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

madhusudhan

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

dunstonh

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.

madhusudhan

Thanks for your info Dun. How do I tranfer to fund supermarket? Any links or info greatly appreciated.

/M

dunstonh

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.