Cash ISA - S&S ISA

20122013

When transferring cash ISA(s) after their term has ended (no / low interest)  to fund a S&S ISA with a different provider , is there a way to minimise the lost of interest, as it will take 4 - 6 weeks for the transfer to complete ?

FrugaiMacDugal

If there is (no / low interest) does it really matter?

eskbanker

20122013 said:

When transferring cash ISA(s) after their term has ended (no / low interest)  to fund a S&S ISA with a different provider , is there a way to minimise the lost of interest, as it will take 4 - 6 weeks for the transfer to complete ?

The balance will continue to earn interest while waiting for the transfer to happen - you could transfer it to a better-paying cash ISA as an interim step?

20122013

eskbanker said:

20122013 said:

When transferring cash ISA(s) after their term has ended (no / low interest)  to fund a S&S ISA with a different provider , is there a way to minimise the lost of interest, as it will take 4 - 6 weeks for the transfer to complete ?

The balance will continue to earn interest while waiting for the transfer to happen - you could transfer it to a better-paying cash ISA as an interim step?

As the Cash ISA product has ended it has defaulted to a low interest rate account,  I will have a look at other flexible ISA (I guess is money vs time), if not, will keep faith I will make back the 4 interest with the S&S. As I unsure there is another way to do this.  thanks

eskbanker

20122013 said:

eskbanker said:

20122013 said:

When transferring cash ISA(s) after their term has ended (no / low interest)  to fund a S&S ISA with a different provider , is there a way to minimise the lost of interest, as it will take 4 - 6 weeks for the transfer to complete ?

The balance will continue to earn interest while waiting for the transfer to happen - you could transfer it to a better-paying cash ISA as an interim step?

As the Cash ISA product has ended it has defaulted to a low interest rate account, if move it to a fixed rate as there will be penalties so will keep faith I will make back the 4 week interest with the S&S.  I cannot think of another way to do this.  thanks

I wasn't suggesting another fixed rate cash ISA, there are plenty of easy access variable rate ones that don't entail penalties!

masonic

A cash to S&S ISA will typically take a lot less than the average time for a transfer into a S&S ISA. At the moment, every day you delay allows you to invest at a lower price, though that may not continue for much longer.

20122013

@ masonic

I have not used Iweb before but according to their agent it will take approximately 4+ weeks to transfer Cash ISA into their S&S ISA (hence I had mentioned the lost of interest)  As I was going to use eskbanker's suggestion and open an easy access ISA account and transfer in my multiple cash ISA (0.5% interest) then transfer out to iWeb so can earn 4%  interest during the transfer.  If it takes less time then I will transfer directly to iWeb.

WindfallWendy

Ooo, can I transfer my cash ISA into my s&s ISA? And it doesn't count towards my ISA allowance????

WindfallWendy

And also, can you transfer ISA balances into someone else's ISA? 🤔

masonic

20122013 said:

@ masonic

I have not used Iweb before but according to their agent it will take approximately 4+ weeks to transfer Cash ISA into their S&S ISA (hence I had mentioned the lost of interest)  As I was going to use eskbanker's suggestion and open an easy access ISA account and transfer in my multiple cash ISA (0.5% interest) then transfer out to iWeb so can earn 4%  interest during the transfer.  If it takes less time then I will transfer directly to iWeb.

That will just be based on their average including more complex stock transfers. When I previously did cash transfers into iWeb, it was more like 2 weeks.

masonic

WindfallWendy said:

Ooo, can I transfer my cash ISA into my s&s ISA? And it doesn't count towards my ISA allowance????

Correct

WindfallWendy said:

And also, can you transfer ISA balances into someone else's ISA? 🤔

Only if you marry them and then make the ultimate sacrifice.