CryptoPlankton wrote:malkymoo wrote:Julian wrote:Anyway, basically your understanding is what I was intending to say. Dividends accumulate as cash in your account unless to take action to withdraw them either as a one off transfer out or by regular scheduled payments out of the account (essentially a standing order paid to your nominated external bank account) where for the later you have to be careful that sufficient cash is in the account to meet those standing orders.
I would like to take regular scheduled payments from my ISA (which is what I used to do with AST) as you describe above. However on enquiring about that via II secure messages, I was told it was not possible. I did notice that there is a pull-down menu on the cash withdrawal page, but it could not be moved from the default "single payment".
Am I missing something?
Between us, puffster and I managed to work out how to set this up in this thread:
You will need to open a non-ISA trading account if you don't already have one. Then set up a regular payment from the ISA to the trading account and a regular payment for the same amount from the trading account to your nominated bank account.
It seems unnecessarily clunky, and you need to be sure to complete all the fields exactly as described in the penultimate post of the linked thread (and in one attempt), but it does the job perfectly satisfactorily once done.
I have set everything up as you suggest, all looks ok, seem it will do exactly as I wanted. I am very grateful for your help.
But why do they make it so difficult? Why can't they just enable recurring payment from an ISA to a bank account?