Transferring an investment ISA to a cash ISA

jojo01

I have an investment ISA and want to transfer it to a cash ISA. I wanted to open an ISA with Charter Savings Bank but they don't accept transfers from Invesment ISAs.

I've had a look but can't find anyone who does - does anyone know of a company that will accept such a transfer?

TIA.

jojo01

In case it makes a difference, invesment ISA is with Quilter.

Farway

Assuming your intention is to finish up with just a cash ISA would it make it easier for you to sell within your investment ISA & then just transfer the ISA cash over?

QrizB

jojo01 said:

In case it makes a difference, invesment ISA is with Quilter.

Do Quilter offer a cash ISA? If they do, would they let you transfer cash from one to the other? You can then transfer out from the Quilter cash ISA.

jojo01

Farway said:

Assuming your intention is to finish up with just a cash ISA would it make it easier for you to sell within your investment ISA & then just transfer the ISA cash over?

IFA has sold the investment already so it's waiting as cash. However I'm told it's not a Cash ISA to Cash ISA transfer.

jojo01

QrizB said:

jojo01 said:

In case it makes a difference, invesment ISA is with Quilter.

Do Quilter offer a cash ISA? If they do, would they let you transfer cash from one to the other? You can then transfer out from the Quilter cash ISA.

That's a good idea, I'll check if that's a possibility.

More googling seems to suggest that an Invesment ISA is the same as a Stocks & Shares ISA so I may be able to transfer as planned but have asked my IFA to confirm.

What a palaver!

Albermarle

jojo01 said:

QrizB said:

jojo01 said:

In case it makes a difference, invesment ISA is with Quilter.

Do Quilter offer a cash ISA? If they do, would they let you transfer cash from one to the other? You can then transfer out from the Quilter cash ISA.

That's a good idea, I'll check if that's a possibility.

More googling seems to suggest that an Invesment ISA is the same as a Stocks & Shares ISA so I may be able to transfer as planned but have asked my IFA to confirm.

What a palaver!

Correct -Investment ISA is another name used by some providers for a S&S ISA.
Plenty of cash ISA providers will accept transfers in from S&S ISA.

jojo01

Albermarle said:

jojo01 said:

QrizB said:

jojo01 said:

In case it makes a difference, invesment ISA is with Quilter.

Do Quilter offer a cash ISA? If they do, would they let you transfer cash from one to the other? You can then transfer out from the Quilter cash ISA.

That's a good idea, I'll check if that's a possibility.

More googling seems to suggest that an Invesment ISA is the same as a Stocks & Shares ISA so I may be able to transfer as planned but have asked my IFA to confirm.

What a palaver!

Correct -Investment ISA is another name used by some providers for a S&S ISA.
Plenty of cash ISA providers will accept transfers in from S&S ISA.

Thank you, just heard back from IFA who said the same (why there isn't a single name for it I don't know!).

So I can happily transfer to a cash ISA as planned. Hopefully this thread might help anyone else else who was confused by product names!

Thank you all, much appreciated.

dunstonh

I've had a look but can't find anyone who does - does anyone know of a company that will accept such a transfer?

The vast majority of banks and building societies will accept it.  Indeed, I have never heard of a cash ISA that wouldn't.

IFA has sold the investment already so it's waiting as cash. However I'm told it's not a Cash ISA to Cash ISA transfer.

It will still be a cash transfer.   It won't be an inspecie transfer. 
I wonder if some terminology and understanding has got in the way of your communications.

Thank you, just heard back from IFA who said the same (why there isn't a single name for it I don't know!).

All financial products have a generic name.  Some providers just like using a marketing name.

jimjames

jojo01 said:

Albermarle said:

jojo01 said:

QrizB said:

jojo01 said:

In case it makes a difference, invesment ISA is with Quilter.

Do Quilter offer a cash ISA? If they do, would they let you transfer cash from one to the other? You can then transfer out from the Quilter cash ISA.

That's a good idea, I'll check if that's a possibility.

More googling seems to suggest that an Invesment ISA is the same as a Stocks & Shares ISA so I may be able to transfer as planned but have asked my IFA to confirm.

What a palaver!

Correct -Investment ISA is another name used by some providers for a S&S ISA.
Plenty of cash ISA providers will accept transfers in from S&S ISA.

So I can happily transfer to a cash ISA as planned. Hopefully this thread might help anyone else else who was confused by product names!

You can also hold cash funds inside your investment ISA which would probably give you a better rate and save transferring.

Farway

jimjames said:

jojo01 said:

Albermarle said:

jojo01 said:

QrizB said:

jojo01 said:

In case it makes a difference, invesment ISA is with Quilter.

Do Quilter offer a cash ISA? If they do, would they let you transfer cash from one to the other? You can then transfer out from the Quilter cash ISA.

That's a good idea, I'll check if that's a possibility.

More googling seems to suggest that an Invesment ISA is the same as a Stocks & Shares ISA so I may be able to transfer as planned but have asked my IFA to confirm.

What a palaver!

Correct -Investment ISA is another name used by some providers for a S&S ISA.
Plenty of cash ISA providers will accept transfers in from S&S ISA.

So I can happily transfer to a cash ISA as planned. Hopefully this thread might help anyone else else who was confused by product names!

You can also hold cash funds inside your investment ISA which would probably give you a better rate and save transferring.

Depends on provider, and there may be S & S Isa fees to factor in. Just something that could nibble away at the capital.