Can I transfer a large S&S ISA from one provider to another?

longwalks1

As above, I’ve got a fairly large S&S ISA but my current ISA provider doesn’t offer the funds I’m interested in?  Can I open a new ISA with, AJ Bell and transfer the entire amount across, even though it’ll be above the yearly amount you can pay in? 

kidmugsy

Yes. Aye.  Affirmative.  Si. Bien sûr.

El_Torro

Transferring money from one ISA to another doesn't count as new money, so it doesn't use up any of your £20k allowance. If you only have one ISA and you are closing the ISA you are transferring out of you can even pay new money into the new ISA, assuming you haven't used up this year's allowance already.

MarkFromCornwall

britishboy said:

As above, I’ve got a fairly large S&S ISA but my current ISA provider doesn’t offer the funds I’m interested in?  Can I open a new ISA with, AJ Bell and transfer the entire amount across, even though it’ll be above the yearly amount you can pay in? 

Yes, you can.  Ask how long it will take - it certainly won't be instant.

dales1

Depending on the providers, you can either transfer in cash or in specie.

The latter will be .... slower, but avoids time out of the market and dealing costs.

Search and browse a few threads on this board for In specie ISA transfer, to see peoples' experiences.

colsten

Just make sure you ask your new provider to make the transfer. Do not attempt it yourself as that would remove the ISA wrapper from your existing investment.

Billycock

MarkFromCornwall said:

britishboy said:

As above, I’ve got a fairly large S&S ISA but my current ISA provider doesn’t offer the funds I’m interested in?  Can I open a new ISA with, AJ Bell and transfer the entire amount across, even though it’ll be above the yearly amount you can pay in? 

Yes, you can.  Ask how long it will take - it certainly won't be instant.

Absolutely, definateley won't be an instant, also more than likely won't be within the transfer timeframe suggested by the new provider. My daughter has been waiting months for her kid's JISA's to transfer, they're showing as "in progress" on the account, it doesn't state what stage of "in progress" though, only recently they sent a secure message saying they are waiting to receive the transfer forms from herself (daughter), something which were downloaded, printed, signed and sent weeks ago, my daughter immediately responded via secure message that the forms were sent weeks ago and promptly printed and sent the forms again, two days later another secure message saying that indeed they had received the forms but the four pages are required and not two pages as sent. Note - the download forms are a four page document saying along the lines of, Dear S thank you for your interest in our product etc, (over the first two pages) please print and sign the attached forms (presumably page three and four) and return to ourselves. So again the second set of forms sent are incomplete. Now why didn't Vanguard notify my daughter weeks ago saying they require the whole four pages to be returned, why have they waited weeks before saying they're waiting for the forms and also why didn't they say at that stage the four pages needed returning instead of two? Most would read the first two pages of the document as a covering letter and the latter two pages as the attached document. Again my daughter prints and signs and returns the whole four page download, and this time returns the forms via Royal Mail Signed For 1st, three days later the latest secure message from Vanguard is Dear S we are still awaiting receipt of your transfer forms, the issue is ongoing and enough to drive anyone crazy!

ivormonee

britishboy said:

my current ISA provider doesn’t offer the funds I’m interested in

Just curious as to which provider doesn't offer the funds you want, as well as perhaps an example of such a fund or two. Might be useful to know for future reference.

jimjames

You can also leave your existing ISA where it is and open the new one with this year's money to buy the new funds that you want. Depending on what platform it is that may or may not be a good decision financially. For example if the old platform is iWeb there isn't a charge to hold so it wouldn't make sense to move to HL where you'll be charged 0.45% on your ISA.

droopsnoot

ivormonee said:

britishboy said:

my current ISA provider doesn’t offer the funds I’m interested in

Just curious as to which provider doesn't offer the funds you want, as well as perhaps an example of such a fund or two. Might be useful to know for future reference.

My original S&S ISA was taken out with Nationwide, which has since transferred to Aegeon, and their list of funds to select is pretty small. It may be better now that it's away from Nationwide, it's a long time since I checked. 

longwalks1

ivormonee said:

britishboy said:

my current ISA provider doesn’t offer the funds I’m interested in

Just curious as to which provider doesn't offer the funds you want, as well as perhaps an example of such a fund or two. Might be useful to know for future reference.

My current ISA is with X-O, and the new ISA I'm looking at with more funds etc is AJ Bell, who I've recently opened a SIPP with.