Transfer Cash ISAs Discussion Area

murphydavid

Shaje said:

Have saved for yrs in cash isa & have added the 20k allowance and is now beyond 85k protection😬 what can I do? Can I take out 20k to bring back to 85k? Does it mean I am back to the start with saving 20k only & what can I do with this cash isa with more than 85k? Too scared and have not used it or any isa this yr. any advice pls TIA 

You sound like you are unaware that you get 85k allowance for each separate bank or building society. Take out your next ISA with a different bank and you start on another 85K protection. MSE article https://www.moneysavingexpert.com/savings/safe-savings/ gives you the run down and there is a tool to check which banks share the 85K

hatchback

Hi, If a 2 yr fixed cash Isa matures in Autumn this year, is it best to let it go into low rate isa with same provider on maturity. If it is invested in another fixed rate Isa, should one wait until next 1st April?

eskbanker

hatchback said:

Hi, If a 2 yr fixed cash Isa matures in Autumn this year, is it best to let it go into low rate isa with same provider on maturity. If it is invested in another fixed rate Isa, should one wait until next 1st April?

The days of a frenzy of tempting cash ISA deals around tax year end are long gone, so it would be pointless to defer decisions until then!  Entirely up to you what you want to do with the proceeds, but most on here would advocate maximising interest rather than taking the default option of a low rate product - fixed rate ISAs (unlike their taxable equivalents) must allow access to the funds, albeit usually with penalties, so that hedges your bets to a certain extent, but cash ISAs have been falling further out of favour given the fact that most savers don't pay tax on interest anyway, so consider if that money might be better deployed either in an S&S ISA or non-ISA cash savings....

Alsey88

Hi, I'm very new to investing and I've got a Stock & Shares ISA with Trading212 and would like to transfer it to Vanguard to invest in their funds. The current ISA utalisation is minimal. The drawback of transfering to Vanguard is that I won't be able to buy individual stocks so still want to use Trading212 for that and it looks like I need a normal investing account. Here's the question - what happens if my ISA utalisation is still fairly small on Vanguard and any profit on individual stocks is still within the 20,000 pounds per year allowance. Do I pay/need to file a self-assessment if I make any money through a normal investing account and at the same time I'm well below ISA limit?
Thanks a lot

eskbanker

Alsey88 said:

Hi, I'm very new to investing and I've got a Stock & Shares ISA with Trading212 and would like to transfer it to Vanguard to invest in their funds. The current ISA utalisation is minimal. The drawback of transfering to Vanguard is that I won't be able to buy individual stocks so still want to use Trading212 for that and it looks like I need a normal investing account. Here's the question - what happens if my ISA utalisation is still fairly small on Vanguard and any profit on individual stocks is still within the 20,000 pounds per year allowance. Do I pay/need to file a self-assessment if I make any money through a normal investing account and at the same time I'm well below ISA limit?
Thanks a lot

You need to treat the ISA and non-ISA money as entirely separate and unrelated pots - there is no tax on anything in an ISA, but taxation on non-ISA money has nothing to do with your £20K ISA contribution limit.  When investing through a general investment account, any chargeable gains crystallised (via disposals) in any tax year that exceed the annual allowance (currently £12,300) are subject to Capital Gains Tax.

Alexland

Alsey88 said:

Hi, I'm very new to investing and I've got a Stock & Shares ISA with Trading212 and would like to transfer it to Vanguard to invest in their funds. The current ISA utalisation is minimal. The drawback of transfering to Vanguard is that I won't be able to buy individual stocks so still want to use Trading212 for that and it looks like I need a normal investing account. Here's the question - what happens if my ISA utalisation is still fairly small on Vanguard and any profit on individual stocks is still within the 20,000 pounds per year allowance. Do I pay/need to file a self-assessment if I make any money through a normal investing account and at the same time I'm well below ISA limit?
Thanks a lot

Posted in wrong thread, use this for replies:
https://forums.moneysavingexpert.com/discussion/6215156/using-both-an-stock-and-shares-isa-and-a-general-investment-account-new-to-investing#latest

kate_b

Hi, I'm looking at the easy-access Marcus Cash ISA (2nd from top in the article today) - their Help page says " We don’t support Bacs transfers: if you’re looking to transfer your ISA to another provider, please check that they can support non-Bacs members before requesting a transfer " . ( https://www.marcus.co.uk/uk/en/public-site/help#isa )
I've looked at a few other banks and google-d, and can't see anything about other banks accepting or not-accepting non-BACS ISA transfers.
Does anyone know if this is a minor issue (so I would be able to transfer to most other banks if I wanted to), or a major one (affects the high street names) please?

masonic

There is still a huge number of ISA transfers that are carried out using paperwork and cheque, so I would expect the vast majority of providers to accept such transfers. You might be out of luck with a new entrant to the market that never had the legacy system in place.

VanillaTester1

Just a test

System

Another test.