OpenMoney S&S ISA advice

Jakman22

Hello,

I opened up a Stocks and Shares ISA with OpenMoney last year during the lockdown. I have reasonable amount in and am putting £200 in monthly and any extra savings for the month. 

I opened the account with OpenMoney rather hastily when I was trying to organise my finances and wonder with OpenMoney is the best to use.

Is it pointless or silly opening a different account whilst I still have allowances in the S&S ISA. But I feel that OpenMoney is really rigid.

I already have £5000+ in a LISA. 

Just wonder if anyone can give me some advice on this? 

First time of posting in here so apologies if I am in the wrong place!

grumiofoundation

You can transfer the open money stocks and shares ISA to a different provider this tax year if you wish. When transfer has completed you can contribute to new provider (because you have transferred this counts as the same ISA). Need to make sure you use ISA transfer process not do it yourself. 

Depending on what you are invested in and what openmoney and new provider offer the transfer could be in specie (without selling investments) or in cash (openmoney sell investments and then transfer the holdings as cash). In case of a cash transfer means you are out the market for this period. 

You can also open and contribute to a new stocks and shares ISA with a different provider in April (new tax year). You Would need to make sure you aren’t contributing to isa from a previous tax year with different provider - since you can only contribute to one isa of each type (stock and shares, cash, lifetime, IF) per tax year.