Transfering S&S ISA

Zolablue

Hi

I have an S&S ISA with Charles Stanley Direct that I have had for a number of years. I currently have a small DD going in every month meaning that I have already contributed to the ISA this financial year.

CSD is not the cheapest platform out there so I am considering transferring my ISA to another provider.

I have a couple of questions that I hope someone can help me with.

Firstly, if I transfer can I add new money to the new ISA account even though I've already put money into my existing one this year? 

Secondly, CSD have exit fees of £10 per fund (I think that's correct anyway). If I sell all of my funds and transfer out just cash would this avoid all of the fees? I know that time out of the market is a risk but I might have to sell some funds anyway if the new provider doesn't list those particular funds

Thanks in advance for any help 

Doctor_Who

Firstly, if I transfer can I add new money to the new ISA account even though I've already put money into my existing one this year? 

Since you have contributed to the S&SISA this tax year you will have to transfer all of this year's subscription to the new ISA (not a problem if you are planing to transfer everything). After the transfer you can continue to add money upto the annual ISA allowance (obviously including the money already added to the previous ISA this tax year).

Secondly, CSD have exit fees of £10 per fund (I think that's correct anyway). If I sell all of my funds and transfer out just cash would this avoid all of the fees? I know that time out of the market is a risk but I might have to sell some funds anyway if the new provider doesn't list those particular funds

I can't see how CSD can charge you an exit fee per fund if you have no funds (i.e. you only have cash). However, is there a transaction charge to sell each fund to cash?

Zolablue

Thanks for your response. Very helpful.

No, there are no fees to sell funds