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