ISA Transfer help

[Ross_328i_sport]

Good morning/ evening

I am wanting to take more control over my finances and investments on this basisbi am looking to transfer investments I have with a Scottish widows ISA (Open works) to trading 212, however am running into difficulties as below:-

Within the transfer menu of 212 trading a number of banks etc are listed however Scottish Widows is not listed thus I would need to get in direct contact with Scottish Widows.

Scottish Widows website advises they will only make transfers following instruction from an ISA manager. ( Which I'm not based on the definition of the UK government)

The Financial advisor I have, has advised I can only transfer to a cash ISA. This is not something I'm that interested in giving the low rates of return.

I'm coming to the conclusion that I am unable to transfer the existing ISA fund from Scottish Widows but wanted to reach out in case I have missed an opportunity?


Thanks in advance

[DoubleSix]

You can transfer it anywhere you like, and also to an S&S ISA should you wish (your advisor is wrong).

It’s a “pull” process so just identify the provider you wish to transfer to and start from there.

Edit: it’s possible your advisor said you can only transfer it “as cash”, perhaps if the SW fund you’re holding is of a class not compatible with other platforms preventing an in specie transfer.

In which case you do so and then simply reinvest in whatever you want.

Edited by DoubleSix on Thursday 13th February 22:48

[rugbyleague]

I did the same as you transferred my ISA from Openwork into Trading 212 for exactly the same reasons as you I think aswell.

I transferred into a Cash ISA and then moved it straightaway into a stocks and shares ISA, very easy to do but was quite slow.

[bitchstewie]

I'd take it to be what DoubleSix said.

You pull an ISA and as 212 don't offer funds - I believe only shares and ETFs - so you'd have to transfer as cash anyway as you can't transfer funds in-specie to them.

[Simpo Two]

Ross_328i_sport said:

The Financial advisor I have, has advised I can only transfer to a cash ISA. This is not something I'm that interested in giving the low rates of return.

Your financial adviser is talking bks. However as said, if the new ISA provider doesn't offer the same investments as the current one, then you sell to cash, transfer the cash to the new S&S ISA (ie keep it in an ISA wrapper) then reinvest as you wish.