How does ISA fees work with Freetrade?

I am on ISA which is £36 a year.

  • May I ask, what happens on the 6th of April?

  • Would there be another account for the new year 2122?

  • If I have to maintain the 2021 account for five years, I should continue paying for as long as the account is open?

  • If there is another account for 2122, is there an additional £36 charge per account?

  • What if I open five account for five years? £36X5 = £180 per year just for keeping the account open?

  • Is it possible to transfer the S&S ISA to another cheaper provider?

Thanks,

Why would you keep opening new accounts? I must be missing something because the limit of £20k per annum investment in the overall ISA allowance includes all your ISA products.

Surely the simple answer to your question is the most obvious, the Stocks & Shares ISA is a continual savings product & resets your allowance each new tax year. It will run as a singular account.

You will continue to pay £3pm (£36pa) & that’s all. No need for new accounts each year & therefore your fears are unfounded.

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  • May I ask, what happens on the 6th of April?

You are allowed to top up another £20k.

  • Would there be another account for the new year 2122?

No.

  • If I have to maintain the 2021 account for five years, I should continue paying for as long as the account is open?

You keep paying as long as the ISA is open (£36 a year).

  • If there is another account for 2122, is there an additional £36 charge per account?

No.

  • What if I open five account for five years? £36X5 = £180 per year just for keeping the account open?

You wouldn’t.

  • Is it possible to transfer the S&S ISA to another cheaper provider?

You will struggle to find one cheaper!

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That makes too much sense. Thank you. I am just a anxious puddle all the time.

Allowances reset and it’s a fixed £3 per month to maintain £100,000 portfolio in five years time. (If £20k per year is maintained)

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Yep, hopefully more if your portfolio has grown!

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Ah yes, all my dips are dipping further like there is no tomorrow.

Hopefully, it grows :relaxed:

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There will be no cheaper stocks and shares provider than FT

A 5yr plan to invest £100k in an ISA…brilliant! It is the the dream objective to max out that £20k annual limit consistently.

Just remember that would if it were all in on your stocks & shares ISA, you couldn’t add more to a cash ISA etc. (why you would want to is another matter altogether) :wink:

If you can achieve those savings, I would suggest you will see a pretty nice return over time. Let compound interest do its thing & with some wise picks, you’ll be laughing.

Good luck to you🤞

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Trading 212 are cheaper.

Stocks go up, stocks go down I wouldn’t worry over the long term too much.

When the pandemic hit my portfolio took a nose dive and I was in the red for quite some time, a year on kept buying dip and now 98% of my shares are in the green.

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That’s what I aim for each year as well. Not sure i’ll make it this time still have 6k allowance left just had quite a few other expenses which took priority but I’m in the process of selling some other assets so fingers crossed they’ll go through then I can hammer that last 6k :crossed_fingers::fist_right:

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I bet that most of FT users would love to be able to max out their ISA. I’ll be happy if i can get £10k into it per year.

Although now I’ve hit the magic age of 55 I’ve been able to cash out a few small ancient pension policies that were only increasing about 3-4% per year, and used them to give my FT pot a boost. Hoping of course I can beat those percentages myself.

Obviously DYOR etc etc .

I did that last month with our mutual interest assets. Another little boost to my FT pot. :grinning:

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If I open a Freetrade stocks Isa today & only put in £1000 by April 5th have I got an allowance of £39000 for the 12months April 6th ‘21 - April 5th ‘22?

No - you still only have 20k. The allowance you didn’t use is lost

That sucks!
Although I thought that if you opened an ISA you could add £20k over any period.
I thought that you only lose that years allowance if you don’t open an ISA that year. :thinking:

If you opened an isa now you could add up to 20k till end of tax year then the allowance resets to 20k again.

You only have a max of 20k allowance per tax year.

Be careful as this is spread across all isa accounts you hold, eg cash isa, lifetime isa, stocks and shares isa etc.

You can add as much as you want - but if it’s more than 20k over a tax year expect to have a chat with HMRC :wink:

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