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Scottish widows STMMF to fixed rate ?
I have £50k sitting in a Royal London STMMF on the Scottish Widows platform in a S&S ISA account.
With the uncertainty that this type of fund will allowed to be held in an ISA wrapper next year due to the changes announced by the one from accounts, would it be possible to switch this to a fixed rate ISA with a High street or online provider.
If so, how would I go about it ?
Thank You.
Comments
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It's still a gossip really, but if it happened to be true - sell your fund and do normal ISA transfer. As long as your new provider allows for it it should work just fine.
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With the uncertainty that this type of fund will allowed to be held in an ISA wrapper next year due to the changes announced by the one from accounts, would it be possible to switch this to a fixed rate ISA with a High street or online provider.
It will almost certainly be allowed as there aren't really any mechanisms to refuse certain age groups from holding a particular investment. How it will be treated is not yet known.
Everybody is waiting for the consultation and outcome. There are even hints that it could be pushed back by a year due to the delays so far (the industry is already complaining that timescales are too short to implement a solution that hasn't even been decided on yet).
There is plenty of time for an investor to make changes if required. So, no need to speculate at this stage.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.4 -
So am I getting this correct, I sell the Royal London STMMMF and the proceeds are held in my Scottish Widows S&S ISA as cash , I then open a fixed term ISA with another provider and fill in their transfer form?
Thank You.
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Yes, that is the correct way to transfer from a S&S ISA to a cash ISA.
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I have other assets (ETF) in this ISA account, if I select full transfer I assume it will not touch this and only the “cash available “ .
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A full transfer involves selling all investments and sending all of the proceeds, closing the S&S ISA. You will need a partial transfer.
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