose to manage the product via technology, etc....

Can you transfer a cash isa to stocks and shares with no restriction on the amount? 


I would want to buy and sell individual shares, and well as having access to funds for them to be managed by others for more safer investment. 

Albermarle

These two statements do not match each other .

I'm pretty money savey. But take near zero risks with it all. 

I would want to buy and sell individual shares ( which is pretty risky ) 

grumiofoundation

6022tivo said:

eskbanker said:

6022tivo said:

Some of my cash isa's are reaching the end of their bonuses and I will have £40k to put into a Stocks and Shares ISA. Obviously £20k before and £20 after April.

Why is that obvious?  Money that's already within ISAs can be transferred to other ISAs without affecting, or being affected by, annual contribution allowances, so there's no constraint about £20K per tax year for transfers, as long as you use the receiving provider's transfer process.

6022tivo said:

Is this a prudent move, I do want more control over it, I don't want to just have a trip into my bank every year and check out a balance whilst paying them a fee? 

Not really sure what you mean by doing this to achieve more control? The decision about whether to save or invest is entirely different (and much more important) versus how you choose to manage the product via technology, etc....

Can you transfer a cash isa to stocks and shares with no restriction on the amount? 

Yes. Explained above limits are on contributions in current tax year. 

I would want to buy and sell individual shares, and well as having access to funds for them to be managed by others for more safer investment. 

Various platforms offer this, depending on how much and how often you will invest different charging structures are cheaper/more expensive. 
Would be careful thinking of any investments (whether managed or passive) as "safer". 

6022tivo

Albermarle said:

These two statements do not match each other .

I'm pretty money savey. But take near zero risks with it all. 

I would want to buy and sell individual shares ( which is pretty risky ) 

I get what you are saying. 
I'm looking at Interactive Investor as it was featured on here, no exit charges, no fee for 12 months. 
Looks like it gives me the option to leave in a fund that is safeish, but I would also like to play around with individual buying and selling, happy to risk a percentage of my fund. 
I was wondering if II is a good option for this really. 

6022tivo

To to be clear. 
I have a large cash isa, not used this years allowance. 
I want my 1st stocks and shares isa. I see no point of transferring it in (If even possible) if I plan to use £20k before April, and £20k of it afterwards. 
It is tax free now, and will be in the new setup as it's below the limits. 


However... 
Can I transfer all of my tax free current cash ISA (Say £80k) into a stocks and shares like I could to another cash isa with a different provider? Or is a tax free switch of a large amount not allowed between cash -> stocks and shares? 

grumiofoundation

6022tivo said:

To to be clear. 
I have a large cash isa, not used this years allowance. 
I want my 1st stocks and shares isa. I see no point of transferring it in (If even possible) if I plan to use £20k before April, and £20k of it afterwards. 
It is tax free now, and will be in the new setup as it's below the limits. 


However... 
Can I transfer all of my tax free current cash ISA (Say £80k) into a stocks and shares like I could to another cash isa with a different provider? Or is a tax free switch of a large amount not allowed between cash -> stocks and shares? 

Yes. (You need to use ISA transfer process not do it yourself).

eskbanker

6022tivo said:

I'm looking at Interactive Investor as it was featured on here, no exit charges, no fee for 12 months.

Where are you seeing the "no fee for 12 months" offer on here?  Their cheapest plan is £9.99 per month and I don't recall seeing any offer on here that waives that - it's not mentioned at https://www.moneysavingexpert.com/savings/stocks-shares-isas/, which would be the obvious home for it.

grumiofoundation

eskbanker said:

6022tivo said:

I'm looking at Interactive Investor as it was featured on here, no exit charges, no fee for 12 months.

Where are you seeing the "no fee for 12 months" offer on here?  Their cheapest plan is £9.99 per month and I don't recall seeing any offer on here that waives that - it's not mentioned at https://www.moneysavingexpert.com/savings/stocks-shares-isas/, which would be the obvious home for it.

Theres a topcashback offer of £125 (which basically equates to no fees) for £10,000 or more investment is the only thing it could be? 

6022tivo

grumiofoundation said:

6022tivo said:

To to be clear. 
I have a large cash isa, not used this years allowance. 
I want my 1st stocks and shares isa. I see no point of transferring it in (If even possible) if I plan to use £20k before April, and £20k of it afterwards. 
It is tax free now, and will be in the new setup as it's below the limits. 


However... 
Can I transfer all of my tax free current cash ISA (Say £80k) into a stocks and shares like I could to another cash isa with a different provider? Or is a tax free switch of a large amount not allowed between cash -> stocks and shares? 

Yes. (You need to use ISA transfer process not do it yourself).

Excellent, many thanks. 

So I can open with £20k cash today, deposit another £20k in April and when my Cash ISA matures a month later fill out the transfer form on II and move the cash ISA to the S&S? 

For some reason I though I couldn't transfer from CashISA - SS and vice versa.