Old iSA to S&S advice please

zooks

Hi,
I've never invested money before so could someone please be so kind as to cast an eye over this to make sure i have it right. I know nothing about stocks and shares investments so am taking a cautious approach and will probably not meddle once its all set up.

I have two Halifax ISA's that have just matured. One for £20k and one for £6k. I have no plans to access either pot anytime soon. I realise there are current account options and I do have club lloyds accounts but would prefer a click and forget option for this money. I have a great works pension so think i'm only looking for a growth investment. I am also a higher rate taxpayer (40%)

I would like to invest the £6k in a S&S ISA and possibly add up to another £5k of my allowance throughout the year. I will opening a fixed saving ISA with the other £10k and transfer the other £20k pot to this.

As I understand it all I need to do is open the S&S ISA for the minimum amount, transfer my £6k ISA in and then buy an investment product up to the funds I have. Is that correct?

Also do I have to buy my investments from the same company who are holding my ISA. If not I presume I need a separate trading account with the company I deal with?
I understand the principle of gain = risk but i'm confused by what product I actually need, Vanguard, funds, unit trust etc?

All help appreciated

bowlhead99

zooks wrote: »

As I understand it all I need to do is open the S&S ISA for the minimum amount, transfer my £6k ISA in and then buy an investment product up to the funds I have. Is that correct?

Yes

Also do I have to buy my investments from the same company who are holding my ISA. If not I presume I need a separate trading account with the company I deal with?

If you opened up the ISA with an individual fund manager then yes you would have to use their investments

If instead you opened up the ISA with a broker or investment platform, you could choose from products from a whole range of managers. However doing it that way if you only really want one or two products might see you paying higher "platform fees" without really getting value compared to going direct.

Not all funds are available direct. For example the Vanguard Lifestrategy or the Woodford Income funds have to be held via a platform which might cost you 0.2 or 0.3% a year, as their manager s don't do ISA wrappers.. The L&G multi index funds similar in concept to Lifestrategy can be bought direct.