Shares ISA Question

freddykrueger

I currently have a cash ISA from last tax year with Icesave and a mini Shares ISA through Nationwide that I pay a regular amount into each month (not sure of current value but investment so far has been around £1000). The question I have is I was interested in setting up a different shares ISA account - is this possible?

Thanks in advance.

debbie42

Stocks and Share (S&S) ISAs have similar rules to cash ISAs in terms of transferring etc. So you can have more than one S&S ISAs, yes.

Have you already contributed to the existing S&S ISA this financial year yet? If not then you can just open a totally new S&S ISA with a different provider. You wouldn't then be able to carry on contributing to the existing one though.

freddykrueger

debbie42 wrote: »

Stocks and Share (S&S) ISAs have similar rules to cash ISAs in terms of transferring etc. So you can have more than one S&S ISAs, yes.

Have you already contributed to the existing S&S ISA this financial year yet? If not then you can just open a totally new S&S ISA with a different provider. You wouldn't then be able to carry on contributing to the existing one though.

Thanks Debbie.

I believe that the payment comes out of my account on the 1st of each month so a payment would have been made on 1st April or thereabouts. So am I reading this right that I can't contribute to 2 separate shares ISAs at the same time? Would I be able to transfer over the Nationwide Shares ISA over to the new provider assuming they accept transfers?

debbie42

freddykrueger wrote: »

Thanks Debbie.

I believe that the payment comes out of my account on the 1st of each month so a payment would have been made on 1st April or thereabouts. So am I reading this right that I can't contribute to 2 separate shares ISAs at the same time? Would I be able to transfer over the Nationwide Shares ISA over to the new provider assuming they accept transfers?

You'd be ok if it was before the 6th April, as that's when this tax year started. You can't pay into two S&S ISAs in the same tax year, so you'd have to either open a new one, or transfer the old one (or part of it).

Regarding the transfer, you may have to liquidate the funds during the transfer, depending upon what they are invested in and whether the new provider supports them. You could leave it and just start a new one if you haven't made any contributions yet this tax year.