Transfer S&S ISA to more than 1 Cash ISA

grumpycrab

I want to get out of the risk game (I've done quite well but have always disliked the risk element.) Current value of my S&S ISA is worth a couple of FSCS covered Cash ISAs so I'm wondering if there's such a thing as a "cash isa deposit platform" or am I thinking of something that doesn't (or doesn't need to) exist?

eskbanker

grumpycrab said:

I want to get out of the risk game (I've done quite well but have always disliked the risk element.) Current value of my S&S ISA is worth a couple of FSCS covered Cash ISAs so I'm wondering if there's such a thing as a "cash isa deposit platform" or am I thinking of something that doesn't (or doesn't need to) exist?

The likes of Raisin and HL Active Savings are savings platforms that simplify saving into multiple underlying institutions but I'm not aware of any equivalent for ISAs, so you'd just need to pick a couple of leading ISAs (from different institutions) and open them manually before initiating the transfers - you'd need to ensure that both your existing S&S ISA and the first cash one support partial transfers.

GrubbyGirl_2

If it was me I'd do one transfer into an easy access ISA that allows partial transfers out then split from there

clairec666

GrubbyGirl_2 said:

If it was me I'd do one transfer into an easy access ISA that allows partial transfers out then split from there

Only problem is you'd have more than the £85000 that's covered by FSCS, but only for a very short space of time until the money is split. I guess you run the risk that your bank goes bust in that tiny window!

Ch1ll1Phlakes

eskbanker said:

grumpycrab said:

I want to get out of the risk game (I've done quite well but have always disliked the risk element.) Current value of my S&S ISA is worth a couple of FSCS covered Cash ISAs so I'm wondering if there's such a thing as a "cash isa deposit platform" or am I thinking of something that doesn't (or doesn't need to) exist?

The likes of Raisin and HL Active Savings are savings platforms that simplify saving into multiple underlying institutions but I'm not aware of any equivalent for ISAs, so you'd just need to pick a couple of leading ISAs (from different institutions) and open them manually before initiating the transfers - you'd need to ensure that both your existing S&S ISA and the first cash one support partial transfers.

HL active savings will allow you to open Cash ISAs ( and as far as I know more than one) and I assume the FSCS protection across these ISAs is the same as the standard savings account but just check the small print before going ahead.

jimjames

grumpycrab said:

I want to get out of the risk game (I've done quite well but have always disliked the risk element.) Current value of my S&S ISA is worth a couple of FSCS covered Cash ISAs so I'm wondering if there's such a thing as a "cash isa deposit platform" or am I thinking of something that doesn't (or doesn't need to) exist?

Alternatively move the money into a money market fund on the S&S ISA platform and avoid the need to transfer but remove the risk of equities.

masonic

clairec666 said:

GrubbyGirl_2 said:

If it was me I'd do one transfer into an easy access ISA that allows partial transfers out then split from there

Only problem is you'd have more than the £85000 that's covered by FSCS, but only for a very short space of time until the money is split. I guess you run the risk that your bank goes bust in that tiny window!

I suppose use of an aggregator like T212 would allow the initial cash ISA sum to be distributed between banks for that initial step.