Stock & Shares ISA to Cash ISA Transfer Query

tunde10

Hoping someone will be on assistance.

I opened the Virgin Money two year Fixed ISA last week. I need to make two transfers both from Stocks & Shares ISA.

First query, i assume it is fine to make more than one transfer into the ISA and i do not have to consolidate them separately first?

The first transfer is with Vanguard where i have sold all the investments and balance will be left in the Cash account. So i assume this will be fine as happy for whole balance to transfer over.

However i also have another ISA with Fidelity. With this ISA, I only want the partial balance to be transferred. So i was planning on selling the desired amount and leave it in the cash account.

My question is when i make the transfer request with Virgin Money, will they only transfer the Cash element as i want? Or will the instruction force Fidelity to sell the remaining investments and transfer whole balance of ISA to Virgin Money? 

isasmurf

It is fine to transfer multiple ISAs into a new ISA.

When you request a partial transfer, only the amount requested will be transferred. However, Fidelity will reject a partial ISA transfer request as they only allow ISAs to be transferred out in full. 

tunde10

Hi, thanks.

Strange they not differentiate the Cash ISA pot and the Stock & Shares pot.

I will try and make a partial transfer with Vanguard instead. 

eskbanker

tunde10 said:

Strange they not differentiate the Cash ISA pot and the Stock & Shares pot.

Both pots are within a S&S ISA, there's no 'cash ISA' as such, but their blanket policy is simply 'no partial transfers' regardless of composition....

tunde10

eskbanker said:

tunde10 said:

Strange they not differentiate the Cash ISA pot and the Stock & Shares pot.

Both pots are within a S&S ISA, there's no 'cash ISA' as such, but their blanket policy is simply 'no partial transfers' regardless of composition....

Thanks, makes sense i guess.

I will try a partial from Vanguard and sell all investments in Fidelity ISA instead. Glad i asked.

Albermarle

tunde10 said:

eskbanker said:

tunde10 said:

Strange they not differentiate the Cash ISA pot and the Stock & Shares pot.

Both pots are within a S&S ISA, there's no 'cash ISA' as such, but their blanket policy is simply 'no partial transfers' regardless of composition....

Thanks, makes sense i guess.

I will try a partial from Vanguard and sell all investments in Fidelity ISA instead. Glad i asked.

I think Vanguard do allow partial transfers.

The first transfer is with Vanguard where i have sold all the investments and balance will be left in the Cash account.
Maybe not very good with the timing, as markets have picked significantly in the last 3 weeks, unless you only did it in the last few days

tunde10

Albermarle said:

The first transfer is with Vanguard where i have sold all the investments and balance will be left in the Cash account.
Maybe not very good with the timing, as markets have picked significantly in the last 3 weeks, unless you only did it in the last few days

I bought the equivalent amount of investments outside an ISA at the same time as i made the ISA sales. It was more a shifting of assets procedure so minimal difference timing and monetary wise.

Basically i worked out that i'd be paying tax on my level of savings soon, plus the equivalent net interest in Virgin M ISA was significantly higher than any other two year fix. Also finally the ability to withdraw with only 90 days penalty should i unexpectedly need the funds is a plus.

Also i am unlikely to make the level of taxable Capital Gains before Apr-23 (If i did, i'd be more than happy) when i can transfer some back to ISA. So made more sense to have investments outside the ISA & Cash savings in an ISA.