Orbis £100 match offer - Now Ended

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  • MallyGirl
    MallyGirl Posts: 6,610 Senior Ambassador
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    You can only contribute to 1 ISA in a tax year
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  • Zanderman
    Zanderman Posts: 4,682 Forumite
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    SamJ35 wrote: »
    ...Could I open up Orbis ISA before 5 April, deposit 100 to get the bonus, and then open Vanguard ISA after 5 April and contribute to both over the next tax year as long as I don't go over the 20k ISA limit?

    The Orbis bonus won't be paid before 5th April. So when it is paid it will count towards next year's S&S ISA. So you won't, in that case, be able to open a Vanguard S&S ISA as you'll already be contributing to the Orbis one, albeit only by the bonus,

    You can only contribute to one S&S ISA per financial year

    That's as I understand it anyway...
  • SamJ35
    SamJ35 Posts: 63 Forumite
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    MallyGirl wrote: »
    You can only contribute to 1 ISA in a tax year
    Zanderman wrote: »
    The Orbis bonus won't be paid before 5th April. So when it is paid it will count towards next year's S&S ISA. So you won't, in that case, be able to open a Vanguard S&S ISA as you'll already be contributing to the Orbis one, albeit only by the bonus,

    You can only contribute to one S&S ISA per financial year

    That's as I understand it anyway...

    Many thanks both. So, multiple S&S ISAs allowed (opening 1 per year), but contributions can only be made to 1 per tax year.

    I'll have to have a think whether I want to go with Orbis or Vanguard then!
  • Alexland
    Alexland Posts: 9,653 Forumite
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    edited 20 March 2018 at 12:45PM
    You could do Vanguard for what's left of this tax year and Orbis for next tax year if you wanted?

    However they both have very different approaches so the most important thing to decide is is you want mostly passive market performance or if you would rather go active for a good chance of beating the market with some risk you will not. Although Orbis are not very active in terms of portfolio churn they are stock pickers.

    Alex
  • Herbalus
    Herbalus Posts: 2,634 Forumite
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    The way to do this would be to open orbis and deposit funds after April 6th but before April 30th. That would mean all S&S money next financial year would have to be Orbis at the price (good or bad) of the £100 bonus.

    For me that would mean pausing my £100/month into Vanguard until April 2019. Not concluded whether that is right for me yet. Could either only contribute the orbis minimum and build up regular amounts outside ISA for lump sum in April 2019 into vanguard, or continue my regular amounts into orbis, with view to possibly transferring back to vanguard in April 2019.
  • stphnstevey
    stphnstevey Posts: 3,224 Forumite
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    You can open the Orbis ISA via a transfer from any type of ISA (it doesnt count as a subscription like "new money" would) and it wont count towards your restriction of only subscribing to one of each type of ISA limit in a tax year

    So if you haven't already opened another S&S ISA in this tax year (or next tax year), you would be free to do so, by opening the Orbis ISA via a transfer
  • msallen
    msallen Posts: 1,494 Forumite
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    stphnstevey wrote: »
    You can open the Orbis ISA via a transfer from any type of ISA (it doesnt count as a subscription like "new money" would) and it wont count towards your restriction of only subscribing to one of each type of ISA limit in a tax year

    So if you haven't already opened another S&S ISA in this tax year (or next tax year), you would be free to do so, by opening the Orbis ISA via a transfer

    You can transfer an ISA yes, but the £100 bonus will still count as a subscription to next years S&S ISA with them leaving you unable to subscribe to one elsewhere during the 18/19 tax year.
  • cjv
    cjv Posts: 513 Forumite
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    Just checking the terms and It is not really clear to me, does anyone know if I invest say £2000 and get £100 matched bonus... could I then, if needed, withdraw £1900 (assuming 0% growth/loss) without having to wait a whole year?
  • Cash-Strapped.T32
    Cash-Strapped.T32 Posts: 562 Forumite
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    Well, handy this thread is on the first page...

    Just popped in to say I've contributed my first £100 to the global equity fund - I actually opened the S&S ISA about a fortnight ago, but the Ts&Cs weren't the clearest, so I decided to wait until the 6th to actually make the contribution.

    Compared to my LISA I'm not really comitting too much to it - £100 p/month, but of the two, this is likley to be the obe that is most nteresting to watch how it develops...
    (particularly to see how it does if the rest of my investments don't fair so well every time a certain president hits send on his twatter app! :p)
  • Alexland
    Alexland Posts: 9,653 Forumite
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    edited 8 April 2018 at 1:58PM
    cjv wrote: »
    Just checking the terms and It is not really clear to me, does anyone know if I invest say £2000 and get £100 matched bonus... could I then, if needed, withdraw £1900 (assuming 0% growth/loss) without having to wait a whole year?

    Yes if you wanted although over such a short investment timeline it's almost 50/50 if you would have made or lost money in the period. The key thing if withdrawing is to ensure that £200 remains invested for the 12 months. Although in practice you don't know the sale price of a fund when you place the sell order so you might want to leave a bit more invested just to be safe.

    It's not a Flexible ISA so any withdrawal would not be able to be added back in without again counting towards your £20k annual ISA limit.

    I just opened my new year ISA with Orbis for my family's 5th £100 bonus. We now have 3 accounts (my ISA and 2 GIAs from the previous offer) where we have only contributed the £100 minimum and 2 accounts which we are actually made meaningful contributions (my wife's ISA and my son's Junior ISA). My ISA will get used during the year but the GIAs will be closed a few weeks after 12 months. Am undecided if we are keeping the ISAs for longer than required.

    I have just filled my son's Junior ISA so we have 2 tax years of contributions running in fee-free Global Equity fund units until he is 18 although we may derisk using a Vanguard target date fund when he is about 10ish depending on market conditions.

    Alex
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