S&S ISA Transfer Query

shaggyuk

I am looking to open a new S&S ISA account with iweb in the new FY and start adding cash/investing as soon as account is up and running. I would also trigger a transfer from Fidelity onto iweb and as I understand it may take approx 8-12 weeks for transfer to complete. I have still got some cash circa £10k waiting to be invested in my Fidelity account.

So my questions are (1) Can I still invest in fidelity account using already added cash along with investing (new cash for FY 2021-22) into iweb account? (2) Will there be any impact on investing the cash in Fidelity account while ISA transfer is under process?

Thanks in advance.

maxsteam

It depends whether you are doing an in specie transfer or a cash transfer. Whichever you are doing, you need to find out how any transfer fees will be calculated. Everything should stay within the ISA wrapper but buying shares using the Fidelity account at this stage may impact on the costs of the transfer.

Albermarle

For 1) Normally that is not an issue . Once money is added to an ISA , you can do what you want with it as long as it stays in the ISA. 
However BY doing 2 ) you are potentially going to cause admin problems with the transfer . In specie transfers often have problems anyway , so I would not risk adding to them . Would be simpler to convert all the Fidelity ISA to cash and ask iweb to do a cash transfer .