Two ISA at bank, which to transfer?

Hello,

I have two ISA accounts at my Bank (saving and investing ISA). I used only Investing ISA.

I would like transfer my ISA from Bank to Tradind212 ISA but which one/both ?

Hey @Rafalus,

You’re welcome to transfer your ISA cash savings currently, since at this stage the transfer of open positions is still in development phase. Read more about it here:

@Tony.V can you speculate about if in specie transfers will be implemented before/after SIPP at all?

ISAs is one thing with a 20k limit per annum, but a lot of people have SIPPs with bigger holdings, and with most brokers “selling to transfer” will be financial suicide and will be preventing people from transferring.

Hi Tony.V,

So only Cash ISA can be transfered.

If I transfer my Cash ISA to T212, would it be still OK keep Investment ISA on Bank?

In the condition of T212 ISA is stated that I should not have other Stock Investment ISA, but I as stated I have already Cash ISA and Investment ISA at my bank.

Could you clarify it?

@kali Most likely: 2021 Q1-Q2. We’ll make sure to inform you whenever we have more details.

@Rafalus You are allowed to transfer both Cash ISA and/or Stocks & Shares ISA to Trading 212. But you are only able to transfer your assets as cash - any shares you might have (with the external provider) should be sold, and just then you can transfer over the cash equivalent.

In each tax year, you are only allowed to have 1 ISA of each type, so you would not be allowed to open a Stocks & Shares ISA with Trading 212 and keep your current Stocks & Shares ISA with your bank.

@Tony.V super appreciated, for one of the rare answers I got through this community media :heart:

Just wanted to underline (you are also probably aware of this), there is little difference between tomorrow and 4 April 2021. But there is a huge difference between 4 April -> 7 April :slight_smile:

So Q1-Q2 really leaves me hanging.

The restriction is on depositing new money during the current tax year. You can certainly continue to hold open ISAs in which you have put money during previous tax years. Just don’t add new money to more than one ISA per tax year. So if the ISA with your bank was opened in a previous tax year you can keep it open and then transfer in specie once T212 permits.

@kali Let me ping you back in January :mailbox:

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