HSBC to YBS ISA transfer 18 March at 10:18AM in ISAs & tax-free savings 5 replies 78 views

Emily_Joy

I have Stock&Shares ISA with HSBC and I also have "gic ISA uninvested cash" account with HSBC. Am I right in thinking that (1) the latter is what it says on the tin, i.e. cash ISA account (2) I can transfer funds from this account to YBS cash ISA via online form as this is a cash ISA, not and S&S ISA?  (It appears for S&S ISA transfers from HSBC a paper form is required).

masonic

Have you ever applied for a HSBC cash ISA? It seems more likely that this is a cash account within your S&S ISA, in which case, you could only transfer it if it doesn't split up money you have subscribed in the current tax year. GIC appears to stand for Global Investment Centre, so further evidence against it being a cash ISA.

Emily_Joy

masonic said:

Have you ever applied for a HSBC cash ISA? It seems more likely that this is a cash account within your S&S ISA, in which case, you could only transfer it if it doesn't split up money you have subscribed in the current tax year. GIC appears to stand for Global Investment Centre, so further evidence against it being a cash ISA.

I confess I don't understand it very well. Nope, I never applied for HSBC cash ISA. I also haven't put any money into this GIC account this year either. Which seems to suggest this is the previous years subscription?... Would it be easier to open a cash ISA account with HSBC and transfer funds from GIC there? (or do I get it wrong again...)

masonic

Emily_Joy said:

masonic said:

Have you ever applied for a HSBC cash ISA? It seems more likely that this is a cash account within your S&S ISA, in which case, you could only transfer it if it doesn't split up money you have subscribed in the current tax year. GIC appears to stand for Global Investment Centre, so further evidence against it being a cash ISA.

I confess I don't understand it very well. Nope, I never applied for HSBC cash ISA. I also haven't put any money into this GIC account this year either. Which seems to suggest this is the previous years subscription?... Would it be easier to open a cash ISA account with HSBC and transfer funds from GIC there? (or do I get it wrong again...)

If I am correct that this is just the cash account within your S&S ISA, then it could contain money you subscribed to the S&S ISA during this tax year that hasn't been invested, and/or income from your investments. If you have subscribed sufficient money during previous tax years, you could transfer out the cash as previous year money, subject to HSBC accepting partial transfer instructions.

It's a bit of an annoyance with the ISA transfer process in that you cannot partially transfer current year money between ISAs of different types, although this is permitted via ISA flexibility and the result is a valid combination of ISAs.

Emily_Joy

masonic said:

If I am correct that this is just the cash account within your S&S ISA, then it could contain money you subscribed to the S&S ISA during this tax year that hasn't been invested, and/or income from your investments. If you have subscribed sufficient money during previous tax years, you could transfer out the cash as previous year money, subject to HSBC accepting partial transfer instructions.

It's a bit of an annoyance with the ISA transfer process in that you cannot partially transfer current year money between ISAs of different types, although this is permitted via ISA flexibility and the result is a valid combination of ISAs.

I haven't put any money in HSBC S&S ISA this year, but this account definitely contains income from previous year investments. I would have thought this income shouldn't be counted towards this year subscription?

masonic

Emily_Joy said:

masonic said:

If I am correct that this is just the cash account within your S&S ISA, then it could contain money you subscribed to the S&S ISA during this tax year that hasn't been invested, and/or income from your investments. If you have subscribed sufficient money during previous tax years, you could transfer out the cash as previous year money, subject to HSBC accepting partial transfer instructions.

It's a bit of an annoyance with the ISA transfer process in that you cannot partially transfer current year money between ISAs of different types, although this is permitted via ISA flexibility and the result is a valid combination of ISAs.

I haven't put any money in HSBC S&S ISA this year, but this account definitely contains income from previous year investments. I would have thought this income shouldn't be counted towards this year subscription?

No, it won't be. So you should be ok providing HSBC will allow partial transfers out.