Transfer Vanguard S&S ISA to cash ISA

Dan29

https://forums.moneysavingexpert.com/discussion/comment/82172721#Comment_82172721

Yes that was one thought I had, but unless I'm missing something, the providers I've checked have the same deadline for easy access cash ISAs as they do for fixed term ones.

Is there a list anywhere of different banks' windows for funding, or is it a case of going through the T&Cs for each account?

TurbulentCourage

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

https://forums.moneysavingexpert.com/discussion/comment/82172638#Comment_82172638

Dan & Albermarle

I too have a Shawbrook Account - a 1 year fix that ends in January.

When I looked at the T&C's it states "This account is for new customers only. You must not have held a savings account with us in the past 28 days "

I queried this with Shawbrook and received the response "If you close the ISA and then wait at least 28 days, you should meet the “new customers only” condition, as long as you have not held a savings account with us during that 28-day period"

This may not be any use to you now, but possibly useful for future reference.

If you are happy to accept the Charter Rates another option could be Vida - 1 Year Fixed-Rate ISA - Vida Savings at the time of writing they are offering 4.8% for a 1 year fix up to 5% for 5 years and interest can be paid away if you are looking for income from your savings.

Although the funding window is 21 days, in their product summary, "How do I open and manage the account?" it states "If you’re transferring an ISA from another provider and it takes longer than 21 days, it will still be processed and your ISA will stay open."

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82172907#Comment_82172907

Surely the nature of an easy access account is that deposits (and withdrawals) can be made at any time, which one(s) have you found that differ from that?

Dan29

https://forums.moneysavingexpert.com/discussion/comment/82172954#Comment_82172954

Yes good point, I haven't explained this well. It's also possible I'm misunderstanding the rules as I haven't done anything with cash ISAs or ISA transfers for years; I've just had one S&S ISA.

This issue is that earlier this tax year, I fully funded a Halifax fixed rate cash ISA. Now, applying for a Charter easy access cash ISA for example, the T&Cs say "If we don’t receive your initial deposit (or funds from another ISA provider), within 30 days of your application, we’ll assume you no longer wish to save with us and not open this Account."

I can't make an initial deposit as I've already used this year's allowance, so I'm reliant on the transfer completing within the 30 days, or potentially facing funds getting stranded somewhere between companies which I would prefer to avoid.

So I've messed up, really: with hindsight I would have put a bit less in the Halifax ISA so I could make an initial deposit into this new one, and transfer to the best rate in one go without the potential complication of a short deadline.

Thanks all for all the help so far.

TurbulentCourage

Have you thought about transferring to a platform?

Hargreaves Lansdown are offering reasonable rates and there doesn't appear to be a funding window. They do state that if the account falls to zero they will close it, but if you initiate a transfer when opening the account I would expect/hope they would take this into consideration. Try asking them. (At the time of writing they are offering Easy Access at 4.52% and Fixed term at 4.76% and 4.85% for 1 and 2 years respectively).

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82172957#Comment_82172957

I could be wrong but suspect that the 30 day inactivity closure you refer to wouldn't apply if a transfer has already been initiated, whereas the funding window for a fixed term product is probably less flexible.