Hoping someone can give me advice as the info on the Internet is so conflicting/confusing.
I have a stocks & shares ISA for 2 years now which unfortunately has lost 5% of its value due to market fluctuations.
I would like to transfer it to a low-risk (really no-risk) scheme.
However, I understand that I cannot transfer a stocks & shares ISA to a cash ISA for tax reasons.
So my options are:
- Select a low-risk stocks & shares ISA (but all of them say "value can go up or down)
- Stay with current ISA in the hopes that the market stabilises or turns positive
- Close stocks & shares ISA and open a high-interest savings account
What would be your recommendation? I know I would have to pay tax on the last option, but I think the tax on interest would still be less than the 5% I have lost so far.
Thanks v v much in advance