For some of us, doing online and even manual transaction of cash form one account to another account would be a problem especially when they are not sure how would be the procedure and how much they wish to transfer especially to stocks and shares or any given property they had. Some may not risk in doing such transaction in fear of scam and fraud especially when there are a lot of cases involving transferring of cash of fraud and scam all happening through the net. For the people residing in the UK itself, they had the solution of transferring cash via ISA to a stocks and shares using the ISA principal.
ISA or commonly known among the UK as an Individual Savings Account is one of the most reliable and trusted saving s method that is already common and ever growing in the United Kingdom. It is mostly used by UK residents especially when to avoid taxes on their saving and to protect the interest from taxation from the government and any institution. The ISA is available for their customers in two different saving payment formats, the Stocks and Shares ISA and the Cash ISA. The Cash ISA is more of the common of the savings account in which it is more of a system where the money earned is always due to the predetermined rate of the current interest being imposed by banks and the government. The Stocks and Shares ISA is a more of a long term solution of investment for customers especially with money being invested in bonds and stocks for a longer reap of investment. For the current situation of transfer is that the Cash ISA could be transfer to Stocks and Shares ISA but not vice versa.
If you are planning to open a Cash ISA or a Stocks and Shares ISA, there are a few steps in doing so before proceeding for your first account. The first step would be to know the background details and investigate new providers of the ISA banking and account by knowing the level of their fee setup, inactivity and fund administration fees. Before signing up for anything, get information of which kind of investment options that are suitable for your range of investment and ensure that they provide online account for easier assessment and transaction when it is needed. Once you have all the needed information of your ISA banking provider, you can immediately open an account with your new provider and you can proceed to the request of transfer of your cash into the account. You will be given a transfer form to be completed before proceeding for the transfer. You will need to provide the assisting information as listed below for security and information details to ensure that all your transaction would run smoothly without a glitch:
Date of birth
National Insurance Number
Existing Cash ISA account number
Old passbook or token (if available)
Name and address where your existing ISA is held
Amount you wish to transfer