☰ My Favourites
×

Register or Login to save your list

Can I transfer a cash ISA to a Stocks and Shares ISA with another provider?

Shreekant | UK| 18/10/2020 | 1

  • Stocks and Shares ISA
  • Cash

Shreekant 's question in full

I have cash ISA that is maturing next week. Can I transfer a cash ISA to a Stocks and Shares ISA with another provider? Will I still keep my £20,000 annual allowances for Stocks and Shares ISA?

Anna Stoughton's Response

Hi Shreekant! Yes, you can transfer your cash ISA into a Stocks and Shares ISA and keep this year’s 2020/2021 ISA allowance provided that the cash ISA is from a previous tax year. Not all ISA providers have to allow “transfers in” however. If the cash ISA is maturing from a previous tax year then you can choose how much you wish to transfer into a S&S ISA. To confirm, if you withdraw the funds from your matured cash ISA this year and then invest into a S&S ISA, you will lose the allowance – it must be a transfer.

Please note that you cannot open two different ISAs that are of the same type in the same tax year (tax years run April to April). For example, opening two Stocks & Shares ISAs in the same year is a “no no”! You can however open a Stocks & Shares ISA and a Cash ISA within this tax year and split your £20k ISA allowance between the two, for example, invest £15k into a Stocks & Shares ISA and £5k into a Cash ISA.

With ISAs it’s a “use it or lose it” policy. If you don’t fully utilise your £20,000 this year, it’s not rolled over to the next. Take a peruse through our Best Buy table here to see which provider may be best for you. Hope that helps clear up your ISA situation!

 

Just be aware...

We are not regulated to give personal financial advice - This isn’t full-fat regulated financial advice. Boring Money is a publisher and not regulated by the FCA. 

This means we can't help with specific personal circumstances or recommend specific investment products. It also basically means that if we say something daft, you have no recourse to come back and complain.

We’re only allowed to give you a steer or share an opinion or tell you the facts - That said, we promise that our answer to you is an independent unbiased perspective with no commercial gain to make. If you need regulated financial advice, you can find a good adviser via sites such as Unbiased & Vouchedfor.

Our Expert

anna website.png

Anna Stoughton

As a financial adviser, Anna enjoyed helping clients achieve their financial goals. Now Relationship Manager at Boring Money, She hopes to use her experience to help the masses navigate the financial maze with crystal clear tips and information.

Related Questions

Got a Question?

Got a question? Ask our experts

Ask Our Experts

Sign up for Holly's blog

Stay up to date

Our free weekly blog with Holly's
no-nonsense opinions, tips & food for thought.
If you change your mind, you can unsubscribe at any time. We'll never share your details and you can unsubscribe any time.