can't I have Cash and Stks ISA with two providers

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
3 replies 753 views
madhusudhanmadhusudhan Forumite
70 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I have a cash ISA with FirstDirect and have topped up for this Fin year. I also have a stocks and shares ISA with HSBC where I am toppign only £50pm. I want to use the £4000 benifit. When called HSBC, they are saying that I can't have both!!
Is that true? Can't I have cahs ISA with one provider and Stocks ISA with another one and top it?(max 7000 together)

Many thanks for your advise
/M

Replies

  • dunstonhdunstonh Forumite
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    When called HSBC, they are saying that I can't have both!!
    Is that true?

    The £50pm stops you contributing to a stocks and shares with anyone other than that provider (unless you transfer).
    Can't I have cahs ISA with one provider and Stocks ISA with another one and top it?(max 7000 together)

    Yes if they are both mini ISAs. If one of them is a MAXI, then you cannot.

    Best bet is to re-register or transfer to a fund supermarket and then you can have as many funds as you like with any of the major fund houses and cheaper than HSBC as well.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Thanks for your info Dun. How do I tranfer to fund supermarket? Any links or info greatly appreciated.

    /M
  • dunstonhdunstonh Forumite
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    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    The main fund supermarkets are cofunds, fidelity fundsnetwork, selestia and skandia. A couple of these operate on an IFA only basis. They are very similar although there are a few pros and cons with each which can often sway you on choice. A number of discount IFAs have websites with portals into some of these fund supermarkets or are big enough to have negotiated their own versions. The execution only IFAs with websites that get mentioned a lot here are bestinvest, hargreaves lansdown and cavendish.

    They may or may not provide the best deal. I could not comment on that. Although a recent check against Cavendish has shown that full advice IFAs can beat Cavendish on pricing and deals if they wanted to. They would all be cheaper than HSBC that's for sure.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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