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S&S ISA application

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I currently have a Cash ISA that has been paid into this year. I don't have a S&S ISA.

Do I just "Set up your new ISA" then they (Cavendish) would look up my NI number & see I only have a Cash ISA then create a S&S ISA while leaving my other one untouched?

If correct, how long does this process take? Transfers can take 4 weeks but I'd imagine this is faster?
Mortgage (Nov 15): £79,950 | Mortgage (May 19): £71,754 | Mortgage (Sep 22): £0
Cashback sites: £900 | £30k in 2016: £30,300 (101%)

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  • jimjames
    jimjames Posts: 17,688 Forumite
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    They have no knowledge of any other ISA so the account is opened immediately. Down to you to make sure you keep within limits.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • colsten
    colsten Posts: 17,597 Forumite
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    Dird wrote: »
    Do I just "Set up your new ISA" then they (Cavendish) would look up my NI number & see I only have a Cash ISA then create a S&S ISA while leaving my other one untouched?
    No ISA provider has any sight of any ISA you have with any other provider. Transfers will only be made if you specifically instruct an ISA provider to make a transfer.

    There is no fast-path ISA transfer but cash to cash, and cash to S&S should be a lot faster than 30 days. However, take the guidance your receiving ISA provider gives you.
  • Dird
    Dird Posts: 2,703 Forumite
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    I must have butchered my ISA by keeping the mortgage deposit in early last year =/ only £1300 allowance remaining
    Mortgage (Nov 15): £79,950 | Mortgage (May 19): £71,754 | Mortgage (Sep 22): £0
    Cashback sites: £900 | £30k in 2016: £30,300 (101%)
  • colsten
    colsten Posts: 17,597 Forumite
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    Dird wrote: »
    I must have butchered my ISA by keeping the mortgage deposit in early last year =/ only £1300 allowance remaining

    Can you explain - - how is your ISA allowance affected by keeping your mortgage deposit in your ISA early last year?
  • Dird
    Dird Posts: 2,703 Forumite
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    edited 22 December 2015 at 10:31AM
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    colsten wrote: »
    Can you explain - - how is your ISA allowance affected by keeping your mortgage deposit in your ISA early last year?

    Meant to say early this (financial) year. But at least there's the potential of a £1000 lump sum until April which I could watch & also pick a stock for a £50 birth gift for my currently "due" nephew; non-claimable until he graduates from uni :)
    Mortgage (Nov 15): £79,950 | Mortgage (May 19): £71,754 | Mortgage (Sep 22): £0
    Cashback sites: £900 | £30k in 2016: £30,300 (101%)
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