S&S ISA application

Dird

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?

jimjames

They have no knowledge of any other ISA so the account is opened immediately. Down to you to make sure you keep within limits.

colsten

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

I must have butchered my ISA by keeping the mortgage deposit in early last year =/ only £1300 allowance remaining

colsten

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

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