Investment ISA - Stupid Question

EMcG

Hello,

I am a little confused over how I can invest my £7,000 Investment ISA allowance.

Am I right in thinking that I can only invest the allowance with one fund company? In other words all £7,000 must be put with one firm - ie L&G, Framlington etc if I want it to be ISA wrapped.

I have £7,000 to invest and know the funds I want to put the money in - but the funds in question are three different firms (Axa Framlington / Invesco / L&G). Does this mean that only one of the funds can be ISA wrapped?

Thanks for any advice and I hope I've made myself clear.

dunstonh

Am I right in thinking that I can only invest the allowance with one fund company?

No. You can only invest in one ISA provider but you can mix and match funds offered by that provider. With most investments into ISAs going into fund supermarkets nowadays, you can mix and match fund houses very easily.

You appear to be needing a fund supermarket to achieve your requirements.

EMcG

Ahhh, I see. I was planning to buy the funds via Interactive Investor - so as long as I buy the 3 funds and put them in the Interactive Investor ISA 'wrapper' I will be fine?

Finally, and thanks for your patience, am I right in thinking that I can put £3,000 a year into a cash ISA and £7,000 into an Investment ISA?

Cheers

dunstonh

IfAhhh, I see. I was planning to buy the funds via Interactive Investor - so as long as I buy the 3 funds and put them in the Interactive Investor ISA 'wrapper' I will be fine?

Yes, you can do that with them as they are a fund supermarket. They are not a cheap one though. I am cheaper than them on advice, let alone execution only so they are not good value for the individual going DIY. I suggest you look at Hargreaves Lansdown. They are generally regarded as the best fund supermarket for those wanting to go DIY.

Finally, and thanks for your patience, am I right in thinking that I can put £3,000 a year into a cash ISA and £7,000 into an Investment ISA?

No. Its £7000 total this tax year. If you put £3000 into a MINI cash ISA, you can only put £4000 into a MINI stocks and shares ISA. If you use a fund supermarket for a MAXI ISA, then all £7000 goes into stocks and shares.

EMcG

Thank you so much for the swift and concise advice. I've spend hours going around the net trying to find the information you've given me in 2 posts. Have a good day.