Frequently Asked ISA Questions

What does consolidation mean?

As ISAs are based on an annual allowance, investors have tended to open a new account each tax year – particularly for cash ISAs where a higher rate is often offered just for the first year or two. The result is that many people now have up to three ISAs, with each earning little interest.
However your ISA review with one of our regulated ISA experts will identify if improved returns can be suitably achieved and if the advice at the end of the process is to consolidate) these old accounts can be combined and transferred into a new ISA arrangement, retaining their tax-free status and your.

How much can I save into an ISA each year?

This is one of the most frequently asked ISA questions. The maximum is £20,000 in this tax year, running from 6 April to 5 April 2018. The full amount can be put in either a Cash or Stocks and Shares ISA, or split between the two in any combination.

Can I transfer previous ISAs into a new one?

Yes, you can. Previous years’ ISA investments can be transferred to another ISA provider at any time. Transfers have no impact on your current year’s ISA allowance, so you can invest up to this tax year’s full ISA limit plus transfer existing poor performing ISAs. It’s important to use a transfer form though, as if you withdraw the money to pay it in you’ll lose the tax-free benefits on that money forever!

Can anyone open an Intelligent ISA?

You can open an Intelligent ISA if you’re over 18, a UK tax resident and haven’t opened a Stocks and Shares ISA with anyone else in the current tax year.

If I don’t use my allowance, can I carry it over?

No, it’s very much ‘use-it-or-lose-it’! Each year you’ll get a new allowance, but it can’t be carried over.

Do you offer financial advice?

Yes, we are regulated to give financial advice. 

In The Know is a trading style of Rex Financial Services LLP
Rex Financial Services is directly authorised and regulated by the Financial Conduct Authority (FRN:798939) and provides advice from a restricted panel of selected specialist providers.

How much does your service cost?

There are no costs involved in putting you ‘In the Know’ – so you’re free to make an informed decision about your ISA.

If the regulated Advisor advises you to switch your ISA(s) and you choose to accept that advice, any associated costs involved in setting up and running your new ISA will have been outlined as part of the advice process before you make your decision to switch.

Click here for further information on intelligent ISAs