Hi All - so had a search - and perhaps a silly question but how on earth does one transfer funds from a stocks and shares trading 212 isa into a trading 212 cash isa - without having to lose the isa wrapper by selling etc. This is to try and protect funds sinking any further in current economic climate.
When managing funds it only allows a transfer of uninvested funds.
Thanks
Cash ISAs can only contain cash. So you have to sell any stocks first before transferring the proceeds to your Cash ISA.
Thanks - I see, so no other options of protecting the funds within the s&s isa I assume - without exposing them (outside the isa tax ‘wrapper’) by simply selling and then putting in a ‘safe’ cash isa till this blows over (4 years! By the looks of it lol).
I think youve clearly stated the answer and its no doubt - it is what it is. Thanks
I do not quite understand. Once you have sold the stocks in your S&S ISA then simply transfer the cash into a T212 Cash ISA using the Manage Funds function. That will be transferred inside the ISA tax wrapper. Alternatively just leave it as cash inside your T212 S&S ISA which earns a similar rate of interest. The only marginal downside to the latter is that it is ‘invested’ into QMMFs rather than in T212’s bank account but you can opt out of QMMFs if you do not wish to earn interest. See “Interest on Cash” in the settings tab for details.
Got you - i had thought once you sell the stocks the funds sit outside of the isa wrapper, but understand now that they remain as cash in your isa account as you state. I had pies set up so had to export investments first, and only then the sell button appears. Once sold they sit in the isa as cash. Thanks
Yes, to lose the ISA tax wrapper you have to withdraw cash from the manage funds tab. Indeed as an extra check it asks you to re-enter your password to confirm that you wish to withdraw the cash.
Even if you do withdraw cash then because the T212 ISAs are flexible you can deposit that cash back into the ISA account and keep the ISA allowance provided that you deposit it before the end of the same tax year.
I’ve maxed out my ISA allowance for this year 50/50 with a cash and stocks and shares ISA. Can I skim some of the interest from the Cash ISA and buy more shares in my stocks and shares ISA? (providing I don’t withdraw the money to a bank account first)
Yes you can. You can also transfer more than just the interest earned. Just make sure that you transfer do an internal transfer ( reverse of the s&s to cash transfer described above. I have been transferring my initial cash isa deposit to my stocks isa the rough the year.