If you put money into your invest account, then transfer it to your stocks and shares ISA, do you get the 1% cashback? Reason I ask is because I’d like to leave anything I put in the ISA long term with no withdrawals. I could use the invest for somewhere just to keep uninvested funds until I decide if they’re going in the ISA.
Unrelated to 212, I have a cash ISA maturing in August with another provider. On maturity, it will automatically be put in a variable rate ISA with the same provider. If I then take it out and put it in my 212 Cash ISA, technically will I have funded 2 cash ISAs in one tax year?
Assuming the first question is about the 1% cashback on the stocks and shares ISA meaning you opened an S&S ISA in the qualifying period earlier this year?
I don’t know for sure, although I don’t see why not.
However, as the ISA is flexible, you could still withdraw money after you paid it in, presumably with the aim of paying in as much as you can up to the 20000 limit by the end of the year. You could get round this by withdrawing the money and paying it back into the S&S ISA- although I accept that would take longer and potentially lose interest?
Your maturing cash ISA only counts as a contribution to this tax year if you paid into it since 6th April 2024. (Interest payments wouldn’t count here). If so you could transfer it in without affecting your ability to pay 20K into the S&S ISA this tax year. Legally, You can fund more than one cash ISA in a year anyway- just the 20K limit that matters, but if you want to max out the cashback offer , you want to fund the stocks and shares ISA not the cash ISA anyway.
cashback paid is very strictly limited to type of merchant on the purchase end. A money transaction between two accounts does not qualify, regardless the target is inside T212 or not.
A list of all excluded merchant types can be found here
Why not transfer the other ISA over if you think it’s best placed here?
That said, and I don’t have a crystal ball but I suspect rates will change later this year so another provider might trump 212’s cash offering by then.
@Mark3 Thanks, yeah that looks like the best idea. Withdraw from invest account back to bank then fund the s&s ISA with the intention of maxing the 20k and getting an extra £200 if I can. @Dougal1984 It’s in a fixed account until the end of August, not looking to fix again I don’t think. Their best offering is 4.75% Variable, hopefully we get a .025% BOE drop at some point and 212 follows suit at the same rate. @ukthunderbunny74 correct.
Just to update this post, I transferred a small amount of cash over from my invest account into my S&S ISA account just to quickly grab a stock opportunity during the recent meltdown and you do indeed get the 1% cashback offer.