What shall I do?

madhusudhan

I opened up an Stocks and Shares ISA with HSBC couple of years back thinking that it was Mini Stocks and Shares. I opened up Mini Cash with First Direct to utilize the cash bit. When I called HSBC yesterday, they told me that it wasn't Mini S&S ISA I have with them but Maxi.
I am confused as what should I do - shall I move my FD Cash ISA to Maxi or can I convert Maxi to Mini? Or any other alternative?

Please can any one advise?

Thanks a lot
/M

Chadsman

Have you contributed anything to the shares ISA in the current tax year (ie: since 6th April 2005)? If no then you dont need to do anything- you can open a maxi ISA one year and mini ISAs in subsequent years (or vice versa). If yes and you have also made contributions to the cash ISA this tax year then you will have to close the second opened ISA.
I'd like to say ask HSBC for advice but often staff can be pretty clueless :rolleyes: . First of all check to which you have contributed this tax year.
:beer:

This is only my understanding of the rules, but as ever this is not advice DYOR. I am not an IFA!

dunstonh

This is only my understanding of the rules, but as ever this is not advice DYOR. I am not an IFA!

I am and your explanation is good enough for me

I would just add that you should check if the MINI and MAXI were opened in the same tax year. If so, you may find the second gets voided at some point in the future. It can often take 2 years for the inland revenue to issue the notice.

You ought to look at your HSBC stocks and shares ISA as well. Their fund range for a bank isn't bad by bank standards, but you could re-register free of charge and get the funds cheaper and have a much better fund range available all by filling in a single A4 form.