Tell us you cash ISA questions

enthusiasticsaver

You can only have one stocks and shares isa and one cash isa per tax year. Providing your existing cash isa provider will agree to transfers though there is nothing to stop you transferring it to your existing stocks and shares isa.

colsten

Why would you want to open a second S&S ISA?

tobago22

Because the first one was done by an IFA. This one I wnt to do myself

colsten

How are you going to create a single (virtual) portfolio from the portfolio the IFA worked out with you, and the portfolio you now want to do yourself? If you can't, why don't you tell your IFA that you are unhappy with the existing portfolio? I don't think you would do yourself any favours by running your own portfolio alongside what your IFA thinks is a balanced portfolio for your requirements.

jimjames

colsten wrote: »

Why would you want to open a second S&S ISA?

Maybe one that offers different funds or shares that the other doesn't?

Might not be relevant for £10k but I've got more than 1 S&S ISA

colsten

jimjames wrote: »

Maybe one that offers different funds or shares that the other doesn't?

Can't think of any mainstream platform this would apply to, and if I was stuck with a platform that doesn't offer all the investments I am interested in, I'd probably just have my investments transferred.

But this isn't relevant as tobago22 seems to be looking for a second ISA for different reasons.

jimjames

colsten wrote: »

Can't think of any mainstream platform this would apply to, and if I was stuck with a platform that doesn't offer all the investments I am interested in, I'd probably just have my investments transferred.

But this isn't relevant as tobago22 seems to be looking for a second ISA for different reasons.

Fidelity doesn't offer share dealing and nor does Cofunds I believe. But yes it doesn't seem to apply here anyway

threespires

Back in early 2000s there were three forms of ISA - Cash, Stocks-Shares and Insurance. The Insurance element had a separate yearly allowance, though it was only 1000GBP when Cash ISAs were around 3500GBP.


Insurance ISAs stopped accepting new money some time ago, but it seems existing plans did not convert into any other ISA. I have ended up with one of these; small amount effectively frozen and only growing by the growth fund Family Investments have put it in.


What are the options for Insurance ISA funds today? I know switches between Cash and Stocks-Shares ISAs are allowed but I cant find any clear guidance on what I can do with funds in this old form of ISA.

colsten

Check this: https://forums.moneysavingexpert.com/discussion/28348

maryb

I've just been looking at the article to try and work out where to move my ISA since the rate is about to go down and I was intrigued to see Martin's chart showing you could have £71,000 plus interest. Am I right in thinking you could have more than that if you had a TESSA back in pre-ISA days? When my Tessa matured I put it in a TESSA- only ISA so for that year I did, in fact, have two cash ISAs. In subsequent years I amalgamated both of them in an ISA that took transfers. Anyone who did that could be over £71,000 by now