Put large sum in Moneybox ISA this year, can I move it to Freetrade later?

Help 👋
1

(Not another “when are transfers in coming?” question - honest!)

I’ve got a Moneybox stocks and shares ISA that has small amount in - few hundred pounds of which was added this April.
But of course I cannot trade shares in that.

I’ve just opened Freetrade ISA so I can trade in ISA wrapper.

Aware I cannot pay into that this tax year, as I’ve paid into Moneybox ISA.

Question:
I have a lump sum of 15k which I want to use in FT ISA.
If I pay this now into Moneybox, can I then transfer the whole Moneybox amount into FT ISA when transfers in allowed?
eg is this a sensible way to get funds into my FT ISA and which keeps tax free benefits?

Thank you

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2

Yes, that should work. My understanding is that after transferring the ISA, you can still only add new money to Moneybox this year. But with your £15k transferred, you at least won’t be paying Moneybox’s high 0.45% on all that, but Freetrades fixed £36 instead, which will save you quite a bit.

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