ISA limit reached.

allegedly

Hi all.
This may seem like a daft question but my stocks and shares ISA has reached it's savings limit after a number of years and I was wondering if I can set up a second ISA with the same bank and have the excess monies transferred across to the second ISA and then set it so all future profits (?!) are automatically moved from account one to account two as savings.
I live in the sticks so getting to my nearest bank is difficult but possible.
Thanks in advance.
Rob

System

What 'savings limit'?

Pincher

FSCS £75k? Can't be, since 2 x £75k ISA with one bank does not work.

I'm curious.

System

And the £75K does not apply to a Stocks and Shares ISA.

I am also curious!

coyrls

The only limit I'm aware of is the annual contribution limit.

AnotherJoe

To echo everyone else "what" ???????????

cloud_dog

allegedly wrote: »

Hi all.
This may seem like a daft question but my stocks and shares ISA has reached it's savings limit after a number of years....

Once inside an ISA there is no limit to the growth of your monies (investments).

The only limit is to the amount of money you can subscribe (deposit) in to an ISA account, savings or investment, each year.

You can make additional deposits in to the account up to your annual ISA limit (depending on if the account itself has any restrictions). OR, you could take out a new ISA account with a different ISA provider each financial year and deposit money up to your annual allowance. You can only subscribe (deposit money) in to one ISA account per financial year BUT you can transfer however many existing accounts to new ISA providers as frequently as you like.

Once the money is inside the ISA account(s) it can increase in value without any limits.

dunstonh

This may seem like a daft question but my stocks and shares ISA has reached it's savings limit after a number of years

There is no limit to what can be held in an S&S ISA.

I was wondering if I can set up a second ISA with the same bank and have the excess monies transferred across to the second ISA and then set it so all future profits (?!) are automatically moved from account one to account two as savings.

Usually its not a good idea to use a bank for investments. So, that would be the first concern. Secondly, most banks operate on transactional basis and not ongoing. Thirdly, most banks have pulled out of advice so the transaction may not be possible. This assumes the transaction is even needed in the first place as its not clear from your post what you are looking to achieve.

allegedly

Thank you cloud-dog and dunstonh. I have clearly not understood the basics of ISA's. I was under the impression that the annual limit was overall limit. I now understand.
Everyone else, my apologies for the confusion.....horses for courses I guess.
Thank you for your replies.
Rob

TrustyOven

allegedly wrote: »

I have clearly not understood the basics of ISA's. I was under the impression that the annual limit was overall limit. I now understand.

Don't worry about it
I was under the same mistaken impression when I started looking at ISAs too.

I think it's just badly explained by adverts / guides. I particularly dislike the word "subscribe" used in the literature. But apparently a lot of people would say that this word makes perfect sense. Weird.

bigadaj

There was a flurry of articles a while back talking about isa millionaires, whether this was factual or based on assumed rates of returns given maximum contributions I can't recall.

I have a feeling they may also have projected back to pre isa days, so including peps and tessas, but still an impressive example of regular investing and compounding.