I’ve just requested a transfer from my Chip Cash ISA to my IE SS ISA portfolio. I’ve just seen some threads in this community and I wonder if I should be worried about charges on either side?
Second question, I want to add more into my Chip Cash ISA. Do I need to wait for this transfer to complete in order to do that? I super hope not.
charges. IE DO NOT charge but i dont know about chip.
i transfered a cash isa from hodge last year into a IE isa and it took aprox 3 weeks to happen so i dont think you need to worry.
maybe max out your 2023/24 isa allowance with any mainstream bank and transfer that across when your chip has completed as adding to your ‘in progress’ isa may mess things up?
i am sure ‘the management’ will clarify this.
Sadly, they have said that I would need to transfer the whole amount so if I did add into the Chip ISA, it would be transferred over to IE as well. So yes, will have to wait. Can’t open another ISA in a mainstream bank because you can only pay into 1 cash ISA per year.
Yes, sorry about that.
The good news is that this is going to be changed very soon in 24-25 tax year.
With the new changes, you can now have more than one ISA in each tax year.
More details here - https://help.investengine.com/hc/en-gb/articles/17506973176733-ISA-changes-for-2024-25
Hi all, if I transferred a large cash ISA to SS ISA, I guess I need to make a lump sum investment into the SS ISA portfolio. What are the options I have if I don’t want to put the whole amount in one go? Do I get cash ISA rate interest on the uninvested amount?
InvestEngine do not pay interest on any uninvested cash held in any account. Obviously some other ISA providers do pay cash.
Also InvestEngine does not offer a Cash ISA.
Thank you, @PStaveley. In this case, will it be possible to transfer from cash ISA to SS ISA in a few chunks periodically instead of the whole amount?
Partial transfers would depend on the policies of the ISA platforms at each end of the transfer @Solar03
Usually, Cash ISA providers allow partials out though. IE supports them, as long as they are contributions from previous tax years, see link
Partials in
As an alternative, you might consider a low-risk interest-paying ETF for funds you are not ready to put into the market. They pay market rates, and spreads are tight. See link
Lower-risk ETFs
Thank you @nedjohn !