Transferring HL SS ISA to Virgin cash ISA
Discussion
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.
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.
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 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........ 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.
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...
Daft thing is getting out in a tax efficient fashion, whist swapping to a decent cash product seems easier said than done...
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.Might be an option, once it’s in Coventry, then transferred to Virgin. Might take over a month though.
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.
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.
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.
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