Boring cash ISA question - Fidelity
Discussion
Hi all,
I was wondering if someone could give me a bit of ISA advice?
I currently have a decent chunk of ISA savings as cash as well as 2 small investments in funds through Fidelity. One this tax year and one from 2007 (that has only just recovered!)
So, can I convert a portion of my cash ISA to funds without losing its ISA status and without affecting what I can save under the ISA wrapper for this year? If so is there any limit to how many years savings I can do this with?S
Should I be looking at the 'Cash Park' from Fidelity to temporarily transfer from my existing cash ISA then transfer this into funds? I would like to increase my investments in the two original funds and potentially put some money into one or two more but I also have regular contributions set up so I don't want to go affect this years ISA threshold by taking it out of an ISA and putting it back in under this years allowance.
many thanks!
Andy
I was wondering if someone could give me a bit of ISA advice?
I currently have a decent chunk of ISA savings as cash as well as 2 small investments in funds through Fidelity. One this tax year and one from 2007 (that has only just recovered!)
So, can I convert a portion of my cash ISA to funds without losing its ISA status and without affecting what I can save under the ISA wrapper for this year? If so is there any limit to how many years savings I can do this with?S
Should I be looking at the 'Cash Park' from Fidelity to temporarily transfer from my existing cash ISA then transfer this into funds? I would like to increase my investments in the two original funds and potentially put some money into one or two more but I also have regular contributions set up so I don't want to go affect this years ISA threshold by taking it out of an ISA and putting it back in under this years allowance.
many thanks!
Andy
Monies from cash ISA's can be transferred into S&S ISA's but there are a few extra 'conditions'.
1) Once monies have been transferred into a S&S 'equity' ISA, they cannot be transferred back to a cash ISA.
2) Some providers offer 'cash type' products within a S&S ISA wrapper - these are generally capital protected or guaranteed capital type funds. As these are still considered a 'cash' investment and not 'equity', any cash ISA funds transferred in can be transferred back to a cash ISA on maturity.
3) Some providers only allow previous years ISA's to be transferred to equity. Some allow everything...
Edited to add: Transferred funds don't affect current year subscription limits.
1) Once monies have been transferred into a S&S 'equity' ISA, they cannot be transferred back to a cash ISA.
2) Some providers offer 'cash type' products within a S&S ISA wrapper - these are generally capital protected or guaranteed capital type funds. As these are still considered a 'cash' investment and not 'equity', any cash ISA funds transferred in can be transferred back to a cash ISA on maturity.
3) Some providers only allow previous years ISA's to be transferred to equity. Some allow everything...
Edited to add: Transferred funds don't affect current year subscription limits.
Edited by cannedheat on Monday 20th September 00:01
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