Transfer Vanguard S&S ISA to cash ISA

Dan29

Hi

I want to transfer my Vanguard S&S ISA (currently invested in a money market fund) to a cash ISA with a different provider. I've already used this year's cash ISA allowance.

Having looked at rates, I was thinking of either Vanquis's 1 year fixed rate cash ISA, or Charter's variable rate one - but they both specify that they must receive the transferred funds within 30 days of opening the account, and they both need a form printed out and posted to them to initiate the transfer.

The combination of a deadline and a paperwork-based transfer process does not fill me with confidence. Do any banks or building societies have either a longer window during which they'll accept transfers, or a more electronic transfer process from S&S ISA to cash ISA?

Thanks

Dan

mebu60

You will need to sell your MMF in the S&S ISA thereby converting it into uninvested cash.

The transfer process initiated by the new provider is unlikely to take anywhere near the 30 days they require for receipt of the funds.

TurbulentCourage

https://forums.moneysavingexpert.com/discussion/6687100/transfer-vanguard-s-s-isa-to-cash-isa

Shawbrook are offering a fairly decent 4.97% 1 year fixed rate ISA (and you can have interest paid to your nominated account if you wish).

They allow a 90 day funding window.

KPIs are on 1 Year Fixed Rate Cash ISA Bond

Dan29

https://forums.moneysavingexpert.com/discussion/comment/82171843#Comment_82171843

Thanks, will just trust in the process and hope it goes more smoothly than my pension transfer to Vanguard..!

Dan29

https://forums.moneysavingexpert.com/discussion/comment/82172409#Comment_82172409

Thanks, I definitely would have gone for this, but Moneyfacts says it's for new customers only - and naturally I have a single Shawbrook account denying me that status.

I would definitely feel more relaxed with a longer funding window. If anyone knows of any others I'm prepared to accept a lower rate in exchange for more time for the transfer to complete.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82172460#Comment_82172460

That is an unusual requirement from Shawbrook ( being a new customer to open the account)- I have not seen it from them before . Normally they are very flexible:

90 day window to initially fund the account, and then you can add more during the fixed term ( which is unusual). It only applies to fixed term ISAs, and normally only for new contributions, not transfers.

Dan29

https://forums.moneysavingexpert.com/discussion/comment/82172605#Comment_82172605

Thank you. It looks like they offer existing customers 4.75% for a one-year fix, which I'm probably willing to accept if no other providers have a funding window longer than 30 days.

I do accept that this probably isn't an issue, but I really don't want the stress of dealing with Vanguard customer service again. To be fair, the last time was at the start of lockdown and home working, so they may be better now.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82172627#Comment_82172627

If you look in the T's & C's of the link supplied in a previous post, as well as the 90 day initial funding window, it states:

Please note that the Bank reserves the right to withdraw this product at any time. If the product is withdrawn, you can continue to put
more money into your account until the expiry of the fixed term.

For a one year account this is not such a big deal. However for a 5 year term, it can be a big advantage if interest rates generally turn down and you can still add £20K in a tax year at the original fixed rate.

Dan29

Interesting, thanks - more food for thought. Their 5 Year Fixed Rate Cash ISA Bond rate for existing customers is 5.25%.

Also, anyone who's done this before, do you just give your Vanguard account number, or do you have to include the suffix "-001"? (My pension with them has the same account number with the suffix "-002").

Thanks again.

thriftyms

I just transferred a GIA out of Vanguard, and I gave the full number i.e. yes I included the suffix "00x". I hold an S&S ISA with them as well and definitely didn't want any mix-ups to occur about which account should move!

eskbanker

Perhaps worth getting the S&S ISA transferred to an interim easy access cash ISA, and then onwards to a selected fixed term one in the knowledge that the mandated transfer timeframe for cash ISA transfers is shorter than from S&S ISAs?