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Best method to transfer S&S ISA & GIA into one new ISA with a new broker

krish123
krish123 Posts: 165 Forumite
Eighth Anniversary 100 Posts Name Dropper Combo Breaker
in Savings & investments
Evening All,

 I currently have a S&S ISA which i contribute to with Charles stanley direct and also a GIA account with Freetrade.

i now want to transfer both the funds from charles stanley and freetrade to a new platform. The reason for moving the charles stanley ISA is that the platform fee and trading costs are quite high, and i also do not have access to individual stocks in the US, this is why i opened the GIA with free trade. 

So what i am looking to do is move all the funds into one new S&S ISA with a new platform who offers funds and individual shares globally, i am thinking trading 212 which seem to only charge a 0.15% FX fee.

My questions are:

What is the best way to transfer these funds especially to conform to all the S&S ISA rules.

in terms of the new platform, is trading 212 the best option?

Thanks in advance.
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Comments

  • wmb194
    wmb194 Posts: 6,123 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    krish123 said:
    Evening All,

     I currently have a S&S ISA which i contribute to with Charles stanley direct and also a GIA account with Freetrade.

    i now want to transfer both the funds from charles stanley and freetrade to a new platform. The reason for moving the charles stanley ISA is that the platform fee and trading costs are quite high, and i also do not have access to individual stocks in the US, this is why i opened the GIA with free trade. 

    So what i am looking to do is move all the funds into one new S&S ISA with a new platform who offers funds and individual shares globally, i am thinking trading 212 which seem to only charge a 0.15% FX fee.

    My questions are:

    What is the best way to transfer these funds especially to conform to all the S&S ISA rules.

    in terms of the new platform, is trading 212 the best option?

    Thanks in advance.
    If T212 accepts Isa transfers in and offers the same investments you can do that in specie. If it doesn't offer the same investments they can be sold and the Isa transferred as cash or a combination of cash and investments. I don't think T212 offers 'funds' - I presume you mean OEICS/unit trusts rather than ETFs or ITs.

    You cannot transfer a Gia into an Isa. You'd need to sell the investments and deposit the cash into the Isa.
  • Doctor_Who
    Doctor_Who Posts: 917 Forumite
    Part of the Furniture 500 Posts Name Dropper Photogenic
     I currently have a S&S ISA which i contribute to with Charles stanley direct and also a GIA account with Freetrade.

    Have you contributed to the S&SISA this tax year? As wmb194 said, you can't transfer funds in a GIA to a S&SISA, hence you need to sell the funds and any money added to the new S&SISA would be counted against your ISA allowance in this tax year. You need to consider how much of your ISA allowance you have already used in the S&SISA with CS this tax year when subscribing to the new S&SISA.

    'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.
  • mattywallace121
    mattywallace121 Posts: 59 Forumite
    Fifth Anniversary 10 Posts
    Trading 212 dont offer mutual funds.

    Difficult to offer any guidance as you have not provided what you currently hold in your S&S ISA.
  • krish123
    krish123 Posts: 165 Forumite
    Eighth Anniversary 100 Posts Name Dropper Combo Breaker
    wmb194 said:
    krish123 said:
    Evening All,

     I currently have a S&S ISA which i contribute to with Charles stanley direct and also a GIA account with Freetrade.

    i now want to transfer both the funds from charles stanley and freetrade to a new platform. The reason for moving the charles stanley ISA is that the platform fee and trading costs are quite high, and i also do not have access to individual stocks in the US, this is why i opened the GIA with free trade. 

    So what i am looking to do is move all the funds into one new S&S ISA with a new platform who offers funds and individual shares globally, i am thinking trading 212 which seem to only charge a 0.15% FX fee.

    My questions are:

    What is the best way to transfer these funds especially to conform to all the S&S ISA rules.

    in terms of the new platform, is trading 212 the best option?

    Thanks in advance.
    If T212 accepts Isa transfers in and offers the same investments you can do that in specie. If it doesn't offer the same investments they can be sold and the Isa transferred as cash or a combination of cash and investments. I don't think T212 offers 'funds' - I presume you mean OEICS/unit trusts rather than ETFs or ITs.

    You cannot transfer a Gia into an Isa. You'd need to sell the investments and deposit the cash into the Isa.
    ok understand i need to Sell all my stocks in GIA and then re purchase with T212. 

    Yes either OEICS/unit trusts and index fund. 


  • Albermarle
    Albermarle Posts: 31,536 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    ok understand i need to Sell all my stocks in GIA and then re purchase with T212. ( max annual deposit in an ISA = £20K) 
    Yes either OEICS/unit trusts and index fund. 

    @mattywallace121pointed out. T121 do not offer mutual funds = OEICS/Unit trusts.

  • krish123
    krish123 Posts: 165 Forumite
    Eighth Anniversary 100 Posts Name Dropper Combo Breaker
    Doctor_Who said:
     I currently have a S&S ISA which i contribute to with Charles stanley direct and also a GIA account with Freetrade.

    Have you contributed to the S&SISA this tax year? As wmb194 said, you can't transfer funds in a GIA to a S&SISA, hence you need to sell the funds and any money added to the new S&SISA would be counted against your ISA allowance in this tax year. You need to consider how much of your ISA allowance you have already used in the S&SISA with CS this tax year when subscribing to the new S&SISA.

    Yes i have, only £1330 pounds. my freetrade account is about £12K so this will soak up up ISA allowance with T212 right? 

    That should be ok as it gives me around 7K still to invest this year.

    I need to find out first if i can transfer in ISA with T212 first.
  • krish123
    krish123 Posts: 165 Forumite
    Eighth Anniversary 100 Posts Name Dropper Combo Breaker
    mattywallace121 said:
    Trading 212 dont offer mutual funds.

    Difficult to offer any guidance as you have not provided what you currently hold in your S&S ISA.

    I own a global index fund, an emerging market fund, small cap fund and then a range of individual UK stocks. 

    Whatever is not available in T212 i will have to find alternative investments. Tbh it would be worth rationalising down my portfolio anyway. 
  • Doctor_Who
    Doctor_Who Posts: 917 Forumite
    Part of the Furniture 500 Posts Name Dropper Photogenic
    krish123 said:
    Doctor_Who said:
     I currently have a S&S ISA which i contribute to with Charles stanley direct and also a GIA account with Freetrade.

    Have you contributed to the S&SISA this tax year? As wmb194 said, you can't transfer funds in a GIA to a S&SISA, hence you need to sell the funds and any money added to the new S&SISA would be counted against your ISA allowance in this tax year. You need to consider how much of your ISA allowance you have already used in the S&SISA with CS this tax year when subscribing to the new S&SISA.

    Yes i have, only £1330 pounds. my freetrade account is about £12K so this will soak up up ISA allowance with T212 right? 

    That should be ok as it gives me around 7K still to invest this year.

    I need to find out first if i can transfer in ISA with T212 first.
    After you have transferred the S&SISA - add the amount from the Freetrade account that you add as cash to the new S&SISA to the amount already subscribed to the S&SISA this tax year, and then subtract that from £20K to work out how much more you can add this year. This obviously assumes you haven't subscribed anything to another type of ISA (e.g cash ISA) in the current tax year.
    'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.
  • krish123
    krish123 Posts: 165 Forumite
    Eighth Anniversary 100 Posts Name Dropper Combo Breaker
    Doctor_Who said:
    krish123 said:
    Doctor_Who said:
     I currently have a S&S ISA which i contribute to with Charles stanley direct and also a GIA account with Freetrade.

    Have you contributed to the S&SISA this tax year? As wmb194 said, you can't transfer funds in a GIA to a S&SISA, hence you need to sell the funds and any money added to the new S&SISA would be counted against your ISA allowance in this tax year. You need to consider how much of your ISA allowance you have already used in the S&SISA with CS this tax year when subscribing to the new S&SISA.

    Yes i have, only £1330 pounds. my freetrade account is about £12K so this will soak up up ISA allowance with T212 right? 

    That should be ok as it gives me around 7K still to invest this year.

    I need to find out first if i can transfer in ISA with T212 first.
    After you have transferred the S&SISA - add the amount from the Freetrade account that you add as cash to the new S&SISA to the amount already subscribed to the S&SISA this tax year, and then subtract that from £20K to work out how much more you can add this year. This obviously assumes you haven't subscribed anything to another type of ISA (e.g cash ISA) in the current tax year.
    Got you. 

    I checked with T212 they do ISA transfers but only in Cash, so i think i will have to sell all of my holdings in Charles stanley and then initiate the transfer. 
  • krish123
    krish123 Posts: 165 Forumite
    Eighth Anniversary 100 Posts Name Dropper Combo Breaker
    Will i have to transfer my existing S&S ISA into T212 first before adding the GIA account funds? Or am i Able to Open a ISA with T212 and transfer my funds from freetrade before transferring in from CS?
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