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I've a question about transferring an isa in order to get a wealthify cashback offer. I'd like to transfer money from my cash isa to my wealthify investment isa but not all of the money in my cash isa. As I opened the cash isa this financial year I am obligated to transfer all of the funds (rather than part of my funds) in my cash isa but can I get around this by taking funds out of my cash isa first by temporarily transferring some to a current account, leaving in the the amount I'd like to transfer to my investment isa - that way the whole balance (at the time) will be transferred. Then transfer the money back from my current account to my cash isa once I've transferred the remaining money to my investment isa.
Yes, any ISA transfer of current year money must include all of it. However, if your cash ISA is flexible, you can make a flexible withdrawal of part of the money and then pay it into a S&S ISA without loss of allowance. A full ISA transfer involves closure of the ISA, so it is better to pay in the withdrawn money than the remaining money if you wish to keep your cash ISA. If your cash ISA is not flexible, then you would lose that part of your annual allowance. There is nothing to stop you transferring the whole of your Wealthify S&S ISA back to the cash ISA when you've met the conditions of the cashback offer, thus avoiding further loss of annual allowance.
Why not just open a general investment account at Wealthify? The offer is not contingent on an ISA transfer.
