Closed Stocks and Shares ISA recently

hill_ekaterina

Hi, 

It’s probably been asked many times by now but I can’t seem to find an answer that matches my situation.

I had a stocks and shares ISA with the Share Centre but since they’re moving to ii, it’s not worth it for me at the moment so I closed it and withdrew the £60 in it. Can I open another one with a different provider or do I have to wait for the next tax year?

Alexland

Did you contribute any new money into the account this tax year since 6th April 2020?

eskbanker

If that £60 was money you'd contributed this tax year then no, you can't open another S&S ISA until after 6 April, but otherwise you'd be OK to do so now.

If you suddenly have a meaningful amount of money that you want to get into a S&S ISA this tax year then you could perhaps put it into a cash ISA for now (assuming you haven't used all of your 2020/21 allowance) and transfer it to an S&S one once the new tax year has started.

Albermarle

Is it really worth having a S&S ISA with only £60 in it ? Seems hardly worthwhile bothering .

hill_ekaterina

Albermarle said:

Is it really worth having a S&S ISA with only £60 in it ? Seems hardly worthwhile bothering .

No, but I’d only just started it a couple of months ago. I then found out they’re moving to interactive investor. My plan was to build up a good amount in that S&S. 

And yes, I contributed these funds in the 2020-21 tax year.