Cash ISA rates hit record lows in August 2016. Which raises the question, is the security of a Cash ISA worth the rock-bottom interest rates? Perhaps it is time to consider transferring to an Investment ISA, for free. An increasing number of investors, who are happy to forego the capital security of cash for the potential for higher returns, are transferring their Cash ISAs to Investment ISAs.
Money saved in your Cash ISA can be transferred to your Investment ISA without affecting your current overall annual ISA allowance, as it's already within the ISA wrapper.
Please note: you must not withdraw the money and invest it in your Investment ISA yourself, as the cash will lose its ISA wrapper and it will count against your annual ISA allowance.
If you would like to transfer your Cash ISA into an Investment ISA, simply download a Chelsea FundStore ISA Transfer form from our website or call us for a copy. Please be sure to read and agree to the Chelsea Terms & Conditions, the Terms & Conditions of the Cofunds platform and the Key Investor Information Documents before you invest. Once completed, you should post the form to:
Chelsea Financial Services
St James' Hall
Moore Park Road
The transfer process can take between two and five weeks to complete whilst it is transferred from the bank/building society to your Chelsea FundStore account.