Can someone advise if I transfer my ISA… do my investments just move over? Or do I have to sell everything then rebuy on the new ISA account/platform.
Also, can I have 2 ISA if one was opened a while ago and I want to start another?
Are you transferring into or out of FT? Most investments should transfer over either way but will depend on broker.
And yes you can open multiple ISAs in a tax yr as long as you don’t go over your annual allowance.
Out of FT.
I see so I can have 2 ISA accounts and put 10k in each and still be ok?
Yes but transfering non UK stockholdings is expensive!
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Why is it expensive ? What are the costs ?
Yes U.K. stocks should be fine as long as target broker has the same. US securities carry a fee of £17 per holding out of FT.
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Good to know! That would apply to me in that case… but your comment above also helps in the sense I can just leave those as is and simply put future money in another account until I’m ready to sell…
I have just done this. You can transfer to/from another provider who also offers that facility. However, only whole numbers of shares are transferrable and there is a £17 fee for each holding of a particular stock. You don’t have to transfer all of a holding if you choose. You will need to sell any fractional share first and ensure the account has at least £17 in it. Process may take a month. Any remaining cash is transferred a few days later.