Hi there all,
I have a qestion that i hope you can awnser for me, If i open a new ISA stocks and shares account on a different provider. And cancel my isa on freetrade.(not 100% decided yet) what happens to my stocks in freetrade account?
Do i have to sell them or keep them in freetrade account and leave it accumulate over time.
You can keep your FreeTrade ISA open but can’t contribute to more than one stocks and shares ISA per year. So if you wanted to open an ISA with a different provider next year and keep the FreeTrade one, you could but I’m sure you would still have to keep paying the monthly fee.
If you did that then you could keep re-investing any dividends that you received and you could still sell existing stocks and then buy more from those proceeds. What you couldn’t do simply is contribute new funds.
OR, you could transfer the funds you have into a new provider and close the FreeTrade one. However, unless the new provider supports in specie transfers, you’d have to sell all the stocks and transfer the cash amount.