ISA transfer

AmyBeth57

Help please

My 18 year old had a stocks and shares ISA

He wanted to take some of it out to have easier access to some of it.

He called them without me with him and the outcome was he was advised he HAD to take it all out.
They have sent him a cheque for the total amount.

I think he was advised wrongly or he didn’t understand what they were asking him

Can he put the money in another ISA or not ? I’m assuming not as it needs to be transferred properly?

What would be his best savings options if he can’t put it in an ISA?

Can we ring the company and complain? And see if the ISA can be reinstalled???

Thankyou

wmb194

https://forums.moneysavingexpert.com/discussion/6671357/isa-transfer

How much are we talking about? Has he used his current tax year’s allowance of £20k? If it’s less than £20k and he hasn’t used his current tax year’s allowance and isn’t desperate to keep prior year contributions sheltered then it doesn’t really matter, he can just open a new Isa and deposit the money to it.

It’s rare to have an account reinstated once the money is withdrawn from an Isa.

p00hsticks

..I suspect this might be a hard lesson learned.

He also shouldn't be using a S&S ISA for money he potentially needs to access in the next few years - they are long term investments.

Newbie_John

If he is 18 then it likely was JISA?

If they sent a cheque then it's likely already cashed out.

So on these assumption he can open a normal adult ISA and put £20k there every year.