I’ve never transferred a Cash ISA from one institution to another. I wasn’t aware it could be done.
I’ve stuck with my bank every year. Opened a Cash ISA here at 5.15%. What guarantees do I have for pressing the button to transfer my existing bank ISA across. Does the whole amount go across? Does the interest on the Cash ISA go back in the ISA? Or does it have to be invested in S&S??
Has anyone done it? How long does it take to show? Bit apprehensive. TIA
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I’ve transferred a couple of cash ISAs to T212. Both were completed in about ten days.
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Is that into a cash ISA?
Does the interest from the Cash ISA go back into the cash ISA?
Can anyone tell me if the daily interest earned on a cash ISA gets invested into S&S?
Yes, the interest is added daily to the cash ISA.
No, the daily interest in a cash ISA is not invested in anything. It just gets returned to you as cash.
I’ve transferred ISAs historically bank to bank, and with T212. In every case the process has been straightforward and fairly quick.
With T212 you go to your cash ISA in the app or your account on the website, select portfolio transfer, find your current ISA provider and fill in the details. Note the first provider list you’re shown is just the most popular providers, so if you can’t see yours you can search the full list.
You can pick whether to transfer the whole amount or just previous years or current year. When you do the transfer your existing provider will wrap up the account for you and add any interest you’re owed, which will be transferred with the principal sum.
Any cash ISA you transfer will be transferred into the new cash ISA you’ve just opened. It won’t go into a S&S ISA and doesn’t have to be invested in S&S, it’ll just increase the amount in your T212 cash ISA by the amount transferred. Similarly your daily interest earned in the T212 ISA is just added to the cash ISA.
For me a transfer from Santander to T212 took just a few days, a transfer from NS&I took around a week.