Moving cash ISA from 120-day account

RomfordNavy · 5 August 2018 at 8:06PM

I have circa £80k in a 120-day cash ISA which I would now like to consider investing rather than just leaving it in a bank account. Not sure where I intend to invest this yet but just want to get it out of it's 120-day account.

Can anyone suggest where I should move this to in preparation for future investment?

Keep_pedalling · 6 August 2018 at 8:03AM

You need to leave it where it is if you want all you new investments to be held in an ISA. Once withdrawn you are limited to your £20,000 annual allowance.

eskbanker · 6 August 2018 at 9:25AM

Yes, as above it makes most sense to keep it within the ISA umbrella as this is more beneficial for investment than it is for cash, given the valuable protection against CGT and dividend taxation.

First step is to sort out what you want to invest in (bearing in mind your objectives, attitude to risk, timescales, etc), and then once you've done that identify the best platform(s) on which to hold such investments - sites like http://monevator.com/find-the-best-online-broker/ are useful for this.

Mainstream investment platforms will allow cash to S&S ISA transfers, which will allow you to invest all £80K within a S&S ISA environment.

Vortigern · 6 August 2018 at 2:08PM

As an interim measure you could ISA transfer from your 120-day ISA to an Easy/instant access ISA. Fill in a transfer form from the Easy ISA provider and indicate that you wish to serve out the notice period.

jsinc · 9 August 2018 at 2:12PM

Mostly as above, I first transferred with notice to an instant access cash ISA with same provider to avoid issues from notice period. Then to S&S ISA from the instant access ISA.

Moving cash ISA from 120-day account

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