How to open Vanguard S&S ISA and transfer cash ISA at same time?

jackhulk

Hello

I would like to open a Vanguard S&S ISA, but also transfer in old Nationwide cash ISA at the same time so as to keep funds in tax wrapper. Vanguard sign-up page is confusing as it gives two separate options 'Open new account', and 'Transfer to Vanguard'. Usually in the past when I've switched ISA providers, I simply select 'Open new account', THEN as part of the process it would allow me to transfer in old isa funds. Vanguard however appears to separate the process, and I'm not sure if I am to select one over the other, or process both options?

I've tried to use the 'Open new account', but this requests that I enter how much I want to pay in now. I don't want to pay any new money in right now, I just want to open new account and transfer some existing funds.

The 'Transfer to Vanguard' option is a no no either, as it looks to do the transfer but there is no option to select into what Vanguard fund I wish to open, therefore if I make the transfer how will it know where to allocate the money too?

I've email Vanguard several times regarding this and waited several days, but they do not reply. No doubt very busy.

Please can someone explain, how I process to open and transfer ensuring that funds remain in tax wrapper? Also I don't want to transfer ALL of the old funds from Nationwide to Vanguard, is this possible? Usually when I've transferred from old ISA to new ISA, all funds are transferred and old ISA closed. I don't want that this this time, I only want to transfer some of the funds.

Thank you

SMcGill

I had the same experience and I think the way I did it was by going to the product page first and selecting invest now. The option to transfer was on one of the following screens. Mind you that was in Jan and the transfer still hasn’t happened. Anyway I hope that helps.

Eyeful

Have you read through this? Click the small box at bottom and continue. Hope it helps. Come back & tell us.

https://secure.vanguardinvestor.co.uk/en-gb/process/registration/transfer/isa/importantinformation

Spiggle

I'm no expert (plenty of others are) but I opened an account with Vanguard a few years ago and have found them very good and helpful though I tend to speak to them on the phone. 

As it's an ISA you're seeking to establish Vanguard will need to do all the usual identity checks as required by HMRC etc. You may be trying to do too many things at once. IMHO Vanguard can't transfer the cash ISA until you have an account with them. I recommend ringing them, though because of the new tax year and Covid working, you may have to wait on hold for a short time. I have always found their agents to be hugely helpful in this way. 

Once the account is set up then you can ask them to go through the transfer process of your NW cash ISA.

I have also transferred 2 separate cash ISA into Vanguard upon maturity and I did not need to decide which fund to invest the cash until it was showing as available in the ISA cash balance on my account.

Hope that helps,
from a fellow relative newbie,
Spigs

eskbanker

jackhulk said:

The 'Transfer to Vanguard' option is a no no either, as it looks to do the transfer but there is no option to select into what Vanguard fund I wish to open, therefore if I make the transfer how will it know where to allocate the money too?

Any transfer from a cash ISA into a S&S ISA is deposited in cash form into the latter, from which, as a separate exercise, you then choose afterwards what to invest it in.

VXman

eskbanker said:

jackhulk said:

The 'Transfer to Vanguard' option is a no no either, as it looks to do the transfer but there is no option to select into what Vanguard fund I wish to open, therefore if I make the transfer how will it know where to allocate the money too?

Any transfer from a cash ISA into a S&S ISA is deposited in cash form into the latter, from which, as a separate exercise, you then choose afterwards what to invest it in.

Just to confirm this. Transfer the cash - it will sit in the ISA as cash, then you buy the funds you want with that cash. Thats the way I use vanguard all the time. Pay in cash and then buy funds. 

BTW - I found Vanguards secure message service very quick and helpful. I only used them 2 days ago.

jackhulk

Thanks all, sorted now. I selected 'Transfer to Vanguard, and this opens new account and transfers existing funds. If you have funds from previously tax year, you can transfer partial funds of S&S, but if you have cash ISA you have to transfer the whole amount. You can select a vanguard fund in which to transfer too, so as soon as the fund clears the buy order will fire.

Strangely though transfer is on hold because apparently Nationwide does 'not accept instructions electronically'?! Therefore I had to sign a n 'ISA Transfer Form' and send this off to Vanguard! Ugh!

Aceace

jackhulk said:

Thanks all, sorted now. I selected 'Transfer to Vanguard, and this opens new account and transfers existing funds. If you have funds from previously tax year, you can transfer partial funds of S&S, but if you have cash ISA you have to transfer the whole amount. You can select a vanguard fund in which to transfer too, so as soon as the fund clears the buy order will fire.

Strangely though transfer is on hold because apparently Nationwide does 'not accept instructions electronically'?! Therefore I had to sign a n 'ISA Transfer Form' and send this off to Vanguard! Ugh!

My bold. 

Yes,  Vanguard are unnecessarily inflexible in that they don't allow partial transfers in from cash ISAs. You may be able to get round this by temporarily removing the funds that you wish to retain in your nationwide cash ISA. Then do the transfer to Vanguard, which will empty the NW cash ISA, then return the removed funds to your NW cash ISA under its Flexible ISA rules. You would need to check first with NW that they won't close the cash ISA following the transfer. 

sarah748

jackhulk said:

Thanks all, sorted now. I selected 'Transfer to Vanguard, and this opens new account and transfers existing funds. If you have funds from previously tax year, you can transfer partial funds of S&S, but if you have cash ISA you have to transfer the whole amount. You can select a vanguard fund in which to transfer too, so as soon as the fund clears the buy order will fire.

Strangely though transfer is on hold because apparently Nationwide does 'not accept instructions electronically'?! Therefore I had to sign a n 'ISA Transfer Form' and send this off to Vanguard! Ugh!

Hi, sorry I know this is an old thread but did you sort the transfer out in the end? I am also trying to arrange a transfer from Nationwide cash ISA to Vanguard S&S ISA and I'm unsure what to put on the Transfer form on Vanguard. There is only one account number field (I assume I should put my roll/ref number) here, but Nationwide specify https://www.nationwide.co.uk/savings/help/transfer-isa#transfer-your-nationwide-isa-to-a-new-manager:

• Account number: 33333334 [ a generic acct number, not mine ]
• Sort code: 070093 [ a generic sort code, not mine ]
• Your roll/reference number [eg. 1234/123456789]

And what happened with the transfer being On Hold in the end? Did it work out? Thanks in advance!