Clarifying ISA allowances

petelondon

hi,
Hoping I could just get clarity on ISA allowances please. 
I have looked around for an answer but am still not 100% . Like many , am fed up of the low Cash ISA rates so have decided to be a bit adventurous with my investments.

I transferred my existing Cash ISA of £20K with Charter Savings Bank to a new SS ISA with AJ Bell YouInvest.
So I still have my £20K allowance for this tax year to use. 

The point I just need clarifying is, can I open a new SS ISA with the full allowance ( was thinking Vanguard or Fidelity ) bearing in mind I have already opened a new one this tax year, albeit with ' old ISA money'  .
The second SS ISA would be new funds.

thanks 

eskbanker

The annual allowance permits you to pay £20K of new money (i.e. excluding transfers) into ISAs in any tax year, with such contributions being made into no more than one of each type, so yes, you can transfer old money into an S&S ISA and also open another S&S ISA and pay £20K into it.

petelondon

Thank you v much.
That has definitely clarified it for me

Albermarle

Although there does not seem to be a lot of logic in opening a new one with AJ Bell and then another one with someone else.
Why not just stick to one as easier to manage ?

petelondon

Albermarle said:

Although there does not seem to be a lot of logic in opening a new one with AJ Bell and then another one with someone else.
Why not just stick to one as easier to manage ?

Fair point.
I suppose it is a case of not putting all my eggs in one company with my first SS ISA investments.  

SS ISAs are new to me ,so after my research, AJ Bell ticked the costs and ease of use boxes. Past performance looked good as well so that bodes well.
Vanguard seems popular and reliable , although not spectacular , which kinds of suits me fine and i was thinking to use those as a backup if AJ Bell dont perform - although obviously not guaranteed that Vanguard or anyone else will perform.
AJ Bell dont often get mentioned on these boards but i found them easy to deal with - is that anyone else's experience of them ?

grumiofoundation

petelondon said:

Albermarle said:

Although there does not seem to be a lot of logic in opening a new one with AJ Bell and then another one with someone else.
Why not just stick to one as easier to manage ?

I suppose it is a case of not putting all my eggs in one company with my first SS ISA investments.  

This thinking would generally apply more to the companies you own shares in rather than the platform you invest through?

petelondon said:

Albermarle said:

Although there does not seem to be a lot of logic in opening a new one with AJ Bell and then another one with someone else.
Why not just stick to one as easier to manage ?

SS ISAs are new to me ,so after my research, AJ Bell ticked the costs and ease of use boxes. Past performance looked good as well so that bodes well.
Vanguard seems popular and reliable , although not spectacular , which kinds of suits me fine and i was thinking to use those as a backup if AJ Bell dont perform - although obviously not guaranteed that Vanguard or anyone else will perform.
AJ Bell dont often get mentioned on these boards but i found them easy to deal with - is that anyone else's experience of them ?

Neither AJ Bell nor Vanguard have a 'past performance'. The performance of a given fund id not be determined by the platform you invest through but by the underlying investments of the funds you invest in. 

You can't just invest in AJ Bell - you need to pick a fund(s). What are you going to invest in, what are your aims etc? 

As an aside - from your OP sounds like you are just investing because cash ISA rates are low - this is not really a 'good' reason. Cash and 'adventurous' investments are the opposite ends of the risk spectrum. Are you prepared for the risk of your 40k to being worth 20k if markets drop 50%?