ISA transfer to Vanguard help

qwertyqwerty

Hi I have recently requested a transfer of my savings from my cash ISA to the Vanguard VLS60 stocks and shares ISA. When requesting the transfer, I didn’t realise that it does a full cash transfer, so it has taken 15k more than what I wanted. Should I cancel the transfer, or can I just withdraw what I need to once it’s in without incurring and additional charges?

MX5huggy

There’s no charges for withdrawal from Vanguard but you will loose the ISA wrapping on the withdrawn cash. 

jimjames

Once it's arrived in the Vanguard ISA you can request a transfer back to a cash ISA. Or if you've not used (and don't intend to use) your ISA allowance for this year then just draw it out and pay in the £15k to where you want.

grumiofoundation

MX5huggy said:

There’s no charges for withdrawal from Vanguard but you will loose the ISA wrapping on the withdrawn cash. 

Vanguard is a flexible ISA so if you withdraw 15k you can pay this back in during this tax year without impacting current tax year allowances. 

barnstar2077

You will have to send them a digital copy of a statement for your bank account first though, if that is the way you decide to go.  I had to do that when withdrawing cash, even though the money had come from the same bank account in the first place.  But, I guess it is better to be too stringent than to be too lacks.

Albermarle

the Vanguard VLS60 stocks and shares ISA.

Just for clarity there is no such thing as a 'VLS60 S& S ISA.'

There is a Vanguard S&S ISA , inside which you can invest in many different Vanguard Funds , including VLS60 amongst many others .

Might seem pedantic, but many new forum users are confused over the distinction between 'tax wrappers' like ISA's and Pensions, and the actual investments within them .

DavidAC

Does anyone have experience of how long it takes to transfer a cash ISA to Vanguard.

dunstonh

DavidAC said:

Does anyone have experience of how long it takes to transfer a cash ISA to Vanguard.

It varies with different providers.  

Albermarle

I think a Cash ISA provider is legally obliged to complete a requested transfer within 15 working days ( I think ) 

GeoffTF

Albermarle said:

I think a Cash ISA provider is legally obliged to complete a requested transfer within 15 working days ( I think ) 

15 days is a guideline. It can take much longer in practice.

Missy79

I transferred my inactive cash ISA recently from Virgin money, took about 3 weeks including having to send a paper authorisation and confirm a change of address.