Can I transfer my existing investment ISA into a Cash ISA all at once?

by , 24 Sep 2012Open Question

I currently have an Investment ISA with approximately £11,000 in it. I was wondering if it would be possible to transfer all of this into a new Cash ISA in one go?

Answers

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Hi bussbybeef, welcome.
Alas, you can't move money tied up in an INVESTMENT ISA without first selling the units and turning them into cash. By doing this, you unfortunately lose the TAX FREE wrapper at once. You then have to treat you cash just like cash from any source and you would ONLY be permitted to save £5,640 into a CASH ISA this year (assuming you haven't already started a cash isa this year, that is) So you would have to do this over two years+
Sorry I can't be more positive,

by Priceless, 24 Sep 2012

Have you sorted out your ISA yet? Why are you considerig putting your investment ISA into Cash?

by sawiak911, 31 Oct 2012

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