S&S ISAs

Njal

Hi,
A few years ago I put some money in a cash ISA and S&S ISA with Barclays Investments.
The S&S ISA did very well, but around 18 months ago I stopped contributing to it because of financial changes.
Anyway, due to some changes in regulation or something Barclays shut down their online account management system and closed the account to new investment.
I'm not really sure what's gone on, the letters didn't make much sense.
Now I want to start adding to it again, the letters say I cannot add new investments but can create a new investment.
I know I should call them but finding it difficult to find the time.
Can anyone explain?

colsten

An S&S ISA is unlikely to have closed, unless it was a packaged one. More likely, one or more of the investments contained in it has closed for new investments.

You can open a new S&S ISA with a new provider in each tax year, and you can transfer an existing ISA into it. Check what costs are involved in any transfer.

In any case though you should get to the bottom of your existing investment - how exactly is it performing, how much exactly does it cost you each year etc.

Njal

Actually we have two - one in my name, one in wife's.
Mine has 3 different investments in, hers two.
Both ISAs are closed to new investments, not just the individual investments.

greenglide

So have Barclays not just closed down the old scheme to new investments and require all future investment to be in a new one (with different rules, benefits etc?).

Can you not transfer the investment out of the old one provided that the old one does not have some kind of benefit (lower fund charges?).

le_loup

Njal wrote: »

I know I should call them but finding it difficult to find the time.

Would you like me to ring them for you?