Moving cash ISA from 120-day account

Options
RomfordNavy
RomfordNavy Posts: 684 Forumite
First Post Name Dropper First Anniversary Combo Breaker
in ISAs & tax-free savings
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?

Comments

  • Keep_pedalling
    Keep_pedalling Posts: 16,623 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Options
    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 Once withdrawn you are limited to your £20,000 annual allowance.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
    eskbanker Posts: 31,034 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    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
    Vortigern Posts: 3,243 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    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
    jsinc Posts: 306 Forumite
    Name Dropper First Post First Anniversary
    Options
    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.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards