Excellent point, I hadn’t even considered that piece either. I’m assuming that as long as an ISA is opened and remains funded, everything would be alright but some more thoughts would be appreciated too.
Hi guys, I was wandering if someone could help me please.
I’ve only opened my free trade isa 2 weeks ago. I’ve had a email saying I’ve got until Monday 5th April to make the most of my Isa.
Now I’m really sorry for asking what is probably a silly question ( new to investing )
What will happen to the money that is in there now ? Thanks for any help.
The funds and shares stay within the 2020/21 ISA wrapper and you can continue do with them as you please. The email is just saying if you want to top up your 2020/21 ISA wrapper do so before end of day 5th April, as after then a new tax yr starts.
New tax yr means you get another 20K tax free allowance to use in another ISA, be it with Freetrade or with someone else
I don’t know the specifics of how Freetrade does this, but speaking from experience of transfers between other platforms…
When you transfer you can probably specify what you want to happen. One option is probably for the transfer to lead to liquidation of funds not supported by Freetrade and transference of the cash to Freetrade. Another option is probably to leave those funds where they are and only transfer the funds that are supported by Freetrade. If the form does not make the options clear, accompany it with a cover letter explaining what you want.
Oh, I didn’t see this before. When did this offer start? I’ve only just signed up for Freetrade 2 weeks ago, and put in £20k, so a bit gutted I just used a friend’s link and got a relatively rubbish share instead of this!
I couldn’t say for sure, I got the notification and email about it through on Monday. No harm in going and putting your email on via the link on the website and see if you still get the share through from it.
You could also email email@example.com to clarify/query. They will respond within 7 working days, but came back to me in about 3 days in relation to it.