Multiple stocks and share isa

jimjames

uffa24 said:

JimJames- I also found it difficult to believe, hence my post but I am advised that I can only have one S&S ISA per person, per platform. 

I certainly don't find it hard to believe you can't have 2 ISAs with the same platform but you said funds which is perfectly possible so maybe you asked them the wrong question. If you just want to segregate the money for each child then buy a different fund for each of them.

badger09

jimjames said:

uffa24 said:

JimJames- I also found it difficult to believe, hence my post but I am advised that I can only have one S&S ISA per person, per platform. 

I certainly don't find it hard to believe you can't have 2 ISAs with the same platform but you said funds which is perfectly possible so maybe you asked them the wrong question. If you just want to segregate the money for each child then buy a different fund for each of them.

@uffa24
I think you’re over complicating things. But I have assumed you want to leave equal amounts to each grandchild in your will (which may be incorrect)

If you open an S&S ISA with any provider, all you need to do is make provision in your will for the proceeds to left to X & Y in equal shares. Job done. 

If you open separate S&S ISAs with different providers, even if you choose the same investment, you would introduce inequality unless you can find multiple providers with identical charging structures.  

Although Junior ISAs have to be opened by parents, grandparents can contribute. The contents of the JISA belong to grandchild when they reach 18, rather than when you die, which might not be what you want. 

DiamondLil

uffa24 said:

DiamondLil, thanks, this looks promising but what are EFTs? 

Exchange Traded Funds; HL explains them better than I can.

https://www.hl.co.uk/shares/exchange-traded-funds-etfs

uffa24

Thanks DiamondLil that’s useful. 

uffa24

@badger09- thanks for you detailed response, you have provided sound advice on how I could achieve a similar end result, as have other responders. 

@jimjames- I have already acknowledged that my inaccurate use of terminology was unhelpful but this serves as an illustration of my lack of understanding. The purpose of my post is to benefit from the knowledge and experience of those that know and/or have experience and are prepared to share. Apologies if I misunderstood your response. 

My curiosity has yet to be satisfied as to why I cannot have two S&S isas on the same platform and if this is platform specific are there are other reputable platforms that will allow me to do so. 

Notepad_Phil

uffa24 said:

...

My curiosity has yet to be satisfied as to why I cannot have two S&S isas on the same platform and if this is platform specific are there are other reputable platforms that will allow me to do so. 

I've never come across a retail platform that offers such a capability as I suspect there is a very limited market for it and as such the additional (probably fairly significant) cost for allowing and testing multiple S&S ISA accounts for a single user would not give a platform any competitive advantage over a platform that doesn't. As per some of the other replies, I think specifying a percentage per grandchild or just to divide equally is the best way to go in the absence of any platform offering your exact requirements.

uffa24

Thanks @Notepad_Phil and others that responded. I will consider my options and progress with one of the alternative options proposed. 

TractorFactor

poseidon1 said:

What is driving the requirement for earmarked individual accounts?

Sometimes it's easier to manage and see who will be getting what when you can see it.
If different kids "mature" at different times, then you may want to draw out one child's share and leave the other one in for another 5 years.

It should be easy for a company to have a main ISA account with the money, but to the user, they can see it as separate accounts, even though the money is really all in one account.

ColdIron

Few banks offer multiple ISA accounts but Zopa are unusual in allowing multiple 'pots' within an ISA a bit like Chase. Not the best rate though

https://www.zopa.com/help/article/why-do-i-have-multiple-isa-pots

eskbanker

ColdIron said:

Few banks offer multiple ISA accounts but Zopa are unusual in allowing multiple 'pots' within an ISA a bit like Chase. Not the best rate though

https://www.zopa.com/help/article/why-do-i-have-multiple-isa-pots

OP is looking for S&S ISAs....