S&S ISA - transferring-in from a Cash ISA

scarymonster

It's my first time posting here (it's a Life Admin Saturday and I've also just posted to the retirement planning forum!)  I've been a reader of this forum for a good few years, mainly following tips about savings and cash ISAS and the knowledge of the regular posters here has been much appreciated.  

I’ve finally come to the conclusion that saving in cash ISAs (rather than S&S ISAs) over many years may have given me a sizeable tax-free pot of money but it's given a negligible return on investment.  So I’m finally taking the plunge with a S&S ISA.

I have a fixed-term cash ISA with Santander, which I opened in October 2022 and added a further £20k in April , so I've used-up this year's ISA allowance.  

In January 2024, my Virgin fixed-term cash ISA matured (it had been entirely funded by transferring-in several previously accumulated cash ISAs) and the funds are now in a Virgin Flexi ISA 2 account.  I’d like to transfer £70k from the Virgin Flexi ISA to a S&S ISA.

Can I open a S&S ISA in the current financial year and fund it with £70k transferred-in from the Virgin ISA?  

Thank you!

 

Malchester

I am in the process of transferring a cash ISA to a stocks and shares ISA. I first tried to transfer from Coventry Building Society to InvestEngine. It went wrong with InvestEngine telling me on several occasions that they had the money from my cash ISA and were just doing final checks before the money was added to my new stocks and shares ISA. It turned out they were talking rubbish and never had the money at all.

Cancelled the transfer and set up a new transfer (yesterday) to Interactive Investor and just waiting for the money to go across.

I know you would think transferring from a cash Isa would be easy enough but it would appear to be more complicated than a simple cash ISA to cash ISA transfer.

ColdIron

scarymonster said:

Can I open a S&S ISA in the current financial year and fund it with £70k transferred-in from the Virgin ISA?

Yes you can

scarymonster

ColdIron said:

scarymonster said:

Can I open a S&S ISA in the current financial year and fund it with £70k transferred-in from the Virgin ISA?

Yes you can

Thank you for confirming, I'll get cracking today

scarymonster

Malchester said:

I am in the process of transferring a cash ISA to a stocks and shares ISA. I first tried to transfer from Coventry Building Society to InvestEngine. It went wrong with InvestEngine telling me on several occasions that they had the money from my cash ISA and were just doing final checks before the money was added to my new stocks and shares ISA. It turned out they were talking rubbish and never had the money at all.

Cancelled the transfer and set up a new transfer (yesterday) to Interactive Investor and just waiting for the money to go across.

I know you would think transferring from a cash Isa would be easy enough but it would appear to be more complicated than a simple cash ISA to cash ISA transfer.

Good luck with II.  And let's hope I have a better experience with iWeb