Transferring HL SS ISA to Virgin cash ISA

Transferring HL SS ISA to Virgin cash ISA

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Discussion

Darranu

Original Poster:

338 posts

222 months

Wednesday 9th November 2022
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Just wondering if anyone's done anything similar recently and could help point me in the right direction.

What started as a simple thought doesn't appear to be quite as simple.

So I have a HL S&S ISA, recently I decided to get out of my various funds and move to about 90% cash. With the recent jump in cash ISA rates my simple idea was to move this cash element from my SS ISA into something like the Virgin Money 2 year fixed cash ISA, which is paying just over 4%.

So far, so good. However, after opening my Virgin Money cash ISA it becomes apparent that I can only transfer in from another cash ISA, not a SS ISA. It's at this point I'm now stuck and thought about looking to the wider wisdom on PH. Does anyone know of a way around this or a similar cash ISA that does allow SS ISA transfer in?

The other issue is if I can even transfer just a percentage equal to the current cash within, or if I need to transfer the full amount.

Hindsight's telling me I should have just left well alone. Really grateful for any suggestions.

Simpo Two

85,833 posts

267 months

Wednesday 9th November 2022
quotequote all
Darranu said:
So far, so good. However, after opening my Virgin Money cash ISA it becomes apparent that I can only transfer in from another cash ISA, not a SS ISA
Do they know that the money is now all just cash?

The other thing is to consider that markets might well do better than 4% in the next year, so you could buy back in, and if you do that after 30 days you've taken any capital gain.

PistonHead007

247 posts

33 months

Wednesday 9th November 2022
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Simpo Two said:
Do they know that the money is now all just cash?

The other thing is to consider that markets might well do better than 4% in the next year, so you could buy back in, and if you do that after 30 days you've taken any capital gain.
Capital gains tax....in an ISA........ spin

Simpo Two

85,833 posts

267 months

Wednesday 9th November 2022
quotequote all
PistonHead007 said:
Simpo Two said:
Do they know that the money is now all just cash?

The other thing is to consider that markets might well do better than 4% in the next year, so you could buy back in, and if you do that after 30 days you've taken any capital gain.
Capital gains tax....in an ISA........ spin
Sorry, my fail. But it's always something to bear in mind when selling things - ISAs excluded!

Darranu

Original Poster:

338 posts

222 months

Wednesday 9th November 2022
quotequote all
Hi, I had considered just getting back into the market but I'm probably going to use the funds in the next year or so. Given the state of the world at the mo, I've just decided to get out and know where I stand if that makes sense.

Daft thing is getting out in a tax efficient fashion, whist swapping to a decent cash product seems easier said than done...

Jiebo

911 posts

98 months

Wednesday 9th November 2022
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I’ve just done something similar, but transferred to Coventry BS cash ISA. No issues with transferred with HL, but took about 3 weeks which is just insane.

Might be an option, once it’s in Coventry, then transferred to Virgin. Might take over a month though.

FriedMarsBar

257 posts

34 months

Thursday 10th November 2022
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Jiebo said:
I’ve just done something similar, but transferred to Coventry BS cash ISA. No issues with transferred with HL, but took about 3 weeks which is just insane.

Might be an option, once it’s in Coventry, then transferred to Virgin. Might take over a month though.
I transferred two cash ISAs to Coventry, one from Santander and the other from Halifax, and both transferred in less than a week.
I wonder if it's related to their workload from high interest rate offerings? I got in very early with the Coventry product I wanted.



Darranu

Original Poster:

338 posts

222 months

Thursday 10th November 2022
quotequote all
Hi All ,

Managed to speak to Virgin Money today, 52 min 31 seconds in the queue... They've confirmed that it can be done, although the manual way via a paper form that I'll need to post, instead of the electronic method for most cash to cash isa transfers.

The only downside apart from the messing been that it can take around 4 weeks as someone alluded to earlier.

Anyhow, all sorted. Thanks for the help.