ISA's and Stocks/Shares Confusion!

Si_Macc

Hello everyone, I'm new to the forum but eager to get stuck in!

I have a newly aquired stock/share dealing account (2months ago) I am aware of stocks and shares ISA's (as explained on this website) but wanted to clear up a few things that are a bit confusing to me about them both. A few months ago I opened up an 'InvestDirect' account with my current bank (HSBC) and I was given a limit of £10,200 (the yearly limit for a stocks and shares ISA). This account isn't set up with a stocks and shares ISA, I have to an option to do this on my account but was wondering if there is a better (ie. cheaper) way to go about this?

It is possible to convert my share dealing account with HSBC into a stocks and share's ISA account while having a separate account with another bank for my cash ISA? Would it be up to me to make sure I don't invest over £5,100 in my stocks and shares ISA account? Should I sack off the HSBC InvestDirect account for something better or keep this with my current shares and open a separate stocks and shares ISA? I don't need financial advice as I plan to do all the trades myself.

I hope I've explained this reasonably well for you all to understand my problem!

mac2008

Yes - your S&S ISA can be with a different provider to your Cash ISA, and it's up to you not to break the rules.

With regards to the cheapest way of investing - depends on what you're investing in and the amount of trades you anticipate doing. Online brokers like Hargreaves Lansdown, iii.co.uk. often offer large discounts on the initial charge for buying funds, and also offer regular payment plans which invest on set days each month for very low commission (£1.50 for iii.co.uk I think) iii.co.uk also offers real-time dealing at £10 - cheaper than HSBC for infrequent trades.

Mac