Stocks and shares ISA

j83man

Any advise on where I can open 2 stocks and shares ISAS in the same company please? I want to do some investing for my children (so I can decide when to give them it later in life) and I like to be able to keep things together if possible. So ideally I'd like to open 2 S & S ISA in the same company. Thanks

dunstonh

j83man said:

Any advise on where I can open 2 stocks and shares ISAS in the same company please? I want to do some investing for my children (so I can decide when to give them it later in life) and I like to be able to keep things together if possible. So ideally I'd like to open 2 S & S ISA in the same company. Thanks

So, just to be clear, you are after a company that will allow "goal" segmenting (or similar way of describing it)? i.e. the ability to split your ISA into segments.

They exist on the intermediary side but I will let others who know the DIY providers answer for the DIY side.

j83man

I'm not sure on the terminology, I would just like to keep the 2 seperate. I've been putting money aside each month for them since they were born (one 8, youngest 4) to be able to gift them when they are older when they will need it. So I'd ideally like to have 2 separate pots for them. 

Do companies only usually let you open 1 stocks and share ISA? thanks

masonic

Yes, because it is less efficient to do otherwise (two sets of platform fees or trading fees charged) and most people would want to manage their investments together. It might be easier to use two different providers.

Albermarle

j83man said:

I'm not sure on the terminology, I would just like to keep the 2 seperate. I've been putting money aside each month for them since they were born (one 8, youngest 4) to be able to gift them when they are older when they will need it. So I'd ideally like to have 2 separate pots for them. 

Do companies only usually let you open 1 stocks and share ISA? thanks

I am not sure as it would be a very unusual request, as for the vast majority there would be no reason to do that.

dunstonh

Do companies only usually let you open 1 stocks and share ISA? thanks

Yes.  However, on the intermediary side, some allow you to create segments with your chosen name for that segment.  For example, if you were bucketing for withdrawals, you could create three goals of short, medium and long.  Or in your case, create two goals with the children's names being the goal name.

I don't know if such arrangements exist on the DIY side, though.

masonic

dunstonh said:

Do companies only usually let you open 1 stocks and share ISA? thanks

Yes.  However, on the intermediary side, some allow you to create segments with your chosen name for that segment.  For example, if you were bucketing for wtidhrawals, you could create three goals of short, medium and long.  Or in your case, create two goals with the children's names being the goal name.

I don't know if such arrangements exist on the DIY side, though.

Of the 6 DIY investment platforms I have used that immediately come to mind, none of them have offered this feature.

I think InvestEngine allows you to set up separate "plans" within an account, which might achieve the same objective.

NithyaH

InvestEngine does, as noted above, allow it.  Very easy, but you are limited to ETFs (which some prefer).

DiamondLil

The only way I've found is to open an ISA with a second platform. Which became an option last April when the rules changed.

kipsterno1

Just a thought but how is it going to work when you gift the children this money? Say for example you decide to gift it on their 21st birthday with a four year difference in age and potential market changes one could have a larger pot than the other.

masonic

kipsterno1 said:

Just a thought but how is it going to work when you gift the children this money? Say for example you decide to gift it on their 21st birthday with a four year difference in age and potential market changes one could have a larger pot than the other.

Strictly inflation should also be taken into account. A final adjustment could be made to balance it out so both receive the same in real terms. Or it could be treated as a life lesson in the unfairness of Mr Market Naturally, the investments should be derisked in the years approaching making the gift, assuming the money will be spent rather than reinvested.