Opening a second S&S ISA

dt17634

Hello,

I have 1 S&S ISA with Vanguard where I have ~£40k in a Money Market Fund that I intend to start drip feeding this year.

I want to open a new ISA as a 'fun portfolio', where I'll invest into companies that I find interesting, but I'm aware of the pitfalls of thinking I have any knowledge or edge etc.

What's the best way to do this? I'm reading I can't open two ISAs of the same type in 1 tax year so assume I have to wait until at least 6 April 2024 to open another S&S ISA? Is it possible to transfer money from a Money Market Fund within Vanguard to say Trading 212 or similar? Or does it not matter as I don't foresee having much spare cash to use up this year's 20k allowance? Also may not matter as my Vanguard ISA is a flexible ISA so I can pull cash out and put it back in in the same tax year e.g. if my fun portfolio only lasted say 6 months.

Appreciate your input

ColdIron

I'd wait 12 days until the new tax year, the transfer could take longer. Next year you can open multiple ISAs of the same type

dt17634

My plan now is to open a T212 account after April 6th, request a partial transfer in, then I'm good to go. I can use that as I wish and I'll still the 24/25 allowance to put in to my Vanguard S&S ISA.

The idea of using the flexible ISA element would only have worked if I'd have sold my fun portfolio within the same tax year so that doesn't make sense to do.

Only 1 reply but I believe I've figured out the best way forward. Thanks all!

gravel_2

dt17634 said:

My plan now is to open a T212 account after April 6th, request a partial transfer in, then I'm good to go. I can use that as I wish and I'll still the 24/25 allowance to put in to my Vanguard S&S ISA.

The idea of using the flexible ISA element would only have worked if I'd have sold my fun portfolio within the same tax year so that doesn't make sense to do.

Only 1 reply but I believe I've figured out the best way forward. Thanks all!

Note:
There is a "get a share" promotion currently on T212. Either using a friend or influencer's referral link you can get a free share or fractional share.
Also there is a promotion for new ISAs until end of April where you get 1% cashback into GIA (up to £200) on subscriptions but it only applies to new money and not transfers. Don't know how much available cash you have right now for 24/25 subscription but it could be worth putting new money into T212.

jimjames

I'm a bit puzzled by your plan as it doesn't seem to tie in with your holdings. Having a money market fund to drip feed on one hand but also looking to buy & trade individual shares on the other doesn't seem to be part of the same risk pattern. Is there a reason why you're not invested at the moment and only want to drip feed in?

dt17634

I'm not invested as I'm relatively new to this but understand there's never a perfect time to invest so I'll just start this year, drip feed in, and accept that even if the magnificent 7 are overvalued then still, no one can predict the future.

The fun portfolio idea is just that, invest into companies which I feel might do well, I understand I'm not WB, it's just for a bit of fun.