Rules on transferring ISA's

MouldyOldDough

What are the rules on transferring an Stocks and Shares ISA to a cash ISA with a different provider ?

We have a fairly large sum in an OEIC that is not exactly doing brilliantly at the moment and are considering our options

We have had the investment for 10 years and despite high interest rates, with charges, we are only "breaking even"

We are not income tax payers

Hal17

I am just going through this same process.

I do not know about any rules, but I opened 3 separate fixed cash ISA with 3 different providers.

In order to add funds into the new cash ISA's each of them requested the completion of a Stock & Share ISA Transfer Form. One could be completed on-line, one was completed and emailed to them and the third one had to be posted.

I was told that a S&S ISA transfer could take up to 30 days, whilst a Cash ISA transfer was 15 days. I am 2 weeks into the process so still waiting.

I did sell my investments so they are currently sitting as cash within my S&S ISA.

eskbanker

MouldyOldDough said:

What are the rules on transferring an Stocks and Shares ISA to a cash ISA with a different provider ?

There aren't any rules specifically applicable to S&S to cash ISA transfers, beyond the generic ISA transfer ones, i.e. that they need to be fulfilled by initiating a transfer via the receiving provider, and that all current year money for each type of ISA needs to be kept together in the same place.  As above, the transfer should be completed within 30 days.

MouldyOldDough said:

We have had the investment for 10 years and despite high interest rates, with charges, we are only "breaking even"

Interest rates wouldn't typically correlate with investment returns (unless from very bond-heavy holdings), and have been historically low for the vast majority of that period anyway!

Albermarle

We have had the investment for 10 years and despite high interest rates, with charges, we are only "breaking even"

For such a bad result, you must have been very unlucky in your choice of fund!

MouldyOldDough

So basically there are no restrictions to transferring between different types of ISA?
Just must keep to one type? 

eskbanker

MouldyOldDough said:

So basically there are no restrictions to transferring between different types of ISA?
Just must keep to one type? 

Not sure where you've read anything about 'keeping to one type'?  As above, the rule is that current year money within each type needs to be kept together in the same place, but you can concurrently fund ISAs of different types if you wanted to.

MouldyOldDough

Albermarle said:

We have had the investment for 10 years and despite high interest rates, with charges, we are only "breaking even"

For such a bad result, you must have been very unlucky in your choice of fund!

I didn't chose the investments - the investment company did that 

eskbanker

MouldyOldDough said:

Albermarle said:

We have had the investment for 10 years and despite high interest rates, with charges, we are only "breaking even"

For such a bad result, you must have been very unlucky in your choice of fund!

I didn't chose the investments - the investment company did that 

If you're now looking at disinvesting in one go at the end of a ten year cycle, then that does bring a risk that you're doing so at an inopportune moment rather than via a more traditional derisking strategy - what are you actually invested in, with whom, and was the investment made with transactional or ongoing advice?

MouldyOldDough

eskbanker said:

MouldyOldDough said:

Albermarle said:

We have had the investment for 10 years and despite high interest rates, with charges, we are only "breaking even"

For such a bad result, you must have been very unlucky in your choice of fund!

I didn't chose the investments - the investment company did that 

If you're now looking at disinvesting in one go at the end of a ten year cycle, then that does bring a risk that you're doing so at an inopportune moment rather than via a more traditional derisking strategy - what are you actually invested in, with whom, and was the investment made with transactional or ongoing advice?

Ongoing advice 
Quilter cheviot fully managed portfolio

eskbanker

MouldyOldDough said:

eskbanker said:

MouldyOldDough said:

Albermarle said:

We have had the investment for 10 years and despite high interest rates, with charges, we are only "breaking even"

For such a bad result, you must have been very unlucky in your choice of fund!

I didn't chose the investments - the investment company did that 

If you're now looking at disinvesting in one go at the end of a ten year cycle, then that does bring a risk that you're doing so at an inopportune moment rather than via a more traditional derisking strategy - what are you actually invested in, with whom, and was the investment made with transactional or ongoing advice?

Ongoing advice 
Quilter cheviot fully managed portfolio

Was your adviser made aware at the outset of your desire to liquidate the portfolio, and, if so, has the investment risk been dialled down over time?  If that is the case, then performance in recent times would be expected to have been lower by design....

MouldyOldDough

eskbanker said:

MouldyOldDough said:

eskbanker said:

MouldyOldDough said:

Albermarle said:

We have had the investment for 10 years and despite high interest rates, with charges, we are only "breaking even"

For such a bad result, you must have been very unlucky in your choice of fund!

I didn't chose the investments - the investment company did that 

If you're now looking at disinvesting in one go at the end of a ten year cycle, then that does bring a risk that you're doing so at an inopportune moment rather than via a more traditional derisking strategy - what are you actually invested in, with whom, and was the investment made with transactional or ongoing advice?

Ongoing advice 
Quilter cheviot fully managed portfolio

Was your adviser made aware at the outset of your desire to liquidate the portfolio, and, if so, has the investment risk been dialled down over time?  If that is the case, then performance in recent times would be expected to have been lower by design....

No. Not at all