Cash ISA Stocks and Shares ISA

[jgy6000]

Hi All,

Just need to call on some finance wisdom if anyone can help at all.

I have a cash ISA with Virgin Money that im considering transferring to a stocks and shares ISA with Hargreaves Landsdown.

Now i have the form printed off, which will transfer the full amount but im considering if its possible to open the S&S ISA starting from £0 and then at a later date once im fully comfortable transferring the the cash ISA into it.

Will that work?

Thanks

[DoubleSix]

In theory you can have an SS ISA with a zero balance although I would be surprised if HL facilitate it.

The allowance is 'use it or lose it' so what ever portion of the £15,240 you haven't placed in the wrapper by end of tax year is gone.

Why are you procrastinating anyway?

[DoubleSix]

Rereading your post it sounds like you have the wrong form.

You want an ISA transfer form, not a subscription form.

[jgy6000]

I have the "transfer form" and i think you are right - might as well pull my finger out and just get on and transfer it all over.

[DoubleSix]

Yup.

And if you are transferring a previous years ISA you will still have your full allowance available to use before tax year end.

[Mattt]

Problem with putting one lump into the market is that you're susceptible to big movements - some are predicting the start of a bear market which could see you lose a fair chunk in the short term.

You may consider drip feeding in, and be careful about the funds that you're choosing to make sure you've got enough diversification.

[trickywoo]

I'd recommend a drip feed approach also.

I'm not 100% sure on HL but I'd be very surprised if they don't have a cash deposit function within the S&S ISA envelope.

You'll essentially have an ISA account which will enable switching between funds (including a cash deposit) as well as setting up new funds. The only possible issue might be minimum initial investment and subsequent top up amounts in each fund.

[Orchid1]

HL are expensive and have a min investment off £500 I think.

Try https://www.rplan.co.uk/ the minimum opening balance is £50.