Charter bank isa transfer help .

sidneyyoungblood

A bit of advice please.

I have some funds in a Charter cash isa which I am looking to move to either my trading 212 cash ISA  account account or Iweb ..

Eventually the funds would be moved into a  s&s isa , which would be the easiest to transfer to - moving into a cash isa (trading ) or into Iweb  ?


Also a concern is if moved to Trading 212 it would take me over the fscs limit ,  as I have funds in both my Natwest / Ulstar bank as  I think they are part of the same financial institution - does this mean I am not covered if they go under.



thanks 

eskbanker

sidneyyoungblood said:

I have some funds in a Charter cash isa which I am looking to move to either my trading 212 cash ISA  account account or Iweb ..

Eventually the funds would be moved into a  s&s isa , which would be the easiest to transfer to - moving into a cash isa (trading ) or into Iweb  ?

If the money is intended for a S&S ISA then I can't see any value in routing it via a middleman.

sidneyyoungblood said:

Also a concern is if moved to Trading 212 it would take me over the fscs limit ,  as I have funds in both my Natwest / Ulstar bank as  I think they are part of the same financial institution - does this mean I am not covered if they go under.

Trading212 isn't part of the same group as those, but may use them for some or all for any given cash ISA.

clairec666

sidneyyoungblood said:

Also a concern is if moved to Trading 212 it would take me over the fscs limit ,  as I have funds in both my Natwest / Ulstar bank as  I think they are part of the same financial institution - does this mean I am not covered if they go under.

Trading 212 spreads your money around several banks - you can see how much of your money they hold with each, and mine is currently showing Natwest at 44.23%, with Barclays the second highest at 37.28%. You should take into consideration whether it would take your total with Natwest to over £85,000. You would still be covered, but only guaranteed to get back up to £85,000. It's unlikely that they will go under, but it's up to you to weigh up the risks.

sidneyyoungblood

clairec666 said:

sidneyyoungblood said:

Also a concern is if moved to Trading 212 it would take me over the fscs limit ,  as I have funds in both my Natwest / Ulstar bank as  I think they are part of the same financial institution - does this mean I am not covered if they go under.

Trading 212 spreads your money around several banks - you can see how much of your money they hold with each, and mine is currently showing Natwest at 44.23%, with Barclays the second highest at 37.28%. You should take into consideration whether it would take your total with Natwest to over £85,000. You would still be covered, but only guaranteed to get back up to £85,000. It's unlikely that they will go under, but it's up to you to weigh up the risks.

sorry for the delay , does the £85,000 cover include s&s isa  ?

eskbanker

sidneyyoungblood said:
does the £85,000 cover include s&s isa  ?

The FSCS cover for up to £85K of savings is separate from the cover for investments, which works differently anyway....