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  • FIRST POST
    • vertex
    • By vertex 6th Aug 18, 7:28 PM
    • 139Posts
    • 11Thanks
    vertex
    Transfer S&S ISA to Cash ISA
    • #1
    • 6th Aug 18, 7:28 PM
    Transfer S&S ISA to Cash ISA 6th Aug 18 at 7:28 PM
    Hi

    Ive just sold a lot of my S&S ISA (and kept it within its ISA wrapper). Id like to build up some cash reserves in anticipation of a rocky road ahead. So it makes sense to transfer the cash to a cash ISA.

    What things should I bare in mind before doing this? For example, can the cash be transferred back into a S&S ISA at a later date (from memory I think I read somewhere that you cant do this?).

    Any suggestions/advice would be appreaciated. Thanks.
Page 1
    • masonic
    • By masonic 6th Aug 18, 8:02 PM
    • 9,927 Posts
    • 7,141 Thanks
    masonic
    • #2
    • 6th Aug 18, 8:02 PM
    • #2
    • 6th Aug 18, 8:02 PM
    You can transfer back from a cash ISA to S&S ISA. Once upon a time you couldn't go from S&S to cash, but that's no longer true.

    You should be aware that there may be a charge for transferring out of a S&S ISA and that partial transfers might not be allowed.

    Depending on whether you think you'll use the annual 20k allowance in the future, and how much you intend to remove, you might be better off simply withdrawing the money with the caveat that you might not be able to replace it in one go. Interest rates tend to be higher outside of ISAs and you might be better off even after any tax is taken into account.
    • vertex
    • By vertex 11th Sep 18, 8:19 PM
    • 139 Posts
    • 11 Thanks
    vertex
    • #3
    • 11th Sep 18, 8:19 PM
    • #3
    • 11th Sep 18, 8:19 PM
    Thanks. I hadnt considered that non ISA accounts paid more than ISA accounts.
    Given the recent interest rate hike - how long will it take to filter down to saving accounts? Am I better off waiting until saving accounts raise the interest rate?
    • masonic
    • By masonic 11th Sep 18, 8:32 PM
    • 9,927 Posts
    • 7,141 Thanks
    masonic
    • #4
    • 11th Sep 18, 8:32 PM
    • #4
    • 11th Sep 18, 8:32 PM
    Given the recent interest rate hike - how long will it take to filter down to saving accounts? Am I better off waiting until saving accounts raise the interest rate?
    Originally posted by vertex
    The main factor driving savings rate at the moment is the banks need for savers money (or lack of). They have little incentive to raise them.
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